Western Real Estate Business

OCT 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 20 • October 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T SRS REAL ESTATE DIRECTS $14.7 MILLION ACQUISITION OF RETAIL CENTER CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shop- ping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS' Phoenix office represented a pri- vate investor in the $14.7 million ac- quisition. Scottsdale, Ariz.-based Ber- nsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square- foot property was 90 percent occupied at the time of sale. Christ's Church of the Valley is the anchor tenant of the property, which is situated on 17 acres. COLLIERS BROKERS SALE OF 66,516 SF RETAIL CENTER SURPRISE, ARIZ. — Colliers Interna- tional has arranged the sale of Green- way Crossings, a lifestyle retail center located at 16572-16630 W. Greenway Road in Surprise. Cedar Rapids, Iowa- based Transamerica Life Insurance Co. (Aegon USA Realty Advisors) sold the property to Phoenix-based Rose Garden III PL for an undisclosed price. Mindy Korth, Kirk Kuller and John Jackson of Colliers represented the seller, while Jim Edwards of Scott- sdale-based Rein and Grossoehme Commercial Real Estate represented the buyer in the transaction. Built in 2006, the property features 66,516 square feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At the time of sale, the property was 85 percent leased. MAYO CLINIC TO DOUBLE SIZE OF PHOENIX CAMPUS WITH $648 MILLION PROJECT PHOENIX — Mayo Clinic has an- nounced plans to double the size of its Phoenix medical campus with a $648 million expansion over the next five years. Dubbed the Arizona Forward Project, the plan will add 1.4 million square feet of building space to the existing 1.7 million square feet, with expanded clinical capacity, support services and infrastructure near Loop 101 and 56th Street in North Phoenix. Highlights of the expansion include a six-story patient tower; three-floor ad- dition to the existing four-story Mayo Clinic Building; three-story building to house an expanded Emergency De- partment, Laboratory Medicine, Ra- diology and Pharmacy departments; 1,000-space underground patient parking garage; 1,600-space multi- level staff parking garage; and new infrastructure space. New patient ar- eas are projected to open as early as June 2020, with the final phase open- ing in April 2023. The expansion plan increases the number of inpatient beds from 280 to 374 by 2023 and cre- ates close to 2,000 new jobs, including nearly 200 physicians by 2029. VANTRUST ACQUIRES 20-ACRE LAND PARCEL FOR MIXED-USE DEVELOPMENT CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rock- efeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use develop- ment with office, hotel and retail space on the site. This transaction continues the company's development pipeline in the Arizona market, which consists of projects for industrial, multifam- ily and office space. The company re- cently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon. ORION INVESTMENT REAL ESTATE BROKERS SALE OF MEDICAL OFFICE FACILITY PHOENIX — Orion Investment Real Estate has arranged the sale of a medi- cal office and surgery center facility, located at 15401 N. 29th Ave. in Phoe- nix. Nashville, Tenn.-based Monte- cito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square- foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal. MARK'S GOT THIS. www.SIOR.com Every time SIORs walk into a room, their reputation precedes them. Experienced, knowledgeable, and focused, SIORs represent the absolute best in commercial real estate. Access the world's most elite network and open the door to game- changing opportunities. SIOR. Your next big win is just four letters away.

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