Arizona

PAYSON, ARIZ. – Payson Village Center, a 140,500-square-foot, grocery-anchored center in Arizona, has sold to Progression Real Estate Investments for $15 million. The center is located at the intersection of Highway 87 and Highway 260 in Payson. It is anchored by Bashas’. Other notable tenants include Dollar Tree, Big 5, Native Grill, Jiffy Lube and Arby’s. A 250-acre Arizona State University satellite campus has been proposed just East of Payson Village. This project would bring 6,000 students, in addition to more employees and faculty, to the area. Both Progression and the seller, Hirani Oil Foundation, were represented by Christopher Tramontano and Donald MacLellan of Faris Lee Investments.

TEMPE, ARIZ. – TEMK Investments Fremont LLC has acquired a 1,850-square-foot Starbucks in Tempe for an undisclosed sum. The coffee shop is located at 1926 North Scottsdale Road. It contains a drive-thru. TEMK was represented by DTZ’s Jon Stansbury. The seller, SWC Scottsdale & McKellips LLC, was represented by Andy Kroot of Velocity Retail Group.

PHOENIX – Mattress Firm has signed three leases throughout Arizona. The bedding retailer signed leases for a 7,000-square-foot location at Emerald Center in Tempe; a 3,500-square-foot location in the Silverstone Marketplace in Scottsdale; and a 3,800-square-foot location in Mesa. Mattress Firm was represented by Darren Pitts and Michael Clark of Velocity Retail Group in all three transactions.

SCOTTSDALE, ARIZ. – A single-tenant property in Scottsdale that is leased to Red Revolver Night Club has sold to Tornga Family LLC for $2.1 million. The space is located at 7316 E. Stetson Drive in the Old Town district. The buyer was represented by Robert Jones of Torrey Pines Real Estate Investments. The seller, GEM Realty Advisors, was represented by CBRE’s Steve Julius and Jesse Goldsmith.