PHOENIX — Granite Investment Group has purchased a 104,016-square-foot office tower in Phoenix for $9.8 million. The 14-story property is located at 2828 N. Central Ave. It recently underwent a renovation. The building is currently 53 percent occupied. DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Mark Stratz and Scott Baumgarten represented the seller, Ironline.
CHANDLER, ARIZ. — Real estate deveoper Irgens has broken ground on the first phase of the Ascend at Chandler Airport Center Corporate Campus. Phase I will include an 81,712-square-foot, single-story building. The four-phase project will eventually contain 400,000 square feet. Phase I is scheduled for completion this January. The Ascend campus is situated at the northwest corner of Germann and Cooper roads in Chandler. Balmer Architectural Group is designing the project, which Chasse Building Team will construct. Cushman & Wakefield is serving as the leasing agent.
PHOENIX — An unnamed buyer has purchased the 74-unit Cabana on Seventh apartment community in Phoenix for $5 million. The community is located at 5615 North 7th St. It was built in 1972. Steve Gebing of Institutional Property Advisors and Cliff David and Trevor Hardy of Marcus & Millichap represented both the buyer and seller in this transaction.
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.
