The Sperry Van Ness Phoenix location is hitting it out of the ballpark lately. The last sixty days have been the commercial real estate playoffs for this team and several advisors made several strong plays to end up with a winning trophy.
September was action-packed month for the same seven advisors closing significant deals such as a $2.4 million lease deal to Practice Management Specialists in Mesa, Ariz. Directors of Leasing, Mary Nollenberger (Ridberg) and Rommie Mojahed negotiated the deal over a 5-year lease agreement and 16,380 square-feet.
If that wasn’t enough, the savvy retail team closed a very long awaited sale out in Chandler, AZ. Ironically one year ago, the media acknowledged this retail property as one of Chandler’s “Eye-soars” of the valley, however with their dedication and persistence; this strong retail team who represented the buyer, Real Estate Opportunity Fund of Arizona, LLC. sold this property to the seller, Jim Horvath with Town West Realty, Inc. who they also represented for $5,425,000. This cash close was the real deal and already 100K square-feet were in lease prior to closing escrow. The Chandler Heights residents have something to look for too. This soon to be upscale retail marketplace will be the place to go for all your shopping vices.
The Sperry Van Ness office team stepped up to the mound and contributed to the final score as well. Senior Advisor Justin Horwtiz and Associate Advisors, Jonathan Levy, and Paul Borgesen III combined approximately 90K in square-feet and acres totaling almost $600K in sale and lease transactions within two weeks in September.
Since the retail and office teams hit a few deals out of the park, Vice President and multifamily investment specialist, Danny Lee soon answered with 2 more home runs closing two multifamily sales totaling over $2 million on the same exact day at the end of October. Sierra West Apartments and Hayden Apartments were both individually metered properties and both had a high occupancy rate. Among the other benefits to this investment, the separate owners were able to walk away with cash in hand to begin a new chapter.
It seems that the Sperry Van Ness teams were sure to close this win out and solidify their ranking among the best of the best Commercial Real Estate teams. Advisor, Beau Flahart whose strong compassion for empowering his clients with retail market knowledge closed a significant retail deal at the end of October to secure the win. Nollenberger and Mojahed represented the seller and Flahart represented the buyer, who purchased the $5,220,000 retail shopping plaza called the 8th Ave Shops located at 810 S. Alma School Rd., in Mesa. All three advisors worked together to make this deal happen. This ± 86,444 square-foot grocery anchored shopping center as an off-market deal fell into place. Although the property sold below market value due to a large tenant vacating during escrow, the new owners deem this shopping center and its location has revenue potential and still decided to purchase.