Latest deals from Kidder Mathews, SVN, JLL, NAI, C&W | PICOR

Above: The Puesta Del Sol Apartments. Real Estate | 2 Apr |

128-unit Phoenix complex sells for $8,725,000

Puesta Del Sol, a 128-unit apartment complex located at 8818 S. Central Avenue in Phoenix, Arizona, has sold for $8,725,000. The buyer was Urban Communities, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities. The seller was Familia de Tres, LLC, a real estate investment partnership. Kidder Mathews’ multifamily investment broker, Karl Abert, represented both parties in the transaction.

The fully leased complex consists of two three-story buildings equaling 61,975 rentable square feet along with two adjacent vacant land parcels totaling 60,636 square feet. It is part of the South Mountain Village submarket in Phoenix and will benefit from the future South-Central Avenue Light Rail.

The South Mountain Village submarket is currently lacking in well managed and affordable rental housing. Puesta Del Sol is a socially conscience “value-add” opportunity. Urban Communities and Shelton Cook Property Management plan to make improvements to the property and to enhance the current community services. Over the past 36 months, single-family residential construction along with business growth in South Mountain Village and the Phoenix Baseline Road corridor have attracted young families and first-time home buyers to the area.

Shops at Sierra Vista sell for $2.4M just south of Tucson

SVN Desert Commercial Advisors is a comprehensive commercial real estate top brokerage firm in the State of Arizona.  Additionally, they have two of the top advisors and industry experts that work with shopping center investors.  Director of Retail Leasing & Sales Investments Rommie Mojahed and Senior advisor Beau Flahart started the year with a $6.9M sale of 8th Ave Shops and still continue to work with investors all across the country. 

Most recently, they sold the Shops at Sierra Vista for $2,400,000 located at 439/465 N hwy 90 BYP in Sierra Vista, AZ which is about one hour southeast of Tucson.  SVN represented the seller in the sale but also had one lease space available which was approximately ten percent of the shopping center.  The advisors were able to secure a tenant to occupy this space which took the cap rate from a ± 8% to 9%.  This opened up the property for the seller, Barry Roth with Roth Partnership LLC, a long-time client of the advisors to sell the property. “Once the center was 100% leased it opened up the door for many buyers and was quickly in escrow.” said  Beau Flahart. 

The Pennsylvania buyer, Kwang Lee with INU Real Estate Management LLC was represented by another brokerage.  Flahart stated, “Persistence paid off with this property.” The seller is at a point of his where he is consolidating his assets.  “We have another exciting center in Mesa that we will be working on with them this year as well,” said Flahart.  The SVN advisors are well-known for their appearances at the International Council of Shopping Center conference across the country and will be making their annual appearance at the upcoming conference in Las Vegas, Nevada in May.  They have approximately forty combined active listings on the market from shopping center lease & sale investment opportunities to opportunity zone properties across the valley and land development opportunities in the southeast valley. 

JLL completes $10.06 million sale of Class A office property

On behalf of James Greaves with G2 Capital, JLL has completed the $10.06 million sale of 5416 E. Baseline Rd., a two-story, 63,834-square-foot Class A office building located within Inverness Commons Business Park, in the hub of Mesa, Arizona’s booming Higley Road medical corridor. Submarket stability, combined with recent and extensive renovations, have the building 92 percent leased to a broad base of tenants. 

JLL Senior Vice President Brian Ackerman represented G2 Capital in the transaction. The buyer is Minnesota-based Founders Properties LLC. JLL Managing Directors Mark Gustin, Karsten Peterson and Dave Seeger are the building’s exclusive leasing brokers. 

“There is exponential growth happening along the Higley Road corridor – both in the medical arena and through non-competing new developments that are adding retail, restaurant, residential and hotel services,” said Ackerman. “G2 Capital recognized the long-term potential of this growth and, through renovation, has established this building with a very strong tenancy and cash flow that will serve it well in the years ahead.”

The 5416 building is located on Baseline Road, just east of Higley Road and immediately south of the US 60 freeway. A recent $2.3 million building renovation improved the property with new lobbies, upgrades to hallways and tenant spaces, new landscaping and a new parking lot offering a parking ratio of 5.86/1,000.

The building is 92 percent occupied with an average lease term of over five years. Acumen Fiscal Agent LLC and Ring Inc., owned by a Fortune 10 company, are the project anchors. Other tenants include Sharecare Health Data Services LLC, Fairway Independent Mortgage Corporation, Confident Financial Solutions and Cardiovascular Associates of Mesa.

Recent transactions by NAI Horizon professionals

Three office sales in the Valley totaling approximately $2.4 million – two in Phoenix and one in Surprise – highlight recent deals closed by NAI Horizon professionals.

Sale Transactions:

Troy Giammarco, Tyler Smith and Joe Pequeno negotiated the sale of an office property, representing the seller, Pisa Properties Sixteenth, LLC, for $1.475 million. The property is located at 5829 N. 7th St., Phoenix, AZ. Ortega Ault with Colliers International represented the buyer, Avalon Bethany, LLC.

Tyler Smith, Joe Pequeno and Troy Giammarco negotiated the sale of an office property, representing the buyer, Kevin O’Coner, for $505,115. The property is located at 4737 E. Cholla St., Phoenix, AZ. Michael Waxman with Levrose Commercial Real Estate represented the seller, Cholla Estates, LLC.

Tyler Smith negotiated the sale of an office property, representing the seller, WAM Surprise Limited Partnership, for $411,432. The property is located at 12647 W. Smokey Drive, Surprise, AZ. Rich Andrus with the Menlo Group represented the buyer, RBPSMILE Enterprises, LLC.

Troy Giammarco and Mark Wilcke negotiated the sale of a property, representing the seller, Peoria Commercial Holdings, LLC, for $360,000. The property is located at 10708 N. 96th Ave., Peoria, AZ. The buyer, Serving God by Serving Others, represented itself.

Michael Gaida negotiated the sale of a 110-year-old specialty machining business, representing the seller, Valley Machine Works. The business is located at 701 W. Jackson St., Phoenix, AZ. Ian Turner with Sperry Commercial Global Affiliates represented the buyer, Tyler and Tricia Williams.

Matt Harper, CCIM, negotiated the sale of a land parcel, representing the seller, Mohammed Ali, for $240,000. The property is located at the SWC of 67th Avenue and Montebello Avenue. The buyer, SWC 67th Avenue & Montebello, represented itself.

Lease Transactions:

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Peddlers Mall, LLC, in a 63-month retail lease for 14,000 SF at 185 W. Apache Trail, Apache Junction, AZ. Brian Gausden with Western Retail Advisors represented the landlord, SimonCRE Lodgepole, LLC.

Matt Harper, CCIM, represented the landlord, GGR Holdings, Inc., in a 126-month retail lease for 2,841 SF at 4024 E. Guadalupe Road, Gilbert, AZ. Mark Haslip with the Menlo Group represented the tenant, Cattron’s DMD, PLLC.

Jeff Adams represented the tenant, Big City Insulation, Inc., in a 36-month industrial lease for 19,846 SF at 2316-2328 W. Huntington Drive, Tempe, AZ. Matt McDougall & Chris McClurg with Lee & Associates represented the landlord, Highland Associates, LLC.

Laurel Lewis represented the tenant, Adopt Technologies, in a 38-month office lease for 4,605 SF at 7500 N. Dreamy Draw Drive, Phoenix, AZ. Greg McMillian with Cushman & Wakefield represented the landlord, BH Squaw Peak, LLC.

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Philly’s on Elliot, LLC, in a 63-month retail lease for 3,300 SF at 1805 E. Elliot Road, Tempe, AZ. The landlord, Pollack Royal Palm Plaza, LLC, represented itself.

Tom Bean, CCIM, and Jay Mininberg, J.D. represented the landlord, Tempe CC, LLC, in a 48-month office lease for 3,333 SF at 4515 S. McClintock Drive, Tempe, AZ. Dominic Perry with Avison Young represented the tenant, GoTechNow.com, LLC.

Matt Harper, CCIM, represented the landlord, The Shops at Phoenix, LLC, in a 64-month retail lease for 1,490 SF at 6170 S. 51st Ave., Laveen, AZ. Bryan Mortenson with LRA represented the tenant, Arizona Foot and Ankle Medical Center, LLC.

Matt Harper, CCIM, represented the landlord, the Chahoud Family Trust, in a 60-month retail lease for 1,436 SF at 2829 E. University Drive, Mesa, AZ. The tenant, Misty Virgil, represented itself.

Barbara Lloyd and Tom Bean, CCIM, represented the landlord, Tempe CC, LLC, in a 36-month office lease for 1,142 SF at 4515 S. McClintock Drive, Tempe, AZ. The tenant, AmeriLife of Arizona, LLC, represented itself.

Matt Harper, CCIM, represented the landlord, Robert & Arlene Thatcher, in a 39-month retail lease for 1,550 SF at 4740 W. Glendale Ave., Glendale, AZ. Erin Schrauth with Strategic Retail Group represented the tenant, Boost Mobile.

Matt Harper, CCIM, represented the landlord, Kayrich Associates, LLC, in a 60-month retail lease for 1,040 SF at 6445 N. 51st Ave., Glendale, AZ. The tenant, Regal Laundries & Management, LLC, represented itself.

Dylan Whitwer and Logan Crum represented the tenant, Wall Agency, Farmers Insurance, in a 36-month office lease for 833 SF at 12600 N. 113th Ave., Youngtown, AZ. Scot Hall with Wolf Realty, Inc. represented the landlord, GEM Capital Management, LLC.

Matt Harper, CCIM, represented the landlord, Hillcrest Plaza, LLC, in a 12-month retail lease for 1,000 SF at 1241 E. Broadway Road, Mesa, AZ. The tenant, Escuela de Musica Jireh, LLC, represented itself.

Recent transactions by C & W | PICOR professionals

SALES

E. 34th St., LLC purchased 29,525 square feet of industrial space located at 3785 E. 34th Street in Tucson, from 34th Street Penguins, LLC, 34th Street Investment Partners, LLC, and Gayle Brickman, for $1,665,000.  Renewal by Anderson will occupy the vacant space in the property to distribute their window products to installers in Tucson.  Stephen D. Cohen, Russell W. Hall, SIOR, GSCS, and Brandon Rodgers, SIOR, CCIM, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.  The team of Cohen and Hall represented the seller in this transaction; Brandon Rodgers represented the buyer.

Covenant Generations Church purchased a 30,532-square-foot building at 651 S. Kolb Rd. in Tucson, from Palo Verde Church of Christ Corp. for $1,350,000.  Covenant Generations Church is a vibrant and thriving ministry that recently expanded out of their previous location at 2550 N. Tucson Blvd. (also a Tomlinson/Hall/Cohen transaction).  Rob Tomlinson, Stephen D. Cohen, and Russell W. Hall, SIOR, GSCS with Cushman & Wakefield | PICOR, handled this transaction.

Robert Lee Conser, Gregory Paul Conser & Madelyn Patrice Conser Trust purchased 14.84 acres of industrial land located at I-10 & Twin Peaks Road in Marana, from Continental Ranch Development, LLC for $1,000,000. Robert C. Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

DFA, LLC purchased 9,000 square feet of industrial space located at 4995 N. Casa Grande Highway in Tucson, from Gregory Paul Conser & Madelyn Patrice Conser, Robert Lee Conser Trust for $850,000.  Robert C. Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

Crawford & Sowers Holdings, LLC purchased 7,730 square feet of industrial space located at 6825 E. Outlook Dr. in Tucson, from Westpointe Holdings, LLC for $640,000.  Control Vision, an optics company who manufactures vision systems for manufacturing processes, will occupy the property.  Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller.  Isaac Figueroa with BFL Ventures, LLC, represented the buyer in this transaction. 

Meridiano Investments III, LLC purchased a 10,010-square-foot industrial building at 3529 E. Golf Links Rd. in Tucson, from VCN, LLC for $615,000.  Ron Zimmerman, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller; Rick Borane with Volk Company, represented the buyer. 

MJI, Company, LLC purchased 0.82 acres of industrial land located at 3224 N. Freeway Industrial Loop in Tucson, from C.A. Linaker Company, Inc for $200,000.  Max Fisher, Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. John G. Yarborough with Romano Real Estate Corporation, represented the seller.

Tin Cup Properties, LLC purchased a 4,644-square-foot retail building at 2632 S. 6th Ave. in Tucson, from Halle Properties, LLC for $195,000.  Ron Zimmerman, Retail Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. 

LEASES

Ministerios Zoe, Inc. leased 6,600 square feet at 3840 S. Palo Verde Rd., Suite 201 in Tucson, from Palo Verde Trust Partners, LLC.  Rob Glaser, SIOR, CCIM and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Nelson Precision Manufacturing, LLC & Boogeyman Customs, LLC leased 3,760 square feet at 1664 S. Research Loop, Suites 232-240 in Tucson, from Clairemont Partners, LLC.  Max Fisher and Rob Glaser, SIOR, CCIM, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction. 

Golden State Overnight leased 3,300 square feet at 1639 W. Grant Rd. in Tucson, from Rodgers Hoge Partners.  Brandon Rodgers, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Michael Petrick with Fischer and Company, represented the tenant.

Desert Earth & Wood, LLC leased 2,400 square feet in Commerce Plaza, located at 245 S. Plumer Ave., Suites 14 and 15 in Tucson, from Plumer Partners, LLC.  Paul Hooker and Rob Glaser, SIOR, CCIM, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Famous Dave’s Bar-B-Que leased 2,307 square feet in Speedway Center located at 3007 E. Speedway Blvd. in Tucson, from Mahoney Family Partnership.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord; Craig Finfrock with Commercial Retail Advisors, represented the tenant.

Thread Ready leased 1,600 square feet in the Midway Business Center, located at 4500 E. Speedway Blvd., Suite 13 in Tucson, from Presson Midway, LLC.   Paul Hooker and Rob Glaser, SIOR, CCIM, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Pueblo Vida Brewing Co. leased 1,485 square feet at 41 S. 6th Ave. in Tucson, from Rich Rodgers Investment, Inc.  Brandon Rodgers, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Curt Stinson with Engel & Volkers Tucson, represented the tenant.

Tucson New Thought, Inc. leased 1,067 square feet in Midway Business Center, located at 4500 E. Speedway Blvd., Suite 7 in Tucson, from Presson Midway, LLC.  Paul Hooker and Rob Glaser, SIOR, CCIM, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

D2K Enterprises, LLC leased 1,056 square feet at 2020 N. Forbes Blvd., Suite 101 in Tucson, from Santo Tomas Partners,  LLP.  Brandon Rodgers, SIOR, CCIM, and Ryan McGregor, with Cushman & Wakefield | PICOR, handled this transaction.

 

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