NorthMarq Capital Closes $5.3M Acquisition Financing for Paradise Vista Apartments

NorthMarq Capital’s Denver based regional office secured the $5.3 million acquisition of Paradise Vista Apartments, a multifamily property containing 24, two-story buildings with 352 total units located at 7102 North 43rd Ave in Phoenix. The transaction was structured with an eight-year term and 30-year amortization schedule. Northmarq arranged financing for the borrower through its relationship with…

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Lee and Associates brokers 2 properties for $4.55M

1531 W. 17th St

Lee Associates brokered two Tempe properties recently for a total of $4.55 million.

59,375 SF Manufacturing Building Sells for $2.4M

A Tempe manufacturing building at 1531 W. 17th St. in Tempe, sold for $2.4 million.

The 59,275 square-foot facility fetched $40.42 per square foot.

Lee & Associates principals, Matt Hobaica and Matt McDougall represented the seller, JCS, LLC of Tempe. The facility was the former home of All Pro Industrial, LLC.

Paul Timm of Trust Realty Advisors represented the buyer, Lexkel, Inc. of Mesa, AZ.

The 1981-built building sits on 3 acres and features heavy power, a fenced yard, natural gas, A/C and evaporative production areas and four grade-level loading doors. It is located just east of the Interstate 10 and the Broadway Road curve and with convenience to Phoenix Sky Harbor International Airport.

For more information, contact Matt Hobaica, 602-954-3755, mhobaica@leearizona.com; or Matt McDougall, 602-474-9561, mmcdougall@leearizona.com.

18,730 SF Manufacturing Facility Trades for $2.15M
609 W. Knox

An 18,730 square-foot freestanding manufacturing facility at 609 W. Knox Road d. in Tempe, sold for $2.15 million or $114.79 per square  foot an 11-day escrow.

Lee & Associates Arizona Principals represented both sides of the transaction. Stein Koss and Tom Louer represented the buyer, Broadway-Genesis, LLC of Tustin, CA while Ken McQueen, Principal, represented the seller, Fleet Wing Holdings, LLC of Tempe. The building previously was headquarters for Spectrum Aerospace.

The transaction was a 1031 exchange for the buyer and represented an 8.15 percent cap rate on a seven-year sale-leaseback.

Built in 2006, the two-story, single-tenant building features 4,000 square feet of office and two drive-in doors. The facility sits on 1.14 acres in south Tempe, off Kyrene Road, between Warner and Ray roads and is close to Interstate 10.

For more information, contact Stein Koss, 602-912-3520, skoss@leearizona.com; Tom Louer, 602-954-3779, tlouer@leearizona.com; or Ken McQueen, 602.474.9564, kmcqueen@leearizona.com.

JLL Completes One of the Largest Industrial Leases This Year in Southwest Phoenix

On behalf of Clarion Partners, the Phoenix office of JLL has completed a 93,489-square-foot lease with Benson Industries, LLC at Durango Commerce Center in Phoenix. The deal represents one of the largest industrial lease transactions in Phoenix’s Southwest Valley submarket this year. It also brings the 670,000-square-foot, two-building Durango Corporate Center to 91 percent occupied and…

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Cushman & Wakefield: 2Q14 US Office Market Vacancies Dropped to Lowest in 5 Years

The post-recession economic recovery has been spotty but trending upward, and the second quarter 2014 national office market data indicates the trend is still in the right direction, according to Cushman & Wakefield. Following a strong first quarter performance, the nation’s 44 major office markets continued to expand with vacancies falling, asking rents remaining stable…

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Trammell Crow Company and Principal Real Estate Investors to Develop 219,000-Square-Foot Industrial Project in Deer Valley

Trammell Crow Company and venture partner Principal Real Estate Investors announce it will develop a 219,000-square-foot industrial park in Deer Valley. The complex will be situated on a 14-acre parcel at the northeast corner of 7th Street and Covey Lane in the Spectrum Ridge master-planned park in Deer Valley. Preliminary site plans show three buildings…

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CBRE Completes 77,046-Square-Foot Lease at Goodyear Crossing Industrial Park, Schoeller Arca Systems, Inc. to Expand

CBRE has negotiated the lease of a 77,046 square feet space at Goodyear Crossing Industrial Park located at 3801 S. Cotton Lane in Goodyear. Schoeller Arca Systems, Inc., a Netherlands-based plastic injection molding manufacturer, has leased the warehouse and distribution space to accommodate production from its approximately 150,000-square-foot manufacturing facility located across the street at…

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Ground Lease of Danny’s Family Car Wash in North Scottsdale Sells for $2 Million per Acre

ORION Investment Real Estate recently announced the successful ground lease sale of the Danny’s Family Car Wash, located at 15515 N. Scottsdale Road in Scottsdale, for $6.5 million to Pacific Scottsdale, LLC. The Seller was Scottsdale Place, LLC. The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square feet did…

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JLL Inks Sprouts Farmers Market HQ Lease at The Offices on High Street

The Phoenix office of JLL has completed a 77,400-square-foot, long-term lease with Sprouts Farmers Market, bringing the grocer’s corporate headquarters and a ground-floor Sprouts Farmers Market natural and organic grocery store to The Offices on High Street. The Offices on High Street is the office component of High Street, a mixed-use development in North Phoenix…

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Lincoln Property Co. Signs 30,000-Square-foot Tech Tenant to Camelback Square, Brings It 95 Percent Occupancy

Lincoln Property Company announced today that it has signed a 30,000-square-foot lease with a nationally platformed technology tenant at the Camelback Square office project in Downtown Scottsdale. The confidential tenant commitment brings the Class A building to 95 percent occupancy. The new tennant is expected to announce its part in the deal over the next…

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