Arizona

Buchanan Street Buys Paradise Valley Corporate Center in Scottsdale

by Nellie Day December 3, 2015

SCOTTSDALE, ARIZ. — Buchanan Street Partners has purchased Paradise Valley Corporate Center, a 198,000-square-foot office building in Scottsdale, for an undisclosed sum. The center is located at 4835 East Cactus Road. Paradise Valley Corporate Center was 95 percent leased at time of sale. Buchanan Street plans to upgrade the lobby, landscaping and other common areas. Buchanan Street represented itself in this transaction, while Christopher Toci of Cushman & Wakefield represented the unnamed seller.

December 3, 2015

Arizona Office Western

Sunquest Buys Former Muscular Dystrophy Association Building in Tucson

by Nellie Day December 1, 2015

TUCSON, ARIZ. — Sunquest Information Systems has purchased the 83,000-square-foot former Muscular Dystrophy Association (MDA) building in Tucson. The price was not disclosed. The building is located at 3300 E. Sunrise Drive. The company plans to relocate to the new space, which will allow for future growth. Mark Irvin of Mark Irvin Commercial Real Estate represented Sunquest.

December 1, 2015

Arizona Office Western

Veterns Affairs Leases Space at Estrella Health Center in Phoenix

by Nellie Day November 30, 2015

PHOENIX — The U.S. Department of Veterans Affairs has leased 20,000 square feet of space at Estrella Health Center in Phoenix. The center is located at 9250 W. Thomas Road. The VA will occupy the 4th floor of the building. It plans to utilize this space as an outpatient clinic for the Southwest community. Matt Fitzgerald of Colliers and Elena K. Safaei of Legend Real Estate Management served as consultants for the landlord, Legend Real Estate Management.

November 30, 2015

Arizona Industrial Western

Tesla Motors Leases Tempe Facility

by Nellie Day November 25, 2015

TEMPE, ARIZ. — Tesla Motors has agreed to lease a 42,281-square-foot facility in Tempe. The free-standing building is located at 2077 E. University Drive. This is Tesla’s second Phoenix Valley location, in addition to its retail showroom at Scottsdale Fashion Square. Wentworth Property Co. recently purchased the property for $3.6 million. Andy Markham of Cushman & Wakefield represented the buyer in the transaction. Dave Johnson and Jerry Marrell of Lee & Associates represented the seller, Essex-Scot LLC, a window manufacturer that previously occupied the facility until it outgrew the space.

November 25, 2015

Arizona Multifamily Seniors Housing Western

Wolff Announces Plans To Develop Six Seniors Housing Communities in Western U.S.

by Nellie Day November 24, 2015

SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.

November 24, 2015

Arizona Multifamily Western

El Cortez Condominium Complex in Phoenix Sells for $6.4M

by Nellie Day November 20, 2015

PHOENIX — The El Cortez condominium complex in Phoenix has sold to FPA Multifamily LLC for $6.4 million. The community is located on 7th Avenue within the Melrose District. The acquisition included 146 of the 165 units. CBRE’s Bert Kempfert represented FPA. Brian Smuckler and Jeff Seaman of the same firm represented the seller, El Cortez Condominiums LLC.

November 20, 2015

Arizona Retail Western

Lee & Associates Arranges Sale of Two Arizona Shopping Centers for $16.4M

by Nellie Day November 19, 2015

GLENDALE AND TEMPE, ARIZ. — Lee & Associates has arranged the sale of two Arizona shopping centers for a combined $16.4 million. Properties include 51st & Olive Square, an 88,225-square-foot shopping center located in Glendale; and Playa Del Norte, an 11,499-square-foot shopping center located in Tempe. Patrick Dempsey and Jan Fincham of Lee & Associates worked on behalf of both the buyer, 51st & Olive Station LLC, and the undisclosed seller in the 51st & Olive Square transaction. Dempsey, Fincham, Chris McClurg and Matt Frederick of Lee & Associates co-listed and secured the buyer, Crow Holdings Capital Real Estate, in the Playa Del Norte transaction.

November 19, 2015

Arizona Multifamily Student Housing Western

Second Phase of Student Housing Near Arizona State Opens

by Nellie Day November 19, 2015

TEMPE, ARIZ. — University House Communities has opened the second phase of University House, a 16-story, 148,680-square-foot building with 242 beds and two-, three- and four-bedroom options near Arizona State University’s campus. Designed by Dallas-based architecture firm BOKA Powell to complement the existing adjacent first phase, University House amenities include a resort-style pool and hot tub, a scoreboard-sized LED outdoor TV screen, a clubroom with gaming systems, a yoga and steam room, fitness center, outdoor grilling stations as well as indoor/outdoor study areas and conference rooms. Apartments range from 716 to 1,289 square feet, with fully equipped kitchens. Each unit has floor-to-ceiling windows that provide views of the Sun Devil Stadium across the street. Units are available to students for nine- and 12-month leases. Sixthriver Architects completed the interior design for the new tower. Materials and furnishings include mirrored tile, natural wood planks and exposed concrete.

November 19, 2015

Arizona Retail Western

Lee & Associates Arranges Sale of Two Shopping Centers in Arizona for $16.4M

by Nellie Day November 16, 2015

November 16, 2015

Arizona Retail Western

VEREIT Sells $204M Red Lobster Pool, Enters Partnership to Sell Additional $400M

by Nellie Day November 13, 2015

PHOENIX — Phoenix-based VEREIT Inc. has sold a $204 million pool of Red Lobster properties to San Francisco-based Golden Gate Capital. Additionally, the two companies have entered into a strategic partnership where VEREIT will opportunistically divest an additional $400 million of properties by executing single- or multi-unit dispositions at accretive valuations. The Red Lobster restaurants that are part of this transaction will continue to operate without change or disruption.

November 13, 2015

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