Kidder Mathews sells Biltmore office building
Biltmore RE, LLC, a net leased investment group, has purchased a Class A office building, located at 2701 East Camelback Road in Phoenix, Arizona, for $3,110,000. The sale was an absolute NNN leaseback to the seller, Arciterra Companies, a real estate investment and development company. Kidder Mathews commercial real estate broker, Jenette Bennett, represented Biltmore in the transaction.
The 8,501 square foot, single-tenant building is located in the Camelback Corridor, close to high-end shopping, restaurants, and a vibrant nightlife. It has one of the densest daytime-business populations in Phoenix.
“This was a rare sale and leaseback to a strong and well-established company with a complex business,” said Bennett. “Unlike most STNL national tenant deals, it took time and resources to research and gain a clear understanding of the numerous, nationwide entities they owned,” she said.
Businesses are trending toward sale and leaseback transactions due to the tax implications of owning real estate instead of carrying a lease expense on the books. Tenants are reinvesting in their business or expanding to new locations, creating previously unrealized opportunities for those interested in a long-term, absolute NNN real estate investments.
“The Camelback Corridor has never been stronger in terms of lease rates and occupancy,” said Bennett. “The frequency of owner-users executing on the sale and leaseback option is likely to increase over the next several years,” she said.
Marcus & Millichap sells Learning Experience, MoreSpace
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Learning Experience, a 6,000 square-foot net-leased property located in Mesa, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3,642,900.
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.
This location is the second Learning Experience sold by Medress and Ruble and is located at 10100 E Ray Rd in Mesa, AZ.
Marcus & Millichap also announced the sale of MoreSpace Mesa, a self-storage facility located in Mesa, Arizona, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $7,250,000.
The transaction was a collaboration of two Marcus and Millichap offices with Michael A. Mele and Luke Elliott in Tampa and Devin Beasley in Phoenix. This transaction marked the 17th self-storage transaction this year by The Mele Storage Group of Marcus & Millichap. The group had the exclusive listing to market the property on behalf of the seller, a partnership and secured the buyer, also a partnership.
“The seller was able to capitalize on the influx of buyers entering the self-storage investment market looking for new, quality facilities that are in the process of leasing up. In this case, bids came from around the country and a buyer from out of state was selected and subsequently closed on this high-quality, recently repositioned asset.” said Elliott.
Located at 4550 East Southern Avenue in Mesa, Arizona, the 57,475-NRSF facility has excellent curbside appeal near the Southern Avenue/Greenfield Road intersection with a paramount balance of residential and retail surroundings. The 722-unit asset most recently expanded in December 2017 to match the rapid population increase of the Phoenix-Mesa-Scottsdale, Arizona Metropolitan Statistical Area. The facility has additional room for further expansion with the continued population growth in Mesa.
Mele added, “Under Luke Elliott’s strong leadership in the west coast, The Mele Storage Group of Marcus & Millichap has solidified its national footprint, as indicated by this transaction in Mesa, Arizona.”
NAI Horizon’s recent deals
The $10.755 million sale of a self-storage property in Buckeye and the $1.75 million sale of an industrial building in Mesa highlight recent transactions closed by NAI Horizon professionals.
Sale Transactions:
Denise Nunez negotiated the sale of a 109,855 SF self-storage property, representing both the buyer, Ross Family Trust/Barber Vallejo Properties and Barber Family Trust, and the seller, Store-All America RV & Self Storage, for $10.755 million. The property is located at 24901 W. Yuma Rd., Buckeye, AZ.
Mark Wilcke negotiated the sale of a 6,855 SF industrial property, representing both the buyer, 1426 W. Broadway Group, LLC, and the seller, Capps Rent-A-Car, for $1.75 million. The property is located at 1426 W. Broadway Rd., Mesa, AZ.
Matt Harper and Kevin Higgins negotiated the sale of a 6,382 SF medical office building, representing both the buyer, Anita Ramaiah and/or nominee, and the seller, Susan H. Lindstrom, Trustee of the Lindstrom Revocable Trust, for $1.35 million. The property is located at 7285 E. Earll Dr., Scottsdale, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon negotiated the sale of a land property representing the buyer, 3915 Stock Hill, LLC, for $800,000. The property is located at 3915 N. Stockton Hill Rd., Kingman, AZ. Dwayne Patterson with RE/Max Prestige Properties represented the seller, Kerry Raymond.
Sharon Reeves negotiated the sale of a 2,700 SF retail property, representing the seller, GEOPEN, LLC, for $499,000. The property is located at 10824 N. 71st Place, Scottsdale, AZ 85254. Eric Butler with Kidder Mathews represented the buyer, Jaiveer Sandhu, LLC.
Mark Wilcke negotiated the sale of a 0.65-acre industrial property, representing the seller, Zanzach of Arizona. LLC, for $150,000. The property is located at 45 W. Olive Ave., Gilbert, AZ. Brook Miller with RE/MAX Solutions represented the buyer, Fen Investments Inc.
Lease Transactions:
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Zipps Sports Grill, in a 120-month retail lease at 10654 N. 32nd St., Phoenix, AZ.
Mark Wilcke represented the landlord, ICC Tempe, LLC, in a 60-month industrial lease at 2929 S. Fair Lane, Tempe, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, in a 120-month retail lease for 7,250 SF with Hubbard Swim School at 1981 N. Pebble Creek Parkway, Goodyear, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, in a 120-month retail lease for 2,388 SF with Music & Arts at 1981 N. Pebble Creek Parkway, Goodyear, AZ.
Tyler Smith and Troy Giammarco represented both the tenant, Stage Left Productions, Inc., and the landlord, Arizona Property Management, LLC, in a 60-month retail lease at 11310 W. Bell Rd., Surprise, AZ.
Bruce Hanley represented the tenant, The Addison Group, in a 26-month office lease at 2398 E. Camelback Rd., Phoenix, AZ. Phillip M. Breidenbach with Colliers represented the landlord, ViaWest Group.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in a 60-month retail lease at 4926 W. Bell Rd., Phoenix, AZ. Mona Oshana with Southwest Property Sales & Leasing represented the tenant, UR Market, LLC.
Matt Harper represented the tenant, T&T Bakery, in a 65-month retail lease at 560 N. Estrella Parkway, Goodyear, AZ. Ryan Amato with Eisenberg Company represented the landlord, Eisenberg Canyon Trails Development II, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Ken’s Nails, in a 72-month retail lease at 1635 E. Indian School Rd., Phoenix, AZ.
Mark Wilcke represented the landlord, Ann O. Richmond, LLC, in a 36-month industrial lease at 1720 E. Curry Rd., Tempe, AZ. Jim Kost with InTeam Realty, LLC represented the tenant, Recovery Solutions, Towing & Transport, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in a 60-month retail lease at 4926 W. Bell Rd., Phoenix, AZ. Chuck Gibson with SRS represented the tenant, TruGrocer Federal Credit Union.
Troy Giammarco represented the tenant, Temple Arts, LLC, in a 60-month lease at 9635 W. Peoria Ave., Peoria, AZ. Allen Blanchard represented the landlord, D&C Holdings, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Dream Swirls Frozen Yogurt, in a 60-month retail lease at 15557 W. Roosevelt St., Goodyear, AZ
Matt Harper represented the landlord, Grand Center Plaza, LLC, in a 60-month retail lease at 11001 N. 99th Ave., Peoria, AZ.
Matt Harper represented the landlord, Robert and Arlene Thatcher, in a 26-month retail lease at 4734 W. Glendale Ave., Glendale, AZ.
Matt Harper represented the landlord, Puchhi, Inc., in a 24-month retail lease at 9501 W. Peoria Ave., Peoria, AZ.
Rick Foss represented the landlord, Friedman Anthem, LLC, in a 60-month lease at 42302 N. Vision Way, Anthem, AZ.
Matt Harper represented the landlord, Robert and Arlene Thatcher, in a 38-month retail lease at 4740 W. Glendale Ave., Glendale, AZ. Charlotte Henderson with Berkshire Hathaway Arizona Properties represented the tenant, Kimberly S. Horton and Corey D. Horton as members of Purple Gurls, LLC.
Matt Harper represented the landlord, Grand Center Plaza, LLC, in a 12-month retail lease at 11001 N. 99th Ave., Peoria, AZ.
Matt Harper represented the landlord, Sayan 26 Investment Group, LLC, in a 12-month retail lease at 4323 W. Cactus Rd., Glendale, AZ.
