Prescott’s Bashford Courts Atrium Mall sells for $4.95 million

Cushman & Wakefield completed the sale of Bashford Courts Atrium Mall, located at 130 W. Gurley Street in Prescott, Ariz. Hannay Realty Advisors purchased the property from Bashford Courts, LLC for $4.95 million.

Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the transaction. Greg Mayer of Cushman & Wakefield Phoenix represented the buyer.

“We are excited to sell an iconic Prescott building like Bashford Courts to a very seasoned investor like Hannay Realty Advisors,” says Hollenbeck.

Bashford Courts Atrium Mall, a restaurant and specialty boutique shopping center located in Downtown Historic Courthouse Square of Prescott, is a 33,000-square-foot retail center. The property is located across from the historic Courthouse Square, which hosts numerous year-round events, and houses the famous Prescott Brewing Company. The center is 97% leased, with long-term agreement and most tenants have been with Bashford Courts for more than 10 years.

“Adding a property like Bashford Courts to our growing portfolio gives us an opportunity to add value to a well-known building in Prescott.  We plan on starting updates to the building immediately and are already starting to talk to new potential tenants for some of the vacancies,” said Michael Meath of Hannay Realty Advisors.

Gilbert apartments sell for $7.5 million

Cushman & Wakefield completed the sale of Williams Gateway Apartments, located at 5850 S. Power Road in Gilbert, Ariz. Nasim Sikder of Chandler, Ariz. purchased the property from Chicago-based 29SC Williams Landing, LP, a Delaware Limited Partnership, for $7.5 million.

Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

Built in 1982, Williams Gateway Apartments is a 72-unit, two-story, garden-style complex which offers one- and two-bedroom floor plan options averaging 565 square feet. The majority of units have newly renovated interiors to include modern kitchens, full-size jet black appliances, resurfaced cabinets, wood-style flooring, upgraded light fixtures, and resurfaced bath/shower. The community offers residents a swimming pool, dog park, fire pit and barbeque, and an updated laundry center.

“The Williams Gateway Apartments represented an attractive long-term investment in one of the fastest growing areas of the Valley. The community benefits from its close proximity to the Phoenix-Mesa Gateway Airport, the Arizona State University Polytech Campus and the Eastmark Planned Community, all of which are major East Valley employment centers,” said Crews.

JLL completes first Phoenix sale of Black Rock Coffee Bar location

On behalf of SimonCRE, the Phoenix office of JLL has completed the sale of a stand-alone retail/restaurant building in Mesa, Arizona that is fully occupied by Black Rock Coffee Bar. The transaction represents the first sale of a Black Rock-occupied building since the coffee franchise entered the Phoenix market in 2016. Black Rock Coffee remains the building’s primary tenant.

JLL Senior Vice Presidents Peter Bauman, Tivon Moffitt and Tyson Switzenberg, and Senior Managing Director Dennis Desmond represented the building developer and owner, SimonCRE, and the property buyer, The Emas Family Trust, in the $1.7 million transaction. 

“SimonCRE develops phenomenal product and this building – which is the first single-tenant, build-to-suit Black Rock Coffee location constructed in Arizona – was no exception,” said Bauman. “The listing received an extreme amount of interest from the private capital market before it was sold in a 1031 exchange. Its new owner has a strong history in net lease Arizona properties and understands the value of this asset.”

“Having a great tenant like Black Rock Coffee and a location within such a strong trade area made this a tremendous investment opportunity,” said Joshua Simon, CEO and Founder of SimonCRE. “We were thrilled to be a part of this project and be a part of Black Rock Coffee’s expansion in Arizona.” 

The free-standing Black Rock Coffee building is a custom build-to-suit space featuring indoor and outdoor seating and a drive through. Scottsdale-based SimonCRE completed the project in February of this year. Black Rock Coffee took occupancy in March.

ABI brokers $7.15M apartment sale near Desert Ridge

ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $7,150,000 / $79,444 Per Unit sale of Casa Nueva Apartments located in Phoenix, Arizona. Built in two phases, 1981 and 1987, Casa Nueva Apartments is a two story, garden-style, individually metered apartment community. It features 90 units consisting of (7) one-bedroom/one-bathroom units, (33) two-bedroom/one-bathroom units and (50) two-bedroom/one-bath units with a weighted average size of 745 square feet.

“Casa Nueva Apartments is located in northeast Phoenix nearby major Phoenix Metro employment and entertainment hubs of Paradise Valley, Desert Ridge and Scottsdale.” states Rue Bax, Senior Managing Partner at ABI, along with Eddie Chang, Partner, who represented both the buyer and the seller in the transaction. “The Phoenix MSA was named 2nd out of 32 major employment markets for job growth in 2016 and a 2.2% population growth with a 3.1% unemployment rate as of May 2018. The buyer intends to continue capitalizing on this trend and strong rent growth potential with a value add approach through additional interior and exterior upgrades.”

Recent deals from NAI Horizon

The $6.95 million sale of a tractor trailer repair and maintenance facility in Phoenix and the $1.594 million sale of an industrial building in Chandler, Arizona, highlight recent transactions closed by NAI Horizon professionals.

Sale Transactions:

Isy Sonabend negotiated the sale of a 50,000 SF industrial property, representing the seller, Wabash National Trailer Centers Inc., for $6.95 million. The property is located at 2830 S. 51st Ave., in Phoenix, AZ.

Mark Wilcke negotiated the sale of an 11,187 SF industrial property, representing the seller, John L. Smith, Trustee of John L. Smith Trust Created March 10, 2016, for $1.594 million. The property is located at 2120 S. Douglas Dr., Chandler, AZ. Chris McClurg with Lee & Associates represented the buyer, Tradition Asset Management, LLC.

Lease Transactions:

Tyler Smith represented the landlord, Pacifica Palm Valley Center, L.P., in a 63-month lease for 2,123 SF at 1626 N. Litchfield Rd., Goodyear, AZ. Mike Hirth with Keyser represented the tenant, Mellon & Sons.

Tyler Smith, Troy Giammarco and Joe Pequeno represented the landlord, Sun Grove Medical, LLC, in a 90-month medical office lease for 2,132 SF at 20470 N. Lake Pleasant Rd., Peoria, AZ. Laurie Sandau with Avison Young represented the tenant, Joseph R. Cohen, DDS.

Tyler Smith, Troy Giammarco and Joe Pequeno represented the tenant, A.Z. & Associates, LLC, in a 63-month office lease for 3,009 SF at 10320 W. McDowell Rd., Avondale, AZ. Bobbie Mastracci with Phoenix West Commercial represented the landlord, Granco Gateway, LLC.

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, Queen Creek Fiesta, LLC, in a 60-month retail lease for 1,560 SF with Doughlicious Desserts at 21545 S. Ellsworth Loop Rd., Queen Creek, AZ.

Barbara Lloyd and Tom Bean, CCIM, represented the landlord, Tempe CC, LLC, in a 36-month office lease for 813 SF at 4515 S. McClintock Rd., Tempe, AZ. Langdon Bridges with Commercial Properties Inc. represented the tenant, CK Financial Services, Inc.

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Sweetest Season, LLC, in a 60-month retail lease for 1,800 SF at 1835 E. Guadalupe, Tempe, AZ.

Mark Wilcke represented the landlord, ICC Tempe, LLC, in a 25-month industrial lease for 14,883 SF at 2507 W. Erie Dr., Tempe, AZ. Drew Stone with Keyser represented the tenant, Video West, Inc.

Tyler Smith represented the tenant, Landmark Title Assurance Agency of Arizona, LLC, in a 63-month lease for 1,800 SF at 3303 E. Baseline Rd., Mesa, AZ. Matt Zaccardi with Commercial Properties, Inc. represented the landlord, SBBC Investments, LLC.

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, LNR Partners, LLC, in a 60-month retail lease renewal for 1,200 SF with Check Into Cash at 21101 N. John Wayne Parkway, Maricopa, AZ.

Matt Harper represented the landlord, Puchhi, Inc., in a 60-month retail lease renewal for 2,480 SF at 9501 W. Peoria Ave., Peoria, AZ.

Tyler Smith, Troy Giammarco and Joe Pequeno represented both the landlord, Sun Grove Medical, LLC, and the tenant, Simple Direct Health, PLLC, in a 62-month medical office lease for 1,363 SF at 20470 N. Lake Pleasant Rd., Peoria, AZ.

Stan Matzinger and Tom Bean, CCIM, represented both the landlord, 10240 Bell Road Associates, LLC, and the tenant, Dr. Greg McWhorter, in a 64-month office lease for 1,275 SF at 10240 W. Bell Rd., Sun City, AZ.

Isy Sonabend represented both the landlord, D&D Global, and the tenant, SBS America, LLC, in a 13-month industrial sublease for 14,585 SF at 54 N. 45th Ave., Phoenix, AZ.