Purchase Transactions
1. ?Four retail centers have been picked up by TriGate Capital from C-III Asset Management Services for $28.3M ($92.19/SF aggregate). The four properties total 307K SF and range in size from 20K SF to 150K SF. They are including Elliot Plaza, Elliot Rd. and Priest Dr., Tempe; Ahwatukee Mercado, 48th St. and Elliot Rd., Phoenix; Ventana Lakes Village Center, Lake Pleasant and Beardsley roads, Peoria; and Fountain Hills Crossing, 15560 E. Palisades Blvd., Fountain Hills. NAI Horizon was the broker on the four deals.
2. ?Gelt Inc. has purchased Mission Springs apartments, 1311 W. Baseline Rd., Tempe, for $23M ($75.2K/unit). ?Broadstone on Twelfth was acquired by the company last month. Mercury Investments Co. was the seller using CBRE. Gelt has invested $60M in four Valley apartment complexes this year.
3. ?Fountain Square, a 118K SF lender-owned shopping center, 7th St. and Bell Rd., Phoenix, has sold to Whitestone REIT for $15.4M ($130/SF). Marcus & Millichap Real Estate Investment Services handled the deal for the two parties.? Currently at 68 percent occupancy, the complex includes Planet Fitness, US Bank, Rent-A-Center and other tenants.
4. ?Cactus Crossings, 67th Ave. and Cactus Rd., Glendale, sold for $7.8M ($85/SF) to WVP Cactus, LLC, Los Altos, Calif. The retail complex, anchored by Big Lots, is 92 percent occupied. Cassidy Turley handled the sale for seller EC Cactus Crossings, LLC, Encino, Calif.
5. ?Sunbelt Holdings has acquired Laveen Vistas? 191 acres for $7.2M ($38K/acre) from Parkway Bank & Trust. The property, 61st Ave. and Carver Rd., has preliminary approval for nearly 450 lots. The project was originally entitled by Zacher Homes but lost to foreclosure in 2008.
6. ?Westwood Financial Corp. paid $4.5M ($318/SF) for Village Shops at 12th Street, 1125-1149 E. Glendale Ave., Phoenix. The 14.2K SF complex was renovated in 2008. Faris Lee Investment represented the seller in the transaction.
7. ?Nearly a quarter-million dollars per unit, $4.3M, was paid for an 18-unit luxury South Scottsdale apartment complex. Villa Contento, McDowell Rd. west of Loop 101, which was approved with 38 townhome units, was picked up by a partnership between United Home Equities LLP, Mesa, and Finesse Construction LLC, Scottsdale. KW Commercial represented the buyers. Marcus & Millichap Real Estate Investment Services represented the seller, Triton Investment Company. The sale includes 3.5 acres, the 18 built units and undeveloped land for 20 more entitled units. Based on the entitlements and constructed value, the developed value is $112.3K/unit.
8. ?A complex with 283 new apartments in Marana moves close to fruition with a $3.5M ($194K/acre) purchase of 18 acres in Dove Mountain. KS Companies? Dove Mountain Casitas LLC acquired the property from DM Phase III Investment.
9. ?More development is likely in Tangerine Crossings with MFV-FC Portfolio LLC?s acquisition of an undeveloped parcel for $2.7M from Tangerine Road Associates of Cleveland. The site is near Tangerine and Thornydale roads, Marana.
10. ?South Central Industrial Properties, Waco, Tex., acquired 2.1 acres, 6393 S. Campbell Ave., Tucson, for $1.5M ($714K/acre) for warehousing use. There is a 19K SF building on the property which was formerly owned by Le Tourneau Technologiesof Mesa.
Lease Transactions
11. ?Transwestern represented Phoenix Health Plan and Abrazo Advantage Health Plan on their renewal and expansion in North Phoenix. The companies are adding 19K SF for a total of 64K SF at their corporate offices, 7878 N. 16th St. The Catalina Terrace complex is owned by Rosemont Realty, which used Colliers International for their side of the transaction.
12. ?Roofing Supply Group of Arizona, LLC, has a new roof over its head: 63K SF of new roof for its new warehouse and office facility, 235 S. Hibbert St., Mesa. Commercial Properties Incorporated handled the lease for landlord Erenberg Brothers. Jones Lang LaSalle did the honors for Roofing Supply.
13. ?Summit Health leased 20.2K SF at Cornell Technology Center, 17301 N. Perimeter Dr., Scottsdale. Lee & Associates represented the Novi, Mich.-based health care company in signing for its first Arizona location. CBRE represented the landlord, Cornwell Corporation.
14. ?TLK Group LLC, Richmond, Va., is expanding into Phoenix with a lease on a 17K SF call center at the Pinnacle Peak Business Center, 1125 W. Pinnacle Peak Rd., Phoenix. The company is taking over a portion of the site immediately while TI for the remaining 16K SF are completed. Daum Commercial and Voit brokered the 84 month deal for TLK.
15. ?Rimkus Consulting Group leased 6.1K SF in the Camelback Arboleda, 1661 E. Camelback Rd., bringing the complex up to 80 percent occupancy. Cushman & Wakefield is handling leasing. The 173K SF complex was recently renovated by new owners Westport Capital Partners, LLC, El Segundo, Calif. Openings
16. ?Arizona Organix, 5301 W. Glendale Ave., Glendale, is the first medical marijuana dispensary approved by the Arizona Department of Health Services. It?s been just over two years since voters approved the sale of cannabis for medicinal purposes. The new downtown Glendale location passed inspection November 15th and is ready to open.
Closures
17. ?The Gila River Indian Community has declined to renew or extend Firebird International Raceway?s lease adjoining I-10 south of Wild Horse Pass Rd. The 445 acres leased by the racing enterprise expires in April. Sublessee Bob Bondurant School of High Performance Driving is unsure whether or not they will be permitted to remain at the facility leasing directly from GRIC or need to relocate. Phoenix Business Journal Premium Content.
18. ?Oro Valley got hit by another loss with the closure of Cirrus Logic?s design center. The Austin-based company is relocating the operations to Texas with 20 of the 45 employees on its workforce offered transfers. The closure comes less than three months after Cirrus Logic sold its Tucson facility to Apex Precision Power.
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