Commercial Real Estate News 11-6-12 | Arizona Builders Exchange

Sales

1. ?Pala Mesa Apartments, 2433 W. Main St., Mesa, has been sold to Weidner Apartment Homes for $22.6M ($88.3K/unit).? The 256-unit complex was sold by Inland Empire Builders. Orion Investment Real Estate brokered the transaction for the parties.

2. ?Gilbane Development Company sold the Orbital Sciences Corporation building, 3377 S. Price Rd., Chandler, to Paramount Group for $19.5M ($234/SF). The three story corporate office has 83K SF and is completely occupied by Orbital Sciences. CBRE represented the seller; Colliers International represented the buyer.

3. ?Intravest Development LLC, Glendale, has acquired 145K SF of industrial space at I-17 and Greenway Rd., Phoenix, from sole occupant, Climatec, in a 10-year leaseback deal. Intravest paid $19M ($131/SF) for the property, 2851 W. Kathleen Rd.

4. ?Chaparral Business Center VI has been sold to the Salt River Development Company ? the development wing of the Salt River Pima-Maricopa Indian Community ? for $10.5M ($152/SF). Lincoln Property Company is the seller of the 69K SF Class A office building, 5401 N. Pima Rd., Scottsdale. The building is 100 percent occupied with three tenants. With this acquisition, Salt River Devco now owns all six of the buildings in the business center.

5. ?Paramount Surprise LLC, a Canadian investor, has acquired Surprise Office Center, a Class A low rise office complex, 14239 W. Bell Rd, Surprise, for $10.4M ($190/SF). Western Devcon sold the 58K SF medical complex with Cohen Financial Services brokering the deal and financing.

6. ?New owner Gelt, Inc., plans to spend $1M upgrading and remodeling the 150 unit Broadstone on Twelfth, now being rebranded as Capella Place, 1212 E. Bethany Home Rd., Phoenix. Alliance Residential Company and partner AEW Capital Management LP sold the apartment community for $9M ($60K/unit). This is the third of the Broadstone complexes Alliance has sold in the past three months as it begins construction on two new projects in Scottsdale. CBRE brokered the sale.

7. ?Wells Fargo Bank sold the Bell 28 Office Park for $6.7M ($62/SF) to Onward Investors. The 110K SF Class B office building fell into default in 2010. The complex has two buildings, 62K SF and 48K SF, addressed as 16605 N. 28^th Ave. and 16610 N. Black Canyon Hwy., Phoenix. The park was 57 percent occupied at the time of sale. The previous owner paid $20.1M ($183/SF) in 2006.

8. ?The former Metalcraft building, 2301 N. Main St., San Luis, sold to Ozvest for $3.2M ($5.24/SF). Wells Fargo Bank sold the 610K SF facility through Lee and Associates. Sorenson and Black represented the buyer (AZCentral premium content).

9. ?Titan Machinery Inc. acquired the two Falcon Power Inc. Case construction dealerships in Phoenix and Flagstaff. The purchase goes along with Titan?s recently closed deals for CaseIH agricultural equipment dealerships in Grand Island, Broken Bow and Ord, Neb.

Leases and Relocations

10. ?LEDIC Management Group, a Memphis-based affiliate of Hunt Companies, Inc. opened a regional office in Phoenix to handle its new apartment management contracts in Arizona. The company is managing properties in Mesa, Peoria, Glendale, and Camp Verde.

11. ?Mor Furniture for Less is leasing 106K SF in Buckeye Logistics Center, 6825 W. Buckeye Rd., Phoenix from Principal Real Estate. Cushman & Wakefield represented the landlord; CBRE the tenant. The building is now 100 percent leased.

12. ?A two-story, 32K Whole Foods will rise from the rubble of its northwest Tucson location, 7133 N. Oracle Rd. in November, 2013. The current 16K Oracle Rd. store closes December 31^st and relocates to 5555 E. River Rd. in mid-January. Plans for a new location, near the University of Arizona, are in the works for the healthy foods chain. The new central location is to be sited with direct access to the streetcar line.

13. ?Big Lots inked a lease for 30K SF in the mostly vacant Poca Fiesta shopping center taking over the former Ross location at Southern Ave. and Alma School Rd. Blast Fitness is taking 21K in the complex, which developer Hinkson Company plans to rename Fiesta Commons. New restaurants are also expected to sign leases on the property. Blast Fitness is opening three other gyms in Phoenix (AZCentral premium content).

14. ?Heating and Cooling Supply LLC leased 29K SF, 2301 S. Friebus Ave., Tucson, from Oak Properties. Picor Commercial Real Estate Services represented the landlord; CBRE and Mark V Commercial represented the tenant.

15. ?DSW Shoe Warehouse is leasing 20K SF, 99th Ave. at McDowell Rd., Avondale, in the Gateway Pavilions power center north of I-10. CBRE represented DSW and GDC/RE represented landlord McDowell LLC, Oak Brook, Ill.

16. ?Bright news for CityNorth with a 10K SF lease to Desert Ridge Pediatric and Desert Ridge Prosthodontics Dentistry. The two medical offices are doubling their space moving from a 5K SF location at Desert Ridge Medical Center. Daum Commercial represented the tenant and RED Development represented landlord CityNorth HH LLC.

17. ?The University of Arizona biomedical center in downtown Phoenix is expanding north with the opening of the Arizona Center for Integrative Medicine, 3033 N. Central Ave. ACIM is the first medical center in the United States that will offer both conventional and complementary integrative medicine in a partnership with District Medical Group. The new facility is almost across the street from DMG?s new Children?s Rehabilitative Center in Park Central Mall.

18. ?With five more locations left to be sites, Bruegger?s Bagels is opening the newest of its eight Phoenix metro locations with 2.4K SF in the Squaw Peak Plaza, 6819 N. 16^th St., Phoenix. The franchisee, Sun Pacific Restaurants LLC, has already opened two locations, 2375 E. Camelback Rd., Phoenix, and 721 N. Arizona Ave., Gilbert.

Foreclosure News

19. ?The Hilton Garden Inn Phoenix Airport North, 3838 E. Van Buren, Phoenix, has slipped into foreclosure by order of the bankruptcy court. A sale is set for January 15^th. Gateway Hotel LLC owns the property and was unable to negotiate new terms with the note holder, Square Mile Capital Management?who acquired the loan following the failure of the original lender, Silverton Bank NA, Atlanta.

Source: http://azbex.com/commercial-real-estate-news-11-6-12/?utm_source=rss&utm_medium=rss&utm_campaign=commercial-real-estate-news-11-6-12

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