Executive UpdatesTrending

Cushman & Wakefield Welcomes Premier Office Team in Phoenix, Brad Anderson and Michael Strittmatter

Duo has completed over 4,000 transactions totaling over 40 MSF and $12.5 billion in value

Cushman & Wakefield announced today the team of Brad Anderson, Vice Chairman and Michael Strittmatter, Managing Director, have joined the firm’s Office Services Group in Phoenix, Arizona. A top regional office team, Anderson has worked in real estate for nearly 35 years and Strittmatter for 10 years—all alongside Anderson. The team specializes in advisory and transaction services for institutional owners, REITS and private capital who own office properties throughout metro Phoenix.

Anderson and Strittmatter have collectively completed more than 4,000 transactions totaling over 40 million square feet and approximately $12.5 billion in value during their careers and have been responsible for some of the most significant transactions and assignments in the Phoenix market.

“A premier office team, Brad and Mike are exceptional professionals within the dynamic and growing Phoenix market, and it is with great pleasure we welcome them to Cushman & Wakefield,” said Dan Broderick, Cushman & Wakefield’s President, West Region. “The team is a wonderful culture fit and strategic addition to our robust platform in the West. Their reputation precedes them, as both are widely known as high-integrity leaders in the industry.”

“Brad and Mike are highly skilled professionals who bring extensive experience and unparalleled knowledge of the office leasing process,” said Bryon Carney, Cushman & Wakefield’s Market Leader for Arizona. “I am thrilled they have joined our Office Services Group in Arizona.”

Anderson and Strittmatter join Cushman & Wakefield from CBRE.

“We made the move to Cushman & Wakefield for its amazing top to bottom talent and leadership, and the depth and capability of its full-service platform that will allow us to continue to elevate our services for clients,” said Brad Anderson. “We were also highly drawn to the firm’s great people and culture that is built for the future. We are really looking forward to this next chapter in our careers and with our new teammates.”

Prior to Cushman & Wakefield, Anderson spent his entire career of over three decades with CBRE, where he was one of the firm’s highest achievers. Prior to his real estate career, Anderson played several years in the National Football League with the Chicago Bears in the mid-1980’s. He is also active in the community, serving on numerous public and private boards.

Strittmatter began his real estate career in 2011. He has been recognized as a Rookie of the Year by NAIOP and CBRE, and as an NAIOP Emerging Broker of the Year. He holds key leadership positions on NAIOP’s Developing Leaders Steering Committee and is currently the liaison to the NAIOP main chapter board of directors. Strittmatter also spent two years as a legislative assistant and correspondent to a U.S. Congressman. He holds a Bachelor of Arts degree, Politics from Princeton University, where he was a member of its basketball team, and has a Master of Business Administration degree from Arizona State University.

Industrial

Cushman & Wakefield Brokers Off-Market Investment Sale of 95,300 SF Industrial Project in Tempe, AZ for $10.5 Million

Elliot Park 10 asset trades amongst California-based real estate investment firms

Cushman & Wakefield announced today the firm arranged the off-market sale of Elliot Park 10, a 95,300-square-foot multi-tenant industrial asset in Tempe, Arizona. Emeryville, CA-based Libitzky Property Companies acquired the multi-building property known as Elliot Park 10 from Newport Beach, CA-based BKM Capital Partners for $10.5 million. The property was 95% leased at the time of sale.

Bob Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented both parties in the sale.

“Libitzky owns an adjacent property and was therefore well aware of the excellent location dynamics for industrial in south Tempe. We approached the seller on their behalf and were able to consummate a transaction off market,” said Bob Buckley, Executive Director.

Situated in a convenient Tempe location, Elliot Park 10 comprises the addresses 1819–1849 W Drake Dr. and provides I-10 frontage. Built in the mid 1980s the asset underwent recent exterior improvements including new paint, roof and landscaping during BKM’s ownership. The property features dedicated and common truckwells, ample parking, and is positioned near the I-10 and US-60 freeways and retail amenities.

Latest News

Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix Secures $62 Million Construction Loan for New 336-unit Built-to-Rent Project in Glendale, AZ

New Bungalows on Cotton Lane project part of emerging Built-to-Rent trend

Cushman & Wakefield announced the firm has arranged the $62 million construction financing for Bungalows on Cotton Lane, a new 336-unit single-story, built-to-rent community situated on 35.34 net acres in Glendale, Arizona. The loan was provided to Cavan Companies (“Cavan”), the developer, and was originated by ACRES Capital.

Jeremy Korer and Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix represented the developer in the transaction.

“Bungalows on Cotton Lane will provide a wonderful Class A horizontal rental opportunity for residents of Glendale and Phoenix Metro market seeking a modern stand-alone home with all the amenity perks found in a more luxury multifamily environment, along with maintenance-free living,” said Jeremy Korer, Senior Director. “The Bungalows are a unique and flexible housing product that meet the demand of new rental market trends — boasting higher rent and higher retention.”

Korer, who has already closed nine finance transactions in the built-to-rent space in the Phoenix market, added, “The built-to-rent trend is a fairly new product type but that has exploded the past few years. We are seeing increasing demand from renters as well as investors, developers and lenders wanting to get into this space in Phoenix as well as other parts of the country. One of the draws has been they provide residents with the feel of a single-family home.”

Bungalows on Cotton Lane is located at North Cotton Lane and West Orangewood Avenue, just west of Loop 303, and will feature:
  • 336 single-story units, comprising one-, two- and three-bedroom units
  • Resort-style pool and heated spa
  • Farmhouse-style clubhouse with a full kitchen
  • Fitness center
  • Car charging stations
  • Gated entry and 859 parking spaces.

The site is located in a newly emerging area dominated by the construction of several major industrial and distribution parks and offers excellent access and exposure from the 303 loop, a key route providing access to Interstates 10 and 17. The location is also near major employment, retail and entertainment centers.

Multifamily

Cushman & Wakefield Brokers Sale of Village at Aspen Place Luxury Apartment Community for $64.5 Million in Flagstaff, AZ

Class A multifamily community with 222 housing units

Cushman & Wakefield announced today the firm has brokered the sale of Village at Aspen Place, a 222-unit Class A, mixed-use luxury apartment community located within Aspen Place at the Sawmill, Flagstaff, Arizona’s premier lifestyle center. An entity formed by Orange County, California-based NNC Apartment Ventures, LLC acquired the Village at Aspen Place community for $64.5 million. The seller was an entity formed by Kansas City, Missouri-based VanTrust Real Estate, LLC.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.

“The buyer was attracted by the opportunity to acquire one of the finest apartment communities in the Flagstaff submarket,” said David Fogler, Executive Managing Director. “Village at Aspen Place’s unit interiors feature high quality finishes while its amenities are ‘best in class’. Additionally, surrounding the property, Aspen Place at the Sawmill features some of the finest shopping, restaurants and service businesses Flagstaff has to offer.”

Village at Aspen Place was completed in 2015 and features a mix of studio, one-bedroom and two-bedroom floor plans. The community features ground floor retail, an attached parking garage and has elevator service to each floor. Its abundance of high-end amenities include a resident clubhouse, kitchen and coffee lounge, fitness center and yoga room, swimming pool and spa, gourmet barbecue grills, fire pit with outdoor seating,  bike/ski repair shop, stand-up tanning bed, pet washing station, package concierge lockers, and more.

Located at 601 East Piccadilly Dr., Village at Aspen Place is conveniently located to nearby shopping, dining and entertainment venues as well as Flagstaff’s historic downtown area and Northern Arizona University.

Latest News

Cushman & Wakefield Arranges $39.5M Sale on Behalf of WPD and Titan Development

Three Self-Storage Properties Total 2,173 Units and 16 Parking Spaces

Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of three self-storage properties located in Gilbert and Phoenix, Arizona. The final sale price was $39.5 million.

Devin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self-Storage Advisory Group represented the sellers, WDP Partners and Titan Development/TDREF I, in the transaction. Barker Pacific Group acquired the properties.

“Positive metrics in the self-storage market are increasing demand for this asset type,” said Brian Patterson, Vice President of Development for Titan Development. “Through this pandemic we’ve seen a number of our properties accelerate into stabilization, making them a solid acquisition for groups looking to expand their existing self-storage portfolios.”

The Class A self-storage portfolio totals 2,090 climate-controlled units, 83 drive-up units and 16 parking spaces. The properties are located at 670 Gilbert Road, 1965 E. Ray Road in Gilbert, and 34995 N. Valley Parkway in Phoenix.

“The fundamentals of self-storage have remained resilient through the uncertainty of COVID-19,” said Todd Chester of WDP Partners. “We expect that stabilized; cash-flowing self-storage assets will continue to attract buyers heading into the next few years.”

“The properties were in various stages of strong lease-up as they were built in 2019 and 2020,” Beasley said. “The purchase allowed the buyer to expand its competitive footprint in the market, having purchased a Life Storage-managed facility on 16th Street in Phoenix a few months earlier.”

Latest News

Cushman & Wakefield Senior Housing Arranges $13 Million in Financing

Cushman & Wakefield Senior Housing Capital Markets has arranged a $13M refinancing for The Palazzo, a 327-unit rental continuum community located in Phoenix, Arizona. The property is owned by a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting, LLC (the “Borrower”).  

Located in a heavily trafficked area of northern Phoenix, The Palazzo was originally acquired in 2017 by the Borrower and expands over a 14-acre campus. The property has recently undergone an extensive $10M renovation/repositioning plan and the refinance will replace the original acquisition financing while current ownership finishes executing their business plan.   

The community is a full continuum rental community comprised of two towers, each of which stand three stories and totals approximately 335,00 SF comprised of 100 IL units, 171 AL units, 29 MC beds, and 60 SNF beds for a total of 360 beds and “neighborhood” style commons areas with kitchen, dining, activity and outdoor space available. 

“We were pleased to be able to arrange a refinance with favorable terms in a very challenging capital markets environment,” said Aaron Rosenzweig, managing director at Cushman & Wakefield.  

The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Director Dan Baker, and Associate Bailey Nygard.  

You may also like

Latest News

Cushman & Wakefield Arranges $14.25 Million Self-Storage Sale

Cushman & Wakefield announced today that the real estate services firm has arranged the sale of a 935-unit self-storage property located in Phoenix, Arizona.

Newly-Built Facility Totals 935 Units

Devin Beasley, Mike Mele and Luke Elliott of Cushman & Wakefield’s Self-Storage Advisory Group represented the seller, Hawkins Company Commercial Developers, in the transaction. Barker Pacific Group acquired the property.

“It was great working with Cushman & Wakefield’s Self-Storage’s Advisory Group,” said Mark Hawkins of Hawkins Company Commercial Developers. “The team brought a number of buyers to the table and worked diligently through the process, and therefore was able to close the sale quickly.”

Located at 3325 N. 16th Street, the 94,450-square-foot, Class A property includes 29 non-climate-controlled units and 906 climate-controlled units ranging from 25 square feet to 300 square feet. The property is equipped with video surveillance, keypad entry and electronic gating and offers sizable loading bays and elevator access for consumer convenience.

“The Phoenix MSA has proven once again that it is a highly sought-after market in regard to self-storage lease-ups across the board,” added Beasley. “Most new builds have remained relatively constant, which has allowed buyers the ability to acknowledge the continuous growth locally, while nationally, we are still seeing the ebbs and flow in both rental rates and lease-up activity,” Beasley said.

You may also like

Industrial

Cushman & Wakefield Advises Sale of Agave Business Center in Tempe

Dallas-based investor acquires multi-tenant industrial/flex property for $8 Million

Cushman & Wakefield announced today the firm has brokered the sale of the Agave Business Center, a 55,221-square-foot multi-tenant industrial/flex building located in the heart of Tempe, Arizona. The asset was 100% leased at the time of sale and sold for $8 million. The buyer was Agave Center OR, LLC, an entity formed by Dallas-based real estate investment company, CAMCO. The seller was DIG Agave Center, LLC, an entity controlled by Dornin Investment Group.

Mike Coover, Eric Wichterman, Will Strong, Greer Oliver and Phil Haenel with Cushman & Wakefield in Phoenix represented the seller in the transaction.  

“Agave Business Center was a great opportunity of a fully leased industrial asset with a diverse tenant mix, strong cash flow and robust market dynamics in a premium Southeast Valley location,” said Mike Coover, Managing Director. “Tempe maintains strong industrial fundamentals and one of the most sought-after markets in Metro Phoenix. The combination of decreasing availabilities with limited new comparable developments has left tenants with very few options, which bodes well for continued future asset stability.”

Located at 8945 South Harl Ave, the Agave Business Center was constructed in 2000. The building features seven grade doors, 100% air-conditioned warehouse, 20 ft clear height, and an abundant parking ratio of 5 per 1000. The location provides immediate access to Interstate 10 and additional access from the new Loop 202 and Superstition Freeway (SR-60), each two miles from the property. A top-tier amenity package consisting of over 8 msf of retail amenities—including two malls—is within a short distance, while affluent, executive residential communities also surround the location.

You may also like

Office

Cushman & Wakefield Advises Sale of Agave Corporate Center in Tempe for $16 Million

Dallas-based investor acquires 86,100 SF multi-tenant office property in prestigious market

Cushman & Wakefield announced today the firm has brokered the sale of the Agave Corporate Center, an 86,115-sf multi-tenant office property located in the heart of Tempe, Arizona. The buyer was Agave Center OR, LLC, an entity formed by Dallas-based real estate investment company, CAMCO. The seller was DIG Agave Center, LLC, an entity controlled by Dornin Investment Group. The asset was 95% occupied at the time of sale and traded for $16 million.

Mike Coover, Eric Wichterman, Keith Lambeth and Patrick Schrimsher with Cushman & Wakefield in Phoenix represented the seller in the transaction.  

“Agave Corporate Center is a high-quality asset with stable income supported by a well-diversified tenant roster,” said Mike Coover, Managing Director. “The location provides superb access within the coveted Southeast Valley labor pool—nationally known for its dense, and highly-educated population. Furthermore, Tempe is among the most prestigious and sought-after office markets in Metro Phoenix.”

Built in 2000, the Agave Corporate Center is located at 1711 W Greentree Dr. and is situated on a large, more than 6-acre parcel. The location provides immediate access to Interstate 10 and additional access from the new Loop 202 and Superstition Freeway (SR-60), each two miles from the property. A top-tier amenity package consisting of over 8 msf of retail amenities, including two malls, is within a short distance, while affluent, executive residential communities also surround the location.

You may also like

Office

Cushman & Wakefield Advises Sale of Paradise Valley Plaza for Nearly $16.75 Million

Montana buyer acquires 100,200-sf best-in-class office complex with decades of high occupancy

Cushman & Wakefield announced today the firm has brokered the sale of the Paradise Valley Plaza in Paradise Valley (Phoenix), Arizona. The property consists of three (2)-story buildings totaling 100,241 square feet and sold for nearly $16.75 million. The seller was Fenway Capital Advisors of Solana Beach (San Diego), California and the buyer was Cloud Peak Development, LLC based in Billings, Montana. The complex, which features expansive frontage along Shea Blvd, was 92% leased at the time of sale to a diversified tenant mix.

Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented the buyer and seller in the transaction.

“Paradise Valley Plaza is a high-quality office property serving Paradise Valley, nationally renowned as Arizona’s most affluent and upscale residential community,” said Eric Wichterman, Executive Managing Director. “The property’s location, recently completed renovation and rare Santa Fe architectural design have all contributed to its exceptional historical occupancy rate of well over 90% over the last twenty years.”

Wichterman continued, “Paradise Valley’s restriction of commercial uses within its boundaries creates tremendous barriers to entry that benefit commercial properties such as Paradise Valley Plaza. This is an extremely supply-constrained trade area with virtually no available land.”

Paradise Valley Plaza spans the addresses 5010, 5020 & 5040 E Shea Blvd and is situated on nearly 6 acres in the Phoenix suburb. The first two buildings were developed in the 1980s and the third in 2000, with the entire campus undergoing a renovation in 2015. The property is situated near the intersection of Tatum and Shea boulevards featuring over a half million square feet of retail amenities.

You may also like

Office

Cushman & Wakefield Advises Sale of The Fordham Office Complex for $16.75 Million

Landmark 90,700-sf multi-tenant asset recently renovated and over 90% leased

Cushman & Wakefield announced today the firm has brokered the sale of The Fordham office complex in Phoenix, Arizona. The asset consists of two multi-tenant office buildings totaling 90,688 square feet and sold for $16.75 million. The buyer was PE, LLC out of Corona (Greater Los Angeles) California. The complex located at 1430 & 1440 E Missouri Avenue was 92% leased to a variety of office users.

Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller, 1440 Missouri Partners, LP, controlled by Phoenix-based Jevan Capital.

“This is a superb garden-style office complex located in a prime infill hot-spot of Phoenix,” said Eric Wichterman, Executive Managing Director. “Originally developed in the 1980s, The Fordham’s unique and classic architecture has earned it ‘landmark’ status. The seller also completed an extensive and tasteful multi-million dollar interior/exterior renovation in 2018 that included new tenant improvements invested in over two-thirds of the project’s suites. Each of these factors, combined with its strong occupancy, provided an attractive investment with excellent potential for long term growth.”

Mike Coover, Executive Director, added, “The two-story property also features large interior lobbies with grand staircases, and spacious common area courtyards providing outdoor areas for employees to work, collaborate or relax—an ideal configuration to meet social-distancing needs in today’s market.”

You may also like

Retail

Cushman & Wakefield Advises Sale of Corona Del Sol Shops Asset in Phoenix Suburb

San Diego-based Investor Acquires Fully Leased, Multi-Tenant Building for $1.7M

Cushman & Wakefield announced today the sale of a retail shop building situated within the Corona Del Sol Shops shopping center in Chandler, Arizona, a suburb of Phoenix. The buyer was Nash LTD based in San Diego and the seller was PWREI Little Corona, LLC based on the outskirts of Seattle. Located at 4929 Ray Rd at the SEC of Ray Rd and Rural Rd, the 6,074-square-foot shop building is fully leased to three tenants and sold for $1.7 million.

Chris Hollenbeck, Executive Director with Cushman & Wakefield Phoenix represented the seller in the investment transaction.

“Supported by a great location, this was a very appealing retail investment opportunity featuring a new long-term lease with a strong corporate tenant, together with two established retailers in the community,” said Chris Hollenbeck. “Corona Del Sol Shops is positioned on two of Chandler’s major thoroughfares and provides excellent visibility with frontage on Ray Rd. The area also provides attractive retail demographics.”

Constructed in 2001, the shop building features tenants Athletico Physical Therapy, Sawtooth Bar & Grill and TURKdISH Mediterranean Cuisine. The asset is part of the larger Corona Del Sol Shops shopping center which is anchored by a new EOS Fitness and Goodwill store. The popular intersection is also home to several national retail tenants. The center is two miles from Interstate 10, Santan Freeway Loop 202 and Arizona State Route Loop 101, three of Phoenix’s major highways.

You may also like

Latest News

Cushman & Wakefield Completes Final PAD Sale of Verrado Marketside West

Marketside West Consists of 11 Distinct PADS on 13 Acres within the Verrado M.P.C.

Cushman & Wakefield today announced the firm has completed the final PAD sale within Verrado Marketside West, a 13-acre development consisting of 11 distinct PADs that have all been sold separately to a variety of owner/occupants consisting of retail, restaurant, hotel, medical and storage users. Sold by DMB White Tank, LLC, the property(s) is part of the Marketside mixed-use district being developed by DMB Associates, which specializes in best-in-class master-planned communities. The location is situated at the gateway to the town of Verrado (Buckeye), Arizona, approximately 25 miles west of downtown Phoenix.

DMB did the horizontal improvements for the 11 Marketside West PADs, and each owner has or is developing their own building on their respective parcel(s). Several of the businesses are already open and operating while others are still in various stages of planning or construction.

Brent Mallonee and Mark Bramlett with Cushman & Wakefield’s Phoenix office represented DMB in each of the sale transactions.

“The Marketside District and specifically Marketside West to date, has attracted best in class operators looking to serve the West Valley from the prestigious Verrado M.P.C.,” said Brent Mallonee, Senior Director. “As the Verrado area booms with business growth and record home sales continue, the uniquely designed and highly coveted Verrado community will continue to attract those looking to join their charming community.”

Marketside provides high visibility situated at the convenient and well-traveled interchange of Interstate 10 and Verrado Way. The property is also within a few miles of Loop 303.

The Cushman & Wakefield team continues to focus on marketing efforts for the Marketside District where additional anchor, PAD, shops and other development opportunities exist.

You may also like

Office

Cushman & Wakefield Sells Westmount Place Office Complex in Downtown Phoenix for $4.4 Million

High Image Building Sells in Live Auction, Presents Rare Opportunity for Investor

Cushman & Wakefield announced today the firm has represented the seller in the disposition of Westmount Place, a 57,915-square-foot, midrise multi-tenant office building in the central business district (CBD) of Phoenix, Arizona. The building was acquired by a Scottsdale-based Private Investor for approximately $4.4 million.

Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller via live auction in partnership with Ten-X, Nabila Nanji and Jim Palmer.

“This was a rare value-add office investment opportunity in which were able to procure nearly 20 offers,” said Eric Wichterman, Executive Managing Director. “The building is well occupied but expected to be vacant early next year creating the potential for a variety of extraordinary tenant and owner/user options for this ‘suburban-style’ building, including a single-occupancy.”

Built in the mid 1980s, Westmount Place is located at 3010 North 2nd Street, at the hard corner of Catalina Drive. The four-story building is situated on a more than 1.5-acre parcel, and features excellent visibility, secured subterranean parking, and walkable transportation and amenities. The property is situated one block from the fully renovated Park Central, a 46-acre mixed-use development serving as Midtown’s primary amenity hub. It is also just one block from the Metro Light Rail and a short drive to Interstate 10.

Mike Coover, Managing Director, added, “The property offered outstanding investment fundamentals and exceptional value and is positioned at the heart of Midtown’s premier one-half mile strip. The trade area is in the midst of a revitalization that has added thousands of new apartments and a multitude of new restaurants and amenities.”

You may also like

Industrial

Cushman & Wakefield Brokers Sale of Phoenix Facility Leased to Major Communications Company for $8.4 Million

Orange County-based Investor Acquires Property as Upleg in 1031 Exchange

Cushman & Wakefield announced today the firm has brokered the net-leased investment sale of a freestanding 40,720-square-foot industrial/flex building in Phoenix, Arizona. The buyer was Orange County, Calif.-based Safe Harbor Exchange, Inc., which acquired the property for $8.4 million as the upleg of its 1031 Exchange. The single-tenant facility is fully leased to one of the largest cable providers in the US that has occupied the property for more than 20 years.

The seller was Scottsdale-based VJ Black Canyon LLC, an entity controlled by VJ Properties, Inc., which was represented by Paul Boyle and Rick Danis of Cushman and Wakefield’s Phoenix office.

“This was a very attractive investment property fully leased to a major communications company that has provided stable occupancy for decades, and through multiple downturns,” said Paul Boyle, Executive Director. “Furthermore, recent improvements in 2018 and 2019 were made in both the technology and common areas of the tenant’s space, while one of the company’s key divisions also operates in the facility, illustrating the commitment and critical nature of this facility for the tenant.”

Located at 17602 N Black Canyon Highway in the region’s Black Canyon submarket, the property comprises an on-site call center, service center, broadcasting, and research and development. The property is also centrally located with immediate freeway access to Interstate 17 and Loop 101.

Boyle added, “The property’s Interstate 17 corridor location is an area with established corporate presence and an abundance of amenities, including restaurants, retail services and hotels.”

You may also like

Latest News

Cushman & Wakefield Sells Multiple Dutch Bros Coffee Net Leased Investment Properties in Arizona and Colorado

Cushman & Wakefield announced today the firm has brokered the sales of three newly constructed freestanding drive-thru retail buildings fully leased to Dutch Bros Coffee in Arizona (2) and Colorado (1) for a total combined value of $5.65 million. Chris Hollenbeck and Shane Carter with Cushman & Wakefield’s Phoenix office led the sales efforts for the single-tenant net leased investment properties, representing the sellers in each transaction.

The first sale was 9330 E. Golf Links Rd in Tucson, AZ. Developed in 2019, the 824-square-foot (sf) drive-thru building was acquired by Phoenix-based 725 South Dobson Road, LLC for approximately $1.8 million. The seller was Millenium Trust Co. The property is situated along E. Golf Links Rd., one of Tucson’s main east to west arterials, and is adjacent to Rincon Plaza and nearby by many major retailers. It is also surrounded by a dense residential population and proximate to Pima Community College.

The second sale consisted of 2250 AZ Highway 95 #42, Bullhead City, AZ., a brand new 862-sf drive-thru building constructed in 2020 that sold for $1.75 million. The seller was CVP-Bullhead City DB, LLC of Portland, OR and the buyer was Omega Alpha, LLC of Canby, OR. The property sits along Highway 95, the city’s main north to south arterial, and near a cluster of notable retailers. Located at the Arizona and Nevada borderline, approximately 5 million visitors pass through Bullhead City each year, while Laughlin, its sister city and popular tourist destination, is directly across the Colorado River.

The third transaction was the sale of 15431 E 104th Ave in Commerce City, CO, a suburb of Denver. The property is a new 842-sf drive-thru building built in 2019 and traded for approximately $2.1 million. The seller was TTRG Commerce City CO, LLC of Terry Haute, IN, and the buyer was Scottsdale-based Mohrschladt-Howarth Associates Inc. 104th Ave is a major thoroughfare through Commerce City, while the property sits at a King Soopers Marketplace-anchored intersection boasting numerous national retailer names. Cushman & Wakefield’s Robert Hudgins in the firm’s Denver office joined Hollenbeck and Carter in representing the seller.  

Chris Hollenbeck said, “These were all fantastic, well located investment opportunities supported by strong new long-term lease terms with the largest privately owned drive-thru coffee company chain in the U.S. Each location is along major, heavily-trafficked roadways with high visibility, and amongst other major retailers further helping drive traffic to these locations, while also serving the surrounding residential and those visiting.”

You may also like

Industrial

Cushman & Wakefield Brokers Win-Win Sale of Industrial Property in Off-Market Deal

Denver-based DPC Companies Acquires Property from SoCal-based BKM Capital Partners

Cushman & Wakefield announced today the firm has represented both parties in the investment sale of a freestanding industrial building in Phoenix, Arizona.  Denver-based DPC Companies acquired the fully occupied, 35,403-square-foot property located at 2655 E. Magnolia St for $2.825 million from Orange County-based BKM Capital Partners.

Robert Buckley and Tracy Cartledge with Cushman & Wakefield’s Phoenix office handled the transaction on behalf of the buyer and seller.

Robert Buckley, Executive Director, said, “This was a win-win situation for both sides. The Magnolia asset wasn’t consistent with BKM’s current investment strategy. They approached us to find a buyer who could accommodate their timing. We approached DPC Companies and determined that the property made for an ideal and strategic fit for their investment portfolio.”

Buckley noted, “The transaction was not impacted as a result of the coronavirus pandemic, with both buyer and seller remaining fully committed to the sale.”

Situated on 2.56 acres, the single-tenant industrial building was constructed in 1984. The property is well located, with frontage on Interstate 10. The Phoenix Sky Harbor International Airport is also situated immediately across the interstate from the property.

You may also like

Industrial

Cushman & Wakefield Advises Sale of Single-Tenant Class A Industrial Facility for $17.3 Million

Cushman & Wakefield announced today the firm has brokered the sale of a 183,095-square-foot Class A industrial facility situated within the Freeport Center in southwest Phoenix, Arizona. The freestanding property is 100% leased to a Fortune 500 company that is also one of the largest containerboard manufacturers in the U.S. Scottsdale-based Globe Corporation sold the single-tenant property to an undisclosed buyer for $17.3 million.

Will Strong, Executive Managing Director with Cushman & Wakefield’s national Industrial Advisory Group and who handled the transaction, said, “This was a compelling investment offering to acquire a Class A, fully leased industrial project institutionally owned, maintained and managed by a high-quality owner and occupied by a multi-national corporation with mission critical uses. There is also significant tenant investment and infrastructure at this location.”

Will Strong

Strong continued, “This asset also offered investors the strongest potential to maintain full occupancy while significantly improving project cash flow throughout the life of the property.”

Adding to its investor desirability is the facility resides in the heart of one of the best performing markets in the U.S. and is surrounded by many high-profile corporate companies. The facility is also within Phoenix’s favorable Riverside Tax District, the most economical of all in Southwest Phoenix. Furthermore, there are also high barriers of entry with virtually no land left to build competing product located in true Southwest Phoenix.

Located at 441 South 53rd Avenue, the facility is situated on 10.0 acres and was originally developed in 1988 but was expanded in 1995, with further capital improvements made since. The building features 9,000 sf of office space, 28 dock positions, 1 grade level door and 9 rail doors. Strong noted, “There is currently an extremely limited supply of industrial buildings with active rail and side yard in the market.”

The facility’s strategic location in the Freeport Center— one of the original industrial parks in Southwest Phoenix—is less than two miles from Interstate 10 and approximately one mile from the recently completed Loop 202 freeway extension, which has added 22 miles of new freeway benefiting logistics companies.

You may also like

Retail

Cushman & Wakefield Brokers Sale of Net Leased Retail Property for $1.7 Million in Central Arizona

Cushman & Wakefield announced today the firm has brokered the sale of a single-tenant net leased retail investment property in Prescott (Phoenix), Arizona. Located at 1122 Iron Springs Rd., the property totals 2,920 square feet and is 100% leased to one of the largest wireless network operators in the US. The asset sold for approximately $1.7 million. The buyer was Orange County-based GENISSEN, Inc. The seller was MCR Companies.

Chris Hollenbeck and Shane Carter with Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

“This was an attractive investment property boasting high visibility from Iron Springs Rd. and that is fully leased to a credit tenant with a new long-term lease,” said Chris Hollenbeck, Managing Director. “The property was originally constructed in 1980 but was recently renovated in 2019. Formerly a drive-through building, the property also offers the potential for drive-through capability with the lanes also still intact.”

Hollenbeck continued, “The property is strategically located in the retail corridor of Prescott and positioned amidst an abundance of national and popular retailers within just a block or two.” 

Tim Reardon, Partner with MCR Companies said, “The MCR team greatly appreciate all the work Regan Amato, Chris Hollenbeck and their team put into making this project a success in both leasing and ultimately selling the property. This property sat vacant for years and now fully occupied by a strong tenant will be a great asset to the community.”

You may also like

Latest News

Cushman & Wakefield Arranges $18.2 Million Sale of Storage at Anthem

Cushman & Wakefield has arranged the $18.2 million sale of Storage at Anthem, a 784-unit self-storage facility located in Anthem, Arizona. Brian Fulton, Mike Mele, Luke Elliott, and Devin Beasley of Cushman & Wakefield’s Tampa, Florida-based Self-Storage Advisory Group represented the seller, Phoenix-based The Bell Group in partnership with Lockhart Capital (buildselfstorage.com), in the transaction. Guardian Storage Centers acquired the property.

The site, located at 39998 North Gavilan Peak Parkway, within the master-planned community of Anthem had the advantage of directly serving the under-supplied storage market. After a successful marketing process, targeting institutional funds, large operators and PE firms, our team received 120 executed NDA’s and 6 total offers, ultimately transacting for $18,200,000 at $189 per net rentable square feet one year into lease up.

Fulton emphasizes that the client approached The Mele Team to review the feasibility of their storage project in March of 2016. The Team met with the developers and their equity partners, analyzed the proposed site and provided an assessment of the project as well as recommendations. The Mele Team worked with the developers through every stage of the project laying out a strategic plan and vision for how to maximize the value of their asset and achieve the goals they set at the outset of the development.

The Self-Storage Advisory Group at Cushman & Wakefield, led by Vice Chairman Mike Mele, is a 10-person team of knowledgeable advisors who focus on capital markets investment sales in the self-storage industry, operates internationally and has professionals located in every region of the United States. In 2019, the group represented clients in the disposition of 73 self-storage properties comprising 25,334 units and over 3 million net rentable square feet (NRSF). 

You may also like

Retail

Cushman & Wakefield Brokers Sale of Santa Cruz Plaza Property in Tucson, AZ

San Diego-based Blue Hat Acquires 100% Leased Multi-Tenant Retail Property

Cushman & Wakefield announced today the firm has brokered the sale of a portion of the Santa Cruz Plaza shopping center in Tucson, Arizona. The buyer was Blue Hat, LLC based in Carlsbad (San Diego), Calif. who acquired the multi-tenant shop building for $2.5 million. The seller was Santa Cruz Center, LLC out of Los Angeles. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller in the investment transaction.

Located at 3782 S. 16th Avenue, the 7,200-square-foot asset consists of an outparcel shop building to Fry’s Grocery (Kroger) that anchors the larger approximately 271,600-square-foot Santa Cruz Plaza also featuring Burlington Coat Factory, Boot Barn and other popular retailers.  

The shop building is 100% leased to a strong retail tenant roster comprising all national brands—Subway, Cricket Wireless, Nationwide Vision, and Affordable Dentures & Implants. Each of the four tenants have operated at this location between seven to 25 years. 

Chris Hollenbeck, Executive Director, said, “The buyers saw long-term opportunity in this property given its longstanding, extreme stability and in being anchored by a Fry’s grocery. Furthermore, the property’s strategic location right off the I-19 freeway, at the high-traffic intersection of Ajo Way, provides access to a large, densely populated trade area.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

You may also like