Arizona

LPC Desert West Divests of Gainey Center Office Building in Scottsdale, Arizona for $26.5M

by Amy Works August 18, 2023

SCOTTSDALE, ARIZ. — LPC Desert West, Lincoln Property Company’s Southwest division, has completed the disposition of Gainey Center, a Class A office property in Scottsdale. Presson Cos., headed by long-time Phoenix commercial real estate investor Daryl Burton, acquired the asset for $26.5 million. Situated on 4.7 acres at 8501 N. Scottsdale Road, Gainey Center features 143,653 square feet of office space. The building offers functional floor plates, private tenant balconies, on-site security, a covered parking garage and views of Camelback Mountain, the McDowell Mountains and Mummy Mountain. During its ownership, LPC renovated the property. Upgrades included an extensive renovation of the lobby, which features a 22-foot atrium, upgraded seating and contemporary artwork. Improvements were also made to the building corridors, restrooms, elevator banks and mechanical systems. Barry Gabel and Chris Marchildon of Newmark represented LPC in the transaction.

August 18, 2023

Acquisitions Arizona Net Lease Retail Western

Pinnacle Real Estate Arranges $5.8M Acquisition of Single-Tenant Retail Property in Gilbert, Arizona

by Amy Works August 18, 2023

GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.

August 18, 2023

Acquisitions Arizona NAI Retail Western

NAI Horizon Negotiates $1.8M Sale of Retail Building in Phoenix

by Amy Works August 17, 2023

PHOENIX — NAI Horizon has negotiated the sale of a retail property located at 4314 W. McDowell Road in Phoenix. SEPMAR LLC sold the asset to MMGR Properties for $1.8 million The property features 3,000 square feet of retail space. Jeff Adams of NAI Horizon represented the seller, while Carlos Arellano and Jorge Arellano of Real Estate XG represented the buyer in the deal.

August 17, 2023

Acquisitions Arizona Florida Retail Western

SRS Real Estate Negotiates $94M Sale of Seven EoS Fitness-Occupied Properties in Arizona, Florida

by Amy Works August 16, 2023

ARIZONA AND FLORIDA — SRS Real Estate Partners has arranged the sale of seven single-tenant EoS Fitness properties in Arizona and Florida for a combined purchase price of $94 million. Barclay Group sold the properties to a publicly traded REIT. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller. Tyler McRae of SRS, along with Echelon Realty Advisors, were responsible for leasing the assets on behalf of EoS Fitness. The portfolio comprises three new-construction gyms that opened in 2023, as well as four formerly vacant grocery stores that are currently undergoing redevelopment. All of the properties have 15-year, corporate-guaranteed, triple-net leases in place with scheduled rental increases. The properties include:

August 16, 2023

Arizona Industrial Loans Western

Baker Development Receives $39M Refinancing for Yuma143 Industrial Property in Goodyear, Arizona

by Amy Works August 16, 2023

GOODYEAR, ARIZ. — Phoenix-based Baker Development Corp., along with joint venture partner GTIS Partners, has secured a $39 million loan to refinance Yuma|143, a Class A industrial project in Goodyear. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Tim Polglase of Newmark Debt and Structured Finance arranged the financing, which Arizona Bank and Trust provided. Located at 14160 and 14170 W. Yuma Road, the 490,278-square-foot property features a 300,100-square-foot building, fully leased by HelloFresh subsidiary Factor 75, and a 190,178-square-foot facility occupied by Apex Tool Group and Romac Industries. Yuma|143 features up to 40-foot clear heights, insulated dock-high and grade-level doors, full concrete truck courts, clerestory windows and generous parking. The project’s development team included Butler Design Group as architect and Hunter Engineering as engineer. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s leasing brokers.

August 16, 2023

Acquisitions Arizona Nevada Retail Western

Marcus & Millichap Arranges $41.4M Sale of Six-Property Car Wash Portfolio in Phoenix, Las Vegas

by Amy Works August 16, 2023

PHOENIX AND LAS VEGAS — Marcus & Millichap has brokered the sale of six Ultra Clean Express Car Wash net-leased properties located across Phoenix and Las Vegas. The portfolio sold for $41.4 million. Chris Lind, Zack House and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller, a limited liability company. Ryan Sarbinoff served as Marcus & Millichap’s Arizona broker of record and Drank Cameron Glinton served as Marcus & Millichap’s Nevada broker of record. The buyer was not disclosed. Each asset includes a new 20-year, triple-net lease with corporate guarantee and a 10 percent rental increase every five years. Ultra Clean operates under multiple brands, including Ultra Clean, 3 Minute Car Wash, Rinse N Ride, Sparkle and Fast & Friendly.

August 16, 2023

Arizona Development Retail Western

Arizona State University, Catellus Start Construction of 275,000 SF Retail Portion of Novus Innovation Corridor in Tempe, Arizona

by Amy Works August 14, 2023

TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. have started construction of Novus Place, the 275,000-square-foot retail and entertainment portion of Novus Innovation Corridor, a 4.5 million-square-foot mixed-use development in Tempe. Located adjacent to ASU’s Tempe campus, the multi-phase project is being developed through a public-private partnership between the university and development firm. Vestar will manage the retail portion of the development. Fox Restaurant Concepts (FRC) recently signed a lease to bring three food-and-beverage concepts — Flower Child, Blanco Taco Cocina + Cantina and North Italia — to the development, with the openings scheduled for next year. Additionally, Blue Sushi Sake Grill and Eureka! have signed leases for 6,021 and 4,290 square feet, respectively. Over Easy and Nautical Bowls also plan to open restaurants at the property, leasing 3,154 and 1,211 square feet, respectively, and tea concept The Alley will occupy 1,738 square feet.

August 14, 2023

Acquisitions Arizona Hospitality Western

RADCO Cos. Buys 143-Room Aloft Phoenix-Airport Hotel

by Amy Works August 10, 2023

PHOENIX — Atlanta-based RADCO Cos. has purchased Aloft Phoenix-Airport, a six-story hotel located at 4450 E. Washington St. in Phoenix. Terms of the transaction were not released. RADCO plans to renovate the 143-room hotel, which is located across the street from the airport Sky train station and the light rail station that provides immediate access to downtown Phoenix and Tempe. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the undisclosed seller in the deal.

August 10, 2023

Acquisitions Arizona Industrial Western

Westcore Buys Hatcher Industrial Park in Glendale, Arizona for $92.7M

by Amy Works August 9, 2023

GLENDALE, ARIZ. — Westcore has completed a $92.7 million acquisition of the 906,125-square-foot Hatcher Industrial Park from Ryan Cos. US. Westcore partnered with Ryan one year ago for the development of the property, and this transaction marks the completion of the project and sale. Located in Glendale, the two-building industrial campus includes a 519,167-square-foot facility at 15101 W. Hatcher Road and a 386,958-square-foot asset at 15151 W. Hatcher Road. The warehouses feature 40-foot clear heights, ESFR sprinklers, eight grade-level doors, 167 dock-high doors and ample parking, including electric vehicle parking. Westcore is building out speculative office suites, equipping the buildings with full HVAC, LED warehouse lighting and dock packages with 40,000-pound-capacity levelers. Ryan Cos. served as the developer and builder for Hatcher Industrial Park and Ryan A+E Inc. served as architect. Tony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL assisted with the transaction and are managing the leasing efforts for the property.

August 9, 2023

Acquisitions Arizona Retail Western

Cushman & Wakefield | PICOR Negotiates Sale of 9,363 SF Retail Space in Tucson

by Amy Works August 8, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 9,363-square-foot retail space located at 1028, 1034, 1040, 1046 E. Broadway Blvd. and 18, 70 and 110 S. Fremont Ave. in Tucson. Wildcat Smoke Shop Inc. acquired the property from Belmont Brothers LLC for $1.2 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the seller, while Mark Hays of Tierra Antigua Realty represented the buyer in the deal.

August 8, 2023

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