GILBERT, ARIZ. — IPF Rancho Solano has purchased Rancho Solano Gilbert Campus, a 33,265-square-foot building in Gilbert, for $4.5 million. The building operated as a preschool through fifth grade until it closed at the end of the 2014 school year. The new tenant, Lauren’s Institute For Education (L.I.F.E.), is a nonprofit organization that provides programs for developmentally disabled children through a variety of therapies. Jim Wilson and Scott Shelbourne of Cushman & Wakefield represented the seller, Arizona Prep Real Estate.
PHOENIX – The 80-unit Greenbrook apartments in Phoenix has sold to Greenbrook B and L LLC for $4.1 million. The community is located at 3536 E. Cambridge Ave. It was built in 1974. The seller was Greenbrook Apartments LLC. The transaction was executed by CBRE’s Brian Smuckler and Jeff Seaman.
Owners, investors and developers are bullish about the Phoenix industrial market – and for good reason. We occupy one of the most strategic supply chain locations in the West – a sweet spot between West Coast ports, manufacturing in Mexico, and alongside truck and rail routes leading product into the heart of the nation. Add to this Governor Ducey’s mandate to grow Arizona’s trade volume with Mexico by 20 percent per year – not to mention Mexico itself being on the verge of becoming the world’s largest manufacturer – and you have a Phoenix market entering a new era of long-term growth. This has expanded our already robust industrial construction industry, where design-build is hot and will likely stay that way, thanks to the 8 million square feet to 10 million square feet of industrial requirements seriously considering Arizona for their location solutions. For energy-centric companies with high employee head counts in particular, Arizona offers as much as a 30 percent to 40 percent savings proposition over higher-cost Tier 1 markets. The West Valley has welcomed 10 million square feet of larger build-to-suit corporate projects looking for specialized footprints and visibility along I-10 in the past three years. These include …
PHOENIX — Primestor Development has begun major renovations at Palm Glen Shopping Center, a 177,754-square-foot shopping center anchored by Food City and Wells Fargo in Phoenix. Renovations will include remodeling the façade of the entire center; renovating interiors, site work and anchor spaces; the application of a new contemporary design; a new branding campaign; and increased lighting, landscaping, tower elements, site amenities and signage. The renovation will be completed in the fourth quarter of 2015. Tenants at the center include Dollar Tree, Aaron Rents, Little Caesar’s Pizza, Modlo Dance Hall, Liberty Tax and Title Max.
TEMPE, Ariz. — National Asset Services (NAS) has arranged the sale of Gateway at Tempe, a student housing property located approximately one mile east of Arizona State University in Tempe. An undisclosed buyer purchased Gateway from a group of 33 tenant-in-common (TIC) co-owners that NAS advised during the transaction process. Built in 1998, Gateway at Tempe was purchased by the TIC group in December 2006 for $55.8 million. NAS assumed asset management responsibilities for the property in 2010. Gateway at Tempe is one of the largest student housing properties in the Arizona State University area, with 918 beds and 288 units. Situated on approximately 19 acres, the garden-style student living community consists of 19 two- and three-story wood-frame residential buildings and a single-story clubhouse/leasing building. The residential buildings contain 289,704 square feet of net rentable area, which equates to an average unit size of 1,006 square feet. The apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.
GLENDALE, ARIZ. — Lee & Associates has arranged the sale of Arrowhead Plaza, an 84,389-square-foot shopping center, for $14 million. The center is located at 7700 W Arrowhead Towne Center. It was purchased by Beardsley-67th Avenue LLC. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of the buyer and seller.
TUCSON, ARIZ. — Capital Forsight has purchased a 15,413-square-foot building in Tucson that is triple-net leased to Walgreens for $9.7 million. The building is located at 7111 East Golf Links Road. It is an outparcel to the 99 Cent Only-anchored Desert Square Shopping Center. Walgreens is corporate-guaranteed and has 23 years remaining on its 25-year initial term. CAPRE Real Estate Investments represented Capital Forsight. Nick Coo, Matt Mousavi and Patrick Luther of Faris Lee Investments represented the seller, Sierra Industrial.
GLENDALE, ARIZ. — Lee & Associates has arranged the sale of Glendale Market Square, a 221,388-square-foot shopping center, for $24.6 million. The center is located at 5850 W. Bell Road. The buyer was CIRE. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of both the buyer and seller.
YUMA, ARIZ. — DTZ has arranged the $13.7 million sale of Pioneer Shopping Center, a 140,610-square-foot shopping center located in Yuma. Ryan Schubert, Michael Hackett, Dan Salley and Jack Wilson of DTZ represented the seller, Realty Resolution Advisors LLC, and Sanford Burstyn of Marcus & Millichap represented the buyer, Los Angeles-based Pioneer Shopping Center LLC, in the transaction. Tenants at the center include 99 Cents Only, O’Reilly Auto Parts, Applebee’s, Subway, The UPS Store and Dairy Queen.
TUCSON, ARIZ. — Griffin Capital Corp. has acquired the 100,273-square-foot Aetna Life Insurance Co. building in Tucson for an undisclosed sum. The building is fully leased to the life insurance company. Aetna signed a new 10-year lease at the property as part of the sale-leaseback. The terms include an annual base rental rate increase of 3 percent with no termination or contraction options. The company has resided at this space since it was constructed as a build-to-suit in 2001. Cushman & Wakefield’s Boston office, along with Cushman & Wakefield’s Tucson affiliate, Picor Commercial Real Estate Services, represented Aenta in the deal. Griffin Capital Essential Asset REIT II is the official purchaser of the asset.