Historic office building in Mesa sells for $5.6M
CBRE has arranged the sale of One MacDonald Center, a 59,843-square-foot, five-story historic office property located at the northeast corner of Main Street and MacDonald Drive in downtown Mesa, Arizona. The property, which was 81 percent leased at time of sale, commanded a sale price of $5.6 million.
Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller, Omninet Capital, LLC of Beverly Hills, California. The buyer was Robert Bisetti, an individual Phoenix-based investor.
“We are excited to be involved, along with many other real estate companies, in the beginning stages of the transformation of downtown Mesa,” said Robert Bisetti.
Located in a central downtown Mesa location, One MacDonald Center is situated amongst numerous retail and restaurant amenities, hotels, City of Mesa municipal buildings, museums and the Mesa Arts Center, and is walking distance of two Valley METRO Light Rail stops.
NAI Horizon negotiates long-term industrial lease for distribution firm
NAI Horizon Senior Vice President Jeff Adams represented the tenant in negotiating a long-term lease for a Gilbert-based distribution company at 2075 W. Obispo Ave., in Gilbert, Arizona.
NAI Horizon represented AES Direct Express, LLC, an Arizona limited liability company in the industrial lease worth $1.676 million. AES, an administrative, distribution, pick and ship, and logistics firm, will occupy 40,415 square feet of the building, which totals 110,975 SF.
“Working together in conjunction with the listing agent, we were able to identify and procure a unique potential growth opportunity in this present high-tenant demand market,” Adams said. “It afforded my client the ability to nearly double its space capacity while also providing a no-downtime, solid long-term lease solution for the landlord.”
The building is an attractive, two-user property with Papa John’s distribution occupying the balance of the space.
The landlord, LIT Industrial Limited Partnership (a Clarion company) of Dallas, Texas, was represented by Steve Sayre and Steve Larsen of JLL.
NAI Horizon negotiates $3.23M sale of Surprise office building
NAI Horizon represented the seller in the $3.23 million sale of an office building at 14780 W. Mountain View Blvd., in Surprise.
NAI Horizon Senior Vice President Tyler Smith, along with Marcus Muirhead of Lee & Associates, represented the seller, Surprise Mountain, LLC of Bellevue, Washington.
“The property is well designed for office or medical tenants,” Smith said. “It has abundant parking and is well located with the Banner Del Webb Medical Center in close proximity.”
Constructed in 1998, the 32,505-square-foot office building sits on 4.27 acres. It features 212 parking spaces. It is 82 percent occupied by tenants ranging from those in the medical industry to those in financial services. It is adjacent to the Del Webb community of Sun City Grand. It is located near Grand Avenue and the Loop 303 freeway.
The buyer, Development Services of America, Inc., of Scottsdale, Arizona, was represented by John Cerchiai of Lee & Associates.
North Central Phoenix neighborhood center sells for $5.225 million
Neighborhood retail center, Mountain View Plaza, recently sold for $5,225,000. The property consisted of three buildings totaling just over 26,000 SF on approximately 2.70 acres. The retail plaza is located at 9812 – 9832 N. 7th St. in Phoenix, which is in close proximity to North Mountain Park, Sunnyslope Park and Honor Health John C. Lincoln Medical Center.
Local restaurateurs and brothers, Robert Brescia and Dino Brescia represented by Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors, sold the center to Hawaiian based investor, Rajan Watumull of Watumull Enterprises represented by Brian Kocour of Kocour Companies.
Over the course of 27 years of owning the center, the Brescia brothers were able to successfully build a loyal tenant base which includes Scramble, Mucha Lucha Taco Shop, VCA Animal Hospital, and Ziggy’s Il Posto Ristorante, which the Brescia Brothers originally operated under the name Our Gang Café before selling.
Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors represented the Brescia’s in the transaction and successfully sold the property in what ultimately was a ninety-day transaction. It was said Horwitz, “We were very thankful that the Brescia’s allowed us the opportunity to be involved in this sale. It was evident from the start that this center carried far more value than just a typical real estate transaction given their history in the center, as well as they close relationships they forged with the tenants and the community.” Horwitz and Borgesen focus heavily on property sales along the Central Corridor. According to Borgesen, “This transaction is just another indicator that validates the continued positive trend we are seeing along the Central Corridor.”
Marcus & Millichap sells IHOP in Tucson
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of IHOP, a 4,995-square foot net-leased property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $2,767,000.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Hamid Panahi and James K. Crawley, also investment specialists in Marcus & Millichap’s Phoenix office.
IHOP is located at 1955 W Valencia Rd in Tucson, AZ.