Commercial Real Estate in the News 12-28-12 | Arizona Builders ...

Major Sales Transactions

1. ?Hines Interests Limited Partnership, Houston, Tex. paid $81M ($268/SF) for 24^th At Camelback, a 302K SF office project at 2375 E. Camelback Rd., Phoenix. The seller of the 8-story office structure was GLL Real Estate Partners GmbH, Munich, Germany. Cassidy Turley Commercial Real Estate Services handled the deal for the 87 percent occupied building. Cassidy Turley is the leasing agent for the building.

2. ?Parkway Properties Inc., Jackson, Miss., acquired the Tempe Gateway, a 264K SF office project located at 222 S. Mill Avenue. Seller Vulcan Inc., Seattle, Wash is headed by Microsoft co-founder Paul Allen. The deal was brokered by CBRE for $66.1M ($250/SF). The project, which is 79 percent occupied, just added a new tenant, Elizabeth Arden Spas (see Major Lease Transactions following this section).

3. ?In another wrap-up-for-tax-planning office investment, Lexington Realty Trust, New York City, N.Y. paid $53.2M ($211/SF) to buy a 252K SF office building, 3030 N. 3rd St., Phoenix. The seller in the sale/leaseback deal is SCF Arizona, the state?s largest workers? compensation insurance carrier. The agency occupies almost the entire 14-story project. 360 Real Estate Consulting LLC, Phoenix, was the agent in the deal.

4. ?For the same amount of money, $53.2M ($2.2K/acre), Byner Cattle Co., a subsidiary of Freeport-McMoRan Copper & Gold Inc., took control of a 24K-acre tract encompassing portions of Maricopa, Yavapai and La Paz counties. Roughly 90 percent of the farmland is in Maricopa County. 14K acres came from Scottsdale-based Martori Farms and the remaining 10K acres is a state land lease. The cash sale was brokered by Martori & Co., Scottsdale. As part of the sale agreement, Martori Farms has leased all 24K acres for 10 years and has options for another 10 years.

5. ?Cole paid just under $23.8M ($263/SF) to purchase a 90.3K SF medical facility, 3003 N. 3rd Street. The seller was Phoenix LTL LLC, Chicago. Construction on the build-to-suit deal puts Cigna Medical Group in the entire three-story building. The new facility will be used for outpatient surgery, family practice and urgent care. Cole is also in the news because of a Massachusetts investigation into a brokerage trading the Phoenix-based REIT?s shares.

6. ?Corporate buildings on Perimeter Drive, Scottsdale, have been in the trading news over the past few months in AZBEX CRE stories. This time, 17600 N. Perimeter Dr., the old FNBA Building, has sold to Oaktree Capital Management for $29.9M ($234/SF). The 128K SF building was held by WDP Partners and is mostly leased to Fender Musical Instruments corporate headquarters.

7. ?In Tucson, commercial properties are moving towards end-of-year closings. More than $20M sold in recent weeks:

• $8M was paid for three lots on N. Professional Park Dr.: La Cholla Lot 1 Properties LLC (5668 and 5670) for $3.7M; Sunset La Cholla LLC (5650) for $2.4M; and Sunset La Cholla 1 LLC (5662) for $1.9M
• MMP Oro Valley LLC bought 11075 N. Oracle Rd. for $6M
• The BHGT 1005 Trust bought 1020 S. Harrison Rd. for $3.8M
• Oracle Office Plaza LLC picked up 7491 to 7493 N. Oracle Rd. for $3.3M
• Levine Investments Limited Partnership bought 7090 E. 22^nd St. for $2.2M
• D.R. Horton Inc. paid the same, $2.2M, for undeveloped multifamily-zoned land within Shannon Estates at the Omni Tucson National Resort

8. ?Whispering Wind Corporate Center has sold to a private investor for $12.2M ($162/SF). The Mack Company sold the two-building, 77K SF complex, 2205 and 2225 W. Whispering Wind Dr., Phoenix. W. L. Gore fills one building, and the other is fully leased to multiple tenants. CBRE represented the seller; an unidentified broker from Denver represented the buyer.

9. ?Lynwood Apartments has been sold by Lili Rubin Investment Properties, LLC for $7.9M ($26.3K/unit). The complex, 5535 W. McDowell Rd., Phoenix, has 300 units. Grant Slawson and Victoria McCaffrey are the buyers. Newmark Grubb Knight Frank represented the sellers in an all-cash deal.

10. ?An industrial building?including an adjoining 2.1 acre undeveloped parcel?in Freeport Center, 420 S. 53^rd Ave., has sold for $6.8M ($53/SF; skewed by the undeveloped land value). The Jerry Ivy Trust, Mountain View, CA., represented by Lee & Associates, was the buyer of the 128K SF, 50 percent-leased building. High Time, LLC, Phoenix, was the seller using Cushman & Wakefield.

11. ?NAI Horizon released a list of major CRE activity generated by the firm:

• 8388 E. Hartford Dr., Scottsdale, 66K SF flexspace, $4.4M ($66/SF); Hello Real Estate, buyer
• 2500 E. Chambers St., Phoenix, 99K SF industrial space, $2.7M ($$27/SF); BH Management Inc., buyer
• Higley and Ocotillo roads, Gilbert, 10.6 undeveloped acres, $1.2M ($111K/acre); Church of Jesus Christ of Latter Day Saints, buyer

12. ?The Trend Homes division of Ryland Homes has moved to pick up two bank-owned projects, the Plaza Townhomes, Chandler, and the Princess Townhomes, Scottsdale. The Chandler project, Priest Dr. and Ray Rd., is planned for 65 homes. The company paid $2.3M ($35K/unit) for the potential. In Scottsdale, the proximity to the Fairmont Princess Resort at Hayden Rd. and Princess Dr. brought $3.6M ($68K/unit) for a potential 52 units.

13. ?In a Tucson sale-leaseback deal, Quiktrip Corporation sold its new store, 1401 S. Alvernon Way, to SR Properties LLC for $3.6M ($722/SF). The 5K SF retail space sits on a 9.7-acre parcel. The deal included a 15 year lease.

14. In another sale of undeveloped residential lots, Richmond American Homes of Arizona, Inc., picked up 70 in the unfinished Laveen Village subdivision for $3.5M ($50K/lot). Cassidy Turley handled the deal for seller Cowley Cos.

15. ?A 5.8K SF ground lease lot in Goodyear holding Red Robin restaurant, 14551 W. McDowell Rd., has sold for $2.3M ($400/SF). Marcus & Millichap Real Estate Investment Services handled the transaction for the private seller and buyer.

16. ?No price was publicly reported, but Buchanan Street Partners has picked up a 67K SF office complex in the Scottsdale Airpark, 8388 E. Hartford Dr., from H-B Perimeter LLC. This is to be the first acquisition in a plan to acquire $100M in Phoenix metro real estate by the end of 2013.

Major Leases

17. ?Downtown Tempe is sporting another office tenant with Elizabeth Arden Spas moving into the Tempe Gateway, 222 S. Mill Ave., at the 3^rd Street light rail station. Lee & Associates did the negotiations for the tenant. Colliers International handled the duties for landlord Vulcan Inc.

18. ?Consumer Connect, Inc. has leased 25K SF, 2155 S. 75^th Ave., Phoenix, from Clarion Partners. NAI Horizon handled things for the tenant; Cushman and Wakefield for the landlord.

19. ?Peoria?s BioInspire ? the medical device incubator ? added its sixth tenant, Stimwave Technologies, putting its 6.8K SF testing laboratory in the center. BioInspire is situated in the Plaza Del Rio complex near Loop 101 and W. Thunderbird Rd. Stimwave Technologies is based in Scottsdale and produces pain-relief implants (AZCentral premium content).

Openings

20. ?Federal Pizza, owned by the Postinos group, has opened in the former First Federal Savings & Loan building, Central Ave. north of Camelback, in an another adaptive reuse by the eatery owners. In Phoenix Business Journal premium content, the unique aspects of the design and business operation are profiled.

Source: http://azbex.com/commercial-real-estate-in-the-news-12-28-12/?utm_source=rss&utm_medium=rss&utm_campaign=commercial-real-estate-in-the-news-12-28-12

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