ORION sells former restaurant; to be converted to office building

A unique building located along Osborn Road, just east of 16th Street, recently sold for $1,190,000 ($242.71/SF).

Formerly occupied by Coupe des Tartes restaurant, built in 1922 and renovated in 2015, the building will transition into office use.

Situated on approximately 1.04 acres, the property is ideally located and part of the thriving 16th Street Corridor, home to many new apartment homes and restaurants.

Judi Butterworth and Lacey Eyman of ORION Investment Real Estate facilitated the sale.

“The buyers were able to purchase a unique, adaptable building in a great location,” Butterworth said. “The sellers recognized they were a great fit and were able to work with the buyers to get it closed in a timely fashion. Great win for all.”

The Seller, represented by Butterworth and Eyman of ORION, was Capital Fund I. The Buyer, represented by Natalie Ganter of Diversified Partners, was Theresa Lungwitz.

Dunbar Real Estate Management acquires Quarter Village

On behalf of Dunbar Real Estate Management of El Segundo, California, Cushman & Wakefield recently negotiated the purchase of Quarter Village located at 15444 North Greenway Hayden Loop in Scottsdale, Ariz. for $5.26 million. Michael Kitlica of Cushman & Wakefield represented the buyer and Rick Robertson of Lee & Associates represented the seller, Capital Creek Gold LLC.

Built in 2006, Quarter Village is a Class A, two-story, mixed-use development consisting of 22,293 square feet. Located in Scottsdale, adjacent to both Kierland Commons and the Scottsdale Quarter, the project is currently occupied by a variety of tenants, including a boutique jeweler, salon, cosmetic dentist and spa.

“Dunbar Real Estate Asset Management purchased Quarter Village, adding to their already extensive portfolio in Scottsdale. Quarter Village was acquired for its irreplaceable location, which also aligns with Dunbar’s long term strategies within the Scottsdale submarket. This asset will undergo an extensive renovation that will make it a best-in-class mixed-use development,” said Michael Kitlica.

The property previously known as Barcelona Center is adjacent to Kierland Commons and the Scottsdale Quarter, both of which offer high-end retail shopping and dining options.

Mesa retail center trades for $6.7 Million

Cushman & Wakefield completed the sale of Greenfield Gateway, located at 1728 and 1762 S. Greenfield Road in Mesa, Ariz. Phoenix-based HH-Greenfield Gateway, LLC, an entity formed by Hinkson Company, purchased the property from Greenfield Gateway Retail Investments, LLC for $6.7 million.

Cushman & Wakefield Senior Director Chris Hollenbeck represented both the buyer and seller in the transaction.

Shadow anchored by Wal-Mart, Greenfield Gateway is a 67,709-square-foot (sf) retail strip center and spans 10.37 acres. Built in 2005, the property is located directly off of the US-60 and is currently 87% occupied by a variety of tenants including Lina’s Home Furnishing, AT&T, Sally Beauty Supply and Wendy’s.

“This was a great opportunity for both the seller and buyer. The seller worked to reposition the property over the past couple years by adding large monument signs on the freeway, as well as adding new tenants to the center. The new owners will come in and complete the process by adding value through their local expertise here in the valley,” says Chis Hollenbeck.

According to Cushman & Wakefield research, the Metro Phoenix retail market continued to experience positive occupancy growth and absorbed more than 370,000 sf during the first quarter of 2018. The Southeast Valley posted one of the largest gains of positive absorption, absorbing more than 154,000 sf.

Marcus & Millichap sells Pep Boys

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Pep Boys, a single tenant net-leased property In Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,606,780.

Henry Kerson, an investment specialist 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 was selected out of the multiple offers received and closed escrow within sixty days of hitting the market,” says Kerson. “We were able to find the best buyer for the deal within the first few weeks and set the market as far as pricing goes for auto-related properties in Phoenix with limited lease term remaining.”

The Pep Boys property is located at 810 E Greenway Parkway. 

Latest deal from C&W | PICOR

SALE 

Presson Corporation purchased nine buildings totaling 124,863 square feet at 3601, 3621, 3631, 3641-3681 E. 44th St. and 3200, 3210, 3220, 3230, 3250, 3300, 3320 S. Dodge Blvd.  in Tucson for $6,491,160.  Rob Glaser, SIOR, CCIM Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer; Jonathan Jump with Jump Ventures, represented the seller.

Surf Thru, Inc. purchased 1.08 acres of land at 6307 E. Grant Rd. from Altima Investments, LLC for $700,000.  Isaac Figueroa and Rob Tomlinson, with Cushman & Wakefield | PICOR, represented the seller; Craig Finfrock with Commercial Retail Advisors, represented the buyer. 

Empty Box, LLC purchased a 2,515-square-foot former Jack in the Box, located just east of Alvernon Way at 3950 E. 22nd St.,  , from 3950 E. 22nd Street, LLC for $637,500.  Naomi and Chris Pershing purchased the Le Cave’s Bakery name and recipes and will re-open the 80-year old bakery in a new location in the next 90 days.  Le Cave’s opened for business on 6th Avenue in 1935. Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Fort Lowell Realty & Property Management, Inc. purchased an office building located at 2026 E. Prince Rd. in Tucson, from Prince Road Professional Plaza, LLC for $432,099. Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the seller; James Collopy with Fort Lowell Realty & Property Management, represented the buyer. 

T & T Cleaning & Restoration, LLC purchased a 14,278-square-foot building located at 420 E. Columbia St. in Tucson, from Plastic and Metal Parts, Inc. for $400,000.   Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. 

Weber40, LLC (Classic Pools) purchased a 2,786-square-foot building located at 3837 E. 40th St. in Tucson, from Susanna Livingston and Daniel Charles DeCarlo for $140,000.  Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the buyer; David Houge with Realty Executives Tucson Elite, represented the seller. 

LEASE 

The Ballet Conservatory of Dance Music and Art, LLC expanded their leasehold for an additional 1,189 square feet at 6330 N. Campbell Ave., Suite 110 in Tucson, from HRA Paloma Village, LP. This expansion brings the total square feet for the studio to 5,247 square feet. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

PPG Architectural Finishes, Inc. renewed their lease for 3,525 square feet at 3518 Canyon De Flores in Sierra Vista, from LHJD Investments, LLC.  Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Principals and Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.   

Desert Valley Christian Fellowship, LLC leased 3,477 square feet at 4165 W. Ina Rd., Suite 101 in Tucson, from Tin Cup Properties, LLC, dba Regency Plaza.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Rick Borane with the Volk Company, represented the tenant.

United City Tucson Church leased 2,380 square feet in Midpoint Business Plaza, 1835 S. Alvernon Way, Suites 216-217 in Tucson, from Presson Midpoint, LLC.  Rob Glaser, SIOR CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in  this transaction. 

Shift Transit, LLC leased 1,400 square feet in Commerce Plaza, 245 S. Plumer Ave., Suite 16 in Tucson, from Plumer Partners, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Full Throttle Metric, LLC leased 1,350 square feet at 220 E. 27th St., Suite G in Tucson, from Tin Cup Properties, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Rosie Tran leased 1,333 square feet in Colonia Verde Shopping Center, 7143 E. Tanque Verde Rd. in Tucson, from ROK Colonia Verde, LLC.  Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.