Prudential Commercial Real Estate Completes $700,000 Transaction
Southwest Property Ventures, represented by John Lewis of Southwest Property Ventures completed the sale of 82, 074-square feet of land for $700,000. The buyer, Arizona Montessori Charter School at Anthem was represented by Shiela Bale and Ryan O-Conner of Prudential Commercial Real Estate. The land, located on the southwest corner of 42nd Drive and Opportunity Way in Anthem, Ariz., will be developed into a new Charter school. Transaction includes over 100 day escrow with privately funded bonds project.
CB Richard Ellis Negotiates $8.75 Million Sale of Southwest Phoenix Industrial Building
CB Richard Ellis negotiates $8.75 Million sale of southwest Phoenix 250,157-square-foot distribution building at Estrella Business Park, located at the northwest corner of 63rd Avenue and Buckeye Road in Phoenix, Ariz.
CBRE’s Barry Gabel and Mindy Korth of the Phoenix office, who both negotiated the $8.75 million disposition, represented the seller, 1600 Broadway LLC of Honolulu, Hawaii. The buyer was Duke Realty Limited Partnership of Phoenix, a subsidiary of Duke Realty Corporation, based in Indianapolis, Indiana.
The property is located on 1002 S. 63rd Avenue and is 100 percent leased to three tenants — General Nutrition Center (GNC), Lagasse Sweet and the Arizona Department of Economic Security (DES). “This property drew a lot of interest. It is fully-leased and well-maintained, and located in a highly sought after infill distribution market. It could also be purchased below replacement cost. These factors made it a smart buying decision for Duke and the company moved swiftly to secure this asset for its portfolio,” says Gabel.
CBRE Negotiates Sale of Mercado Del Rancho
CB Richard Ellis negotiated the sale of suburban office building, Mercado Del Rancho, located on 10301 N. 92nd Street in Scottsdale, Ariz. Barry Gabel and Mindy Korth of CBRE’s Phoenix office represented the seller, 10301 North 92nd Street Holdings LLC of Washington D.C., a corporation controlled by CWCapital Asset Management. The buyer was ESI Ventures, DBA Black Canyon Place LLC, with offices in Los Angeles and Phoenix. The purchase price was undisclosed. The property consists of two, two-story red brick buildings, totaling 71,200-square feet. ESI Ventures bought the property because of its location and long-term value proposition. They have plans to reposition the property as market conditions improve with larger tenants.
“Mercado Del Rancho drew a lot of interest from investors,” said Korth. “Its North Scottsdale location and proximity to Scottsdale Healthcare Shea Hospital and Medical Center, combined with the lack of additional developable land in the area, offer the potential for significant upside.”
Cassidy Turley BRE Commercial Announces $3.1 Sale of Office Building
Cassidy Turley BRE Commercial announces sale of 42, 126-sqaure foot, Class B office building at Red Rock Business Center located on 17100 E. Shea Boulevard and 9624 N Monterey Road, Fountain Hills, Ariz. Eric Wichterman and Mike Coover, with Cassidy Turley BRE Commercial’s Investment group, represented the both buyer and seller. The property was built in phases from 1998 to 2008 and is now a four-building office complex with an additional 1.63 acre land pad for a fifth and final office building. BRM Arizona, LLC, an investor based in Lincoln, Nebraska, purchased the building for $3.1 million from CTF5-Firerock, LLC. The property, which includes signage along Shea Boulevard, is 50 percent leased.
NAI Horizon Completes $2.5 Million Transaction
NAI Horizon completed the purchase of Regency, a 27,618-square foot property. The property is located on 1100 E. Lemon Street, Temp, Ariz. The multifamily, zone R-4 property sold for $2,515,000. The buyer, Interwest Capital, was represented by NAI Horizon’s Barbara Loyd. Compass Bank was the seller. The property was recently renovated as a condo conversion with high end improvements. The new owners will operate it as a rental property. “It’s immediate proximity to ASU and the light rail line made this a very attractive investment,” says Lloyd.
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