GILBERT, ARIZ. — Abington Emerson Investments has purchased a 73,283-square-foot industrial property in Gilbert for $5.5 million. The property is located at 1405 N. Fiesta Blvd. It was built in 1998. CBRE will act as the leasing agent. The firm’s Barry Gabel, Chris Marchildon, Brian Raczynski, Tim Watters, Evan Koplan and Mike Parker represented the seller in this transaction.
PHOENIX — Cypress Office Properties has begun renovation work on the Renaissance Square office building in Phoenix. The building is located at 40 N. Central Ave. The $50 million renovation will span both towers. The first tower will feature a “tech” atmosphere that contains a lobby with a live plant wall and integrated technology for digital signage. The second building will feature boutique-style interior finishes with a warm hospitality feel. The first phase of the renovation will include a $10 million investment that will upgrade both buildings’ lobbies, the lower level lobby and elevators. It will also include the creation of a 7,000-square-foot, multi-purpose conference facility and multiple office suites. Wespac Construction is acting as the general contractor, while Craig Coppola of Lee & Associates Arizona will serve as the leasing agent.
CHANDLER, ARIZ. — Kramer-Wilson Company has purchased two office buildings within the Chandler Midway Corporate Center for $23.3 million. The Class A buildings are located at 5670 and 5710 W. Chandler Blvd. in Chandler. The assets are fully leased. CBRE’s Barry Gabel and Chris Marchildon represented the seller, ViaWest Group, in this transaction.
PHOENIX — Canyon North Properties has acquired the 50-unit Canyon North apartments in Phoenix for $3.2 million. The community is located at 2339 W. Northern Ave. It was originally built in 1964 and renovated in 2016. Canyon North contains one- and two-bedroom units. The property also has access to I-17 and Valley Metro light rail. CBRE’s Brian Smuckler and Jeff Seaman represented both the buyer and seller, South Sunshine Coast, in this transaction.
SCOTTSDALE, ARIZ. — Kramer-Wilson Co. has acquired Scottsdale Executive Office Center, a 181,238-square-foot office campus in Scottsdale, for $37.5 million. The Class A campus is located at 15880, 15990 and 16100 N. Greenway-Hayden Loop. It was built in 1997. Kramer-Wilson recently has purchased four office properties in the greater Phoenix market since November, totaling nearly a 500,000 square feet.
MESA, ARIZ. — Skanska is completing construction on Phase I of Dexcom’s 145,000-square-foot build-out of an existing shell building in Mesa. The facility will be located at 232 S. Dobson Road. The first phase includes the renovation of a 60,000-square-foot industrial warehouse to medical device manufacturing space that will produce hardware- and software-compatible glucose monitors. The space includes 33,000 square feet of controlled environment room, chem prep and microbiology labs, 20,000 square feet of production machine shop and high-bay warehouse space, 42,000 square feet of equipment mezzanines, and 20,000 square feet of office, training and support space. A new 10,000-square-foot central utility building and equipment yard will also be built on-site.
SUN CITY, ARIZ. — Montecito Medical Real Estate has purchased a 35,420-square-foot medical office building in Sun City for an undisclosed sum. The Class A building is situated within a 12-acre plaza originally that was built as a retail center in 1974. The space was renovated in 2012. The building is fully leased to specialty practices, including neurology, urology, dermatology, opthalmology, internal medicine, digestive health and an ambulatory surgery center for endoscopy.
TEMPE, ARIZ. — Warner Courtyards, a 113,586-square-foot flex office building in Tempe, is now fully leased due to Cenlar FSB’s recent agreement to occupy 60,103 square feet. The building is located at 301 W. Warner Road. Other tenants to lease space at the property include CEC Educational Services and Yokowo American Corp. Cenlar, a loan servicing provider, originally occupied the building in August 2016 before expanding to its larger space. NGKF’s Jerry Jacobs represented Cenlar. Matt Nebeker of Cushman & Wakefield represented the landlord, Hannay Realty Advisors, in all three lease transactions.
GLENDALE, ARIZ. — Resource Real Estate has purchased the 408-unit Indigo Creek apartment complex in Glendale for $55.2 million. The community is situated on more than 19 acres in the Arrowhead region of Greater Phoenix, about three miles from the Bell Road Retail Corridor. Indigo Creek was built in 1998. Unit amenities include ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three swimming pools and two spas accented by gas-burning fire pits. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Bascom Arizona Ventures, in this transaction.
GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.
