Arizona

Indigo Creek Apartments in Glendale Sells for $40.5M

by Nellie Day November 12, 2014

GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave. Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages. Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services. The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.

November 12, 2014

Arizona Retail Western

LA Fitness Building in Goodyear Sells for $12M

by Nellie Day November 11, 2014

GOODYEAR, ARIZ. – A 45,000-square-foot retail building in Goodyear that is triple-net leased to LA Fitness has sold to a private family trust from Los Angeles for $12 million. The property is located at 1382 South Cotton Lane. LA Fitness is on a long-term, 15-year lease with about 11 years remaining on the initial term. The building was originally constructed in 2009. The 1031 exchange buyer was represented by Republic Commercial Real Estate. The seller, DTD – Devco 9 LLC, was represented by Chris Tramontano, Patrick Luther and Matthew Mousavi of Faris Lee Investments.

November 11, 2014

Arizona Retail Western

Retail Building at Emerald Design Center in Tempe Sells for $2.6M

by Nellie Day November 10, 2014

TEMPE, ARIZ. – A 38,225-square-foot retail building at Emerald Design Center has sold to Otium Real Estate Co. for $2.6 million. The free-standing building is located at 1725 West Ruby Drive. Otium is the owner/user entity of the current tenant, Salt Creek Home, a furniture store that has occupied the building since 2010. The showroom was built in 2006 as part of the 250,000-square-foot Emerald Design Center. The center features an eclectic mix of home furnishing retailers in the East Valley. Rick Robertson, Dave Johnson and Jerry Marrell of Lee & Associates represented both the buyer and the seller, Granco Enterprises, in this transaction.

November 10, 2014

Arizona Retail Western

Popeye’s Louisiana Kitchen to Open New Location in Phoenix

by Nellie Day November 10, 2014

PHOENIX – Popeye’s Louisiana Kitchen will open a 2,565-square-foot outpost in Phoenix. The new restaurant is situated at the southwest corner of Central and Dunlap. It was formerly occupied by KFC. The site will be repurposed for the new Popeye’s location, which will open next year. Popeye’s was represented by Darren Pitts, Michael Clark, Nick Ault and Dave Cheatham of Velocity Retail. The landlord, an entity controlled by Lawrence Geyser & Associates, was represented by Jason Fessinger of Strategic Retail Group.

November 10, 2014

Arizona Office Western

Palm Valley Office Park I & II in Goodyear Sell for $15.3M

by Nellie Day November 6, 2014

GOODYEAR, ARIZ. – Palm Valley Office Park I & II, an 83,575 square foot office project in Goodyear, has sold to Kootenay Holdings for $15.3 million. The space is located at 1616 and 1646 North Litchfield Road. The seller was Steve Schrag, REO asset manager, of Key Bank c/o KeyCorp Real Estate Capital Markets. The transaction was executed by Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group. Jeffery Hartland and Scott Boardman of Cassidy Turley’s Office Group will handle the building’s leasing.

November 6, 2014

Arizona Retail Western

Dollar Tree to Open Four Stores in Arizona

by Nellie Day November 6, 2014

PHOENIX – Dollar Tree has opened four stores in Arizona. The locations include a 10,800-square-foot space now open at Chandler Festival in Chandler; a 10,204-square-foot space at Cotton Plaza in Surprise; an 8,625-square-foot space in Bell Camino Shopping Center in Sun City; and a 7,840-square-foot space located at the southwest corner of Guadalupe Road and Hawes Road in Mesa. Dollar Tree was represented by Kurt Kalocin of SRS.

November 6, 2014

Arizona Industrial Western

Chandler Industrial Property Sells for $4.5M

by Nellie Day November 4, 2014

CHANDLER, ARIZ. – A 46,119-square-foot industrial property in Chandler has sold to Bell Steel Inc. for $4.5 million. The asset is located at 1100 N. Hamilton Street. The sale included a 4,000-square-foot office building, a 29,319-square-foot fabrication building, a 10,800-square-foot office/warehouse building and a 2,000-square-foot storage building. Bell Steel was represented by JLL’s Steve Larsen. The seller, TW Steel, was represented by Evan Koplan and Mike Parker of CBRE’s Phoenix office.

November 4, 2014

Arizona Industrial Western

DCT Industrial Trust Acquires Tempe Warehouse Portfolio for $26.4M

by Nellie Day October 29, 2014

TEMPE, ARIZ. – DCT Industrial Trust has purchased a three-property industrial portfolio in Tempe for $26.4 million. The portfolio contains a total of 355,371 square feet. The transaction includes Roosevelt Center at 2405 and 2415 S. Roosevelt Street; Parkland Center at 7245 and 7307 South Harl Ave.; and Wilson Center at 2636 South Wilson Street. Roosevelt Center and Wilson Center contain three high-quality warehouse/manufacturing buildings totaling 292,605 square feet within the Broadway Industrial Park. Parkland Center contains two multi-tenant industrial buildings totaling 62,766 square feet in the south Tempe submarket. The portfolio was 98 percent leased at the time of sale. DCT plans to hold the portfolio and continue its lease-up efforts. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, a Chicago-based global investment manager, in this transaction.

October 29, 2014

Arizona Office Western

Gateway Office Center in Phoenix Sells for $3M

by Nellie Day October 28, 2014

PHOENIX – Gateway Office Center, a 31,557-square-foot office complex in Phoenix, has sold to Garnett Capital Corporate for $3 million. The center is located at 4130 E. Van Buren Ave., within the Phoenix Gateway Center Office Park. It was built in 1987. The property is fully leased. The seller, Brentwood Gateway Center, was represented by Eric Wichterman, Mike Coover and Gordon Raguse of Cassidy Turley.

October 28, 2014

Arizona Office Western

Arizona Priority Care Leases Space at Chandler Corporate Center

by Nellie Day October 23, 2014

CHANDLER, ARIZ. – Arizona Priority Care has leased 24,896 square feet at Chandler Corporate Center. The Class A center is located at 585 North Juniper Drive. The medical care provider was represented by Michael Dupuy and Fletcher Perry of Colliers International. The landlord, Garmin International, was represented by Todd Noel and Ryan Timpani of the same firm.

October 23, 2014

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