Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, is happy to report its Top Five December transactions and a brief outlook for 2016.
Leroy Breinholt, President and Designated Broker reports, “The Phoenix Market has emerged from recovery mode to a more healthy status for the commercial real estate sector as we enter the new year. This process has been steady and somewhat slow over the last few years. However, the benefit of that is that our market won’t see the big boom and bust we have often had in the past. I believe 2016 will see more rent stabilization taking us back to pre-recession levels over the next two to four years. The largest areas to benefit by this growth will be in the Southeast Valley, specifically in Mesa, Chandler and Gilbert, while the Tempe and Airport submarkets will see slower growth.”
In total the firm completed 120 transactions in December for a total of 1,179,024 square feet.
Leading the Sold Transactions category, buyer representative Gregg Sherman sold a 8,980 SF office property in Grayhawk Office Villas to Wallick & Volk, at 21040 N Pima Road in Scottsdale, totaling $1.95 million in total consideration.
In the Leased Transactions category, tenant representative Scott Nelson closed a 7,254 SF office lease for Spooner Physical Therapy at 5281 N 99th Avenue, in Glendale, totaling $1.832 million in total consideration.
Scott Nelson also leased a 12,808 SF office space for his client, Hoskin-Ryan Consultants, Inc., at 5050 N 40th Street in Phoenix for $1,504 million.
Buyer representative, Brandon Koplin sold Sycamore Center, a 19,292 SF multi-tenant, retail center at 6060 E Brown Road in Mesa to Tiffer Holdings, LLC for $1.259 million in total consideration.
Lastly, Eric Jones, Donn Kinzle and Leroy Breinholt represented both the buyer and seller in a 10 Acre piece of land for Lewellen Family Trust on the NWC of Warner Road and the Loop 202 in Gilbert, just north of Phoenix Mesa Gateway Airport for $1.088 million in total consideration.