SVN office advisors close 10th sale of the year
Downtown and Midtown office experts at SVN Desert Commercial Advisors close another sale in the Phoenix Central corridor marking its 10th sale of the year. Senior advisor, Justin Horwitz and Paul Borgesen III represented the owner in the sale transaction.
The property is located at 810 W. Bethany Home Rd. in Phoenix. This 15,304 square-foot building is one of the known historic buildings located off Bethany Home Rd. This recently sold for $1.15 million and was only on the market from open to close for only 75 days. The iconic architect Bennie Gonzales designed this building and was built in 1970. The Arizona Medical Association (ARMA) was the only occupant and owner up to this point of the sale. The property was so uniquely designed, that the seller had multiple offers to review. The building captures the trending appeal towards Mid Century structures but ultimately, ARMA elected that it was in their best interest to part ways with the building with plans to relocate.
The building was sold to Katie Hess, the Founder of a local essential oils business called Lotuswei. The new owner plans to occupy the majority of the building, but will offer small spaces for lease within the building itself. “It is a real treat in this business when you can work with high quality people like Katie Hess and the VP of ARMA, Libby McDannell,” said Horwitz. He added that the building has so much character that he’s “looking forward to seeing the new owner’s vision come to reality.” The new owner, Hess stated “Even though he represented the seller, I worked with Justin Horwitz directly and he made the negotiation and due diligence period effortless.”
The seller had equally rave reviews for the SVN advisor. “The best decision I made throughout the entire process of selling our building was hiring Justin Horwitz and the SVN team,” said Katie Hess. “I was comforted by Justin’s professionalism, knowledge of the market, proactive communication, and always being able to answer my questions.” Hess was grateful to the Arizona Medical Association for passing the torch to her. The property will not only serve as the new Lotuswei headquarters, but it is also the new Phoenix Wellness Hub that will feature national wellness experts to add to the worldly podcast with listeners in over 60 countries.
LevRose Commercial Real Estate finalizes pair of sales
• LevRose Commercial Real Estate, a leading Scottsdale based commercial real estate brokerage and management firm closed the sale of Olive Park Retail Center in Glendale for $5 million. Located at 5814 W. Olive Ave., the sale of the 73,741 square-foot building was facilitated by Trenton McCullough and Mark Cassell of Levrose Commercial Real Estate.
• LevRose Commercial Real Estate recently closed the sale of Sonoran Desert Village in Phoenix for $5.1 million. The sale of the 13,760 square-foot retail shopping space located east of I-17 at 2805-2815 W. Carefree Highway facilitated by Mark Cassell and Trenton McCullough of LevRose Commercial Real Estate on behalf of the seller. Sold at $370 per square-foot, the retail strip boasts plenty of area for new businesses to grow, along with ample parking for visitors. Neighboring businesses of Desert Sonoran Village include Mountainside Fitness and Connolly’s Sports Grill.
With an expertise in both office and retail tenant and landlord representation, sales transactions and property management, LevRose Commercial Real Estate has been serving the Valley since 1992. Locally owned LevRose is affiliated with TCN Worldwide, a consortium of independent commercial real estate firms providing complete real estate solutions locally, nationally and internationally.
Velocity Retail Group leases to Michaels
Velocity Retail Group’s Brian Gast, Senior Vice President represented the landlord, DTL-SGW, LLC in negotiating a 23,586 square foot Michaels Store in a former Best Buy, located at 1628 S. Signal Butte Road in Mesa, Arizona.
“Superstition Gateway is situated at Signal Butte and the U.S. 60 and is perfectly positioned to serve the east Mesa trade area. In the past year we have added a 12 screen AMC Theater, Old Navy, and several supporting shops and restaurants to the center,” said Gast. The new Michael’s store is expected to open at the end of the first quarter of 2019 and is located between Kohl’s and Wal-Mart Supercenter on the north end of the center. Michaels is represented by Greg Laing and Dan Gardiner of Phoenix Commercial Advisors.
This transaction is one of over two dozen big-box transactions completed by Velocity Retail Group this year. The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.
NAI Horizon’s recent deals
The sale of a Scottsdale office building and four long-term retail leases by the NAI Horizon team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega and Associate Patrick Anthon highlight recent transactions closed by NAI Horizon professionals.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon negotiated the sale of a 3,397 SF office property, representing the buyer, EPH 20, LLC, for $630,000. The property is located at 10733 N. Frank Lloyd Wright Blvd., Scottsdale, AZ. Jim McCabe with Realty Executives represented the seller, Woodland Merchant Services, LLC.
Sharon Reeves negotiated the sale of a 2,680 SF retail property, representing the seller, Circle K Stores, Inc., for $575,000. The property is located at 5102 W. Camelback Rd., Phoenix, AZ. West USA represented the buyer, JRSC 3, LLC.
Matt Harper negotiated the sale of a 2,408 SF office property, representing the seller, Costello Holdings, LLC, for $440,750. The property is located at 4100 S. Lindsay Rd., Gilbert, AZ. David Hooks with HomeSmart represented the buyer, Sibling Ventures, LLC.
Laurel Lewis, Barbara Lloyd and Lane Neville negotiated the sale of a 5,800 SF office property, representing the seller, Troon, LLC, for $407,558. The property is located at 10045 E. Dynamite Blvd., Building F, Scottsdale, AZ. Christopher Lewis with Arizona Brokerage Company represented the buyer, Button Court, LLC.
Laurel Lewis represented the tenant, Westland Resources, Inc., in a 65-month office lease for 7,964 SF at 2020 N. Central Ave., Phoenix, AZ. Ruth Darby and Charles Miscio with Colliers International represented the landlord, Arizona Credit Union.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, Queen Creek Fiesta, LLC, in a 120-month retail lease for 2,275 SF at 21545 S. Ellsworth Loop Rd., Queen Creek, AZ. Jonathan Hill with Morrow Hill represented the tenant, Hand & Stone Massage and Facial Spa.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Batteries Plus, in a 120-month retail lease for 1,694 SF at 25314 N. Lake Pleasant Parkway, Peoria, AZ. Torrey Briegel with Phoenix Commercial Advisors represented the landlord, Vestar LPTC, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in an 84-month retail lease for 3,000 SF at 4925 W. Bell Road, Phoenix, AZ.
Laurel Lewis represented the tenant, PK Architects, Inc., in a 60-month office lease for 2,491 SF at 4515 S. McClintock Dr., Tempe, AZ.
Tyler Smith represented the tenant, Magnus Title Agency, LLC, in a 63-month office lease for 1,930 SF at 13843 W. Meeker Blvd., Sun City West, AZ. Marshal Reynolds with Rencor Development represented the landlord, CMB Partners.
Kevin Higgins, Barbara Lloyd and Lane Neville represented the landlord, Bogle Family Realty, LLLP, in a 36-month office lease for 2,731 SF at 7227 N. 16th St., Phoenix, AZ.
Kevin Higgins, Barbara Lloyd and Lane Neville represented the landlord, Bogle Family Realty, LLLP, in a 60-month office lease for 764 SF at 7227 N. 16th St., Phoenix, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in a 48-month retail lease for 1,045 SF at 4961 W. Bell Rd., Phoenix, AZ.
Matt Harper represented the landlord, Arizona MSK, LLC, in a 60-month lease for 1,000 SF at 5270 N. 59th Ave., Glendale, AZ. Adam Lam with Phoenix West Commercial represented the tenant, AZ Karen-Asian Market, LLC.
Matt Harper represented the landlord, Grand Center Plaza, LLC, in a 37-month retail lease for 831 SF at 11001 N. 99th Ave., Peoria, AZ.
Marcus & Millichap sells retail center
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 AT&T | Mattress Firm, a 8,400-square foot retail property located in Woodbury (Twin Cities), MN, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3,243,000.
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 Minnesota limited liability company, was secured and represented by Zach House, Jon Ruzicka, regional manager of the firm’s Minnesota firm, assisted in closing this transaction. “The buyer was in a 1031 tax deferred exchange after selling out of an apartment building in close proximity to the subject property,” said House. “We took the time to truly understand the client’s objectives and provided a number of options to purchase properties in their immediate area. This well located retail center satisfied all of the buyers needs by providing a predictable stream of revenue.”