PHOENIX — A 42,000-square-foot office building in Phoenix has sold to McCarthy/MRL Properties Arizona, LLC for $4,125,000. The building is located at 6225 N. 24th Street. The building is part of a larger office complex that contains 82,000 square feet. Its owners include DLR Group and Baird, Williams & Greer. McCarthy plans to occupy a portion of the building, which will bring it to full capacity. The company was represented by Mark Seale of Cassidy Turley BRE Commercial. The sellers, Univest 6225, LLC (John Maus, Ray Lamb, Jack Ross and David Beckham), were represented by Eric Wichterman, Blake Hastings, Jeff Wentworth and Mike Coover, also of Cassidy Turley.
Western
VAN NUYS, CALIF. – A 10-unit apartment community at 6620 Hazeltine Ave. has sold to Suchite Family Trust and/or Assignee for $2,099,000. The property was originally built in 1978 as a condo complex. The multi-level units underwent a full renovation in 2008. The seller, Symphony Asset Pool VII LLC, a Delaware limited liability company, was represented by David J. Harrington of Hendricks & Partners’ North Los Angeles office.
Multifamily development has come to a near halt in Las Vegas. In 2011, only two market rate properties finished their deliveries with a total of 682 units, most of which had already been completed in 2010. Only one market rate property was started in 2011. This 156-unit project was originally started as for-sale townhomes, but after a foreclosure, the development is being completed by Alliance Residential as a rental property. Other development is limited to affordable or senior housing. We are expecting a limited number of market rate starts this year, but at numbers that will not significantly impact existing inventory. The most active market rate developers in Las Vegas over the past years have been Picerne Real Estate Group, Alliance Residential, Fairfield Residential, Ovation Development, Trammel Crow Residential and Nevada West Development. Fore Property Company has been active in both the market rate and affordable sector, and Nevada Hand remains active in the affordable and senior sector. Between 2003 and 2007, 47 properties totaling 13,483 units were converted to condos. The combination of unsold units from these conversions, as well as the unsold units from properties built as condos during that time, has added 4,625 units to today’s rental …
TROUTDALE, ORE. – The 64-unit Hampton Heights in Troutdale has sold to Portland Properties OR, LLC for $4.9 million. The community was built in 1996 and is located at 496-628 NE 257th Drive. The seller, B3R Properties, LLC, was represented by Grayson Pounder of Hendricks & Partners’ Portland office.
SEDONA, ARIZ. — Tequa Festival Marketplace, a 54,068-square-foot distressed neighborhood center near Sedona, has sold to Baceline Investments, LLC from a lender for $4.1 million. This represents only 20 percent of the center’s original loan, which was $20.3 million. Tequa is currently 34 percent leased.
PRESCOTT VALLEY, ARIZ. — Dollar Tree has signed a lease for 9,000 square feet at the Prescott Valley Crossroads Shopping Center. The property is located at 5990 East State Route 69 in Prescott Valley. Notable retailers at the center include Home Depot, Hobby Lobby and Sam’s Club. Dollar Tree was represented by Kurt Kalocin with SRS Real Estate Partners. The landlord, YK Commercial Realty, was represented by Teale Bloom, Cameron Warren and Greg Laing of Phoenix Commercial Advisors.
SANTA FE, N. MEX. — Marquez Plaza, a 37,841-square-foot office building in Santa Fe, has sold to YMC New Mexico Properties, LLC, an affiliate of Yonezawa-Miller Company, for $6 million. The plaza is currently 100 percent leased to the State of New Mexico and UBS. YMC was represented by Craig Yonezawa of Pathfinder Capital. The seller was represented by Joel White of CBRE's Albuquerque office.
CARLSBAD, CALIF. — PODS of San Diego has signed an 84-month lease extension for 64,541 square feet of industrial space in the Carlsbad Oaks Business Park. The lease is valued at $3,808,322. PODS will continue to use the space for its office and warehouse needs. The company was represented by Michael Mazzotta of Colliers International. The landlord, Del Norte Farms Inc., Quattro Partners, LLC, and BLT Alameda/Newark, LP, represented themselves in this transaction.
PHOENIX — Entrust Bankcard has signed a seven-year lease for 17,797 square feet in a Class A office building located at 5055 E. Washington Street in Phoenix. The company plans to house its administrative offices, training center, executive space and sales operations at the new office beginning in June. This lease will bring the building’s occupancy to 91 percent. Entrust was represented by David Carder and Luke Walker of CBRE’s Phoenix office. The building’s developer and landlord, Irgens Development Partners, was represented by Steve Kohls and Adam Tolson of Lee & Associates in Phoenix.
MESA, ARIZ. — Buckeye Casa Grande L.P. has purchased about 309 acres at the southeast corner of Pecos and Ellsworth roads in Mesa for $9.015 million. Buckeye plans to hold the land, which is currently being farmed, as a long-term investment. The space is zoned for commercial and industrial use. Buckeye was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley BRE Commercial’s Land Group, and Mike Haenel of Cassidy Turley BRE Commercial’s Industrial Group. The sellers were represented by Nate Nathan and Dave Mullard of Scottsdale-based Nathan & Associates.