Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/566807
C A L I F O R N I A 18 • September 2015 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T LEE & ASSOCIATES ARRANGES $14 MILLION SALE OF ARROWHEAD PLAZA IN GLENDALE GLENDALE, ARIZ. — Lee & Associ- ates has arranged the sale of Arrow- head Plaza, an 84,389-square-foot shopping center, for $14 million. The center is located at 7700 W Arrow- head Towne Center. It was purchased by Beardsley-67th Avenue LLC. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of the buyer and seller. THARCO FREEPORT DISTRIBUTION CENTER IN PHOENIX SELLS FOR $8.1 MILLION PHOENIX — Tharco Freeport Distri- bution Center, a 108,287-square-foot industrial distribution center in Phoe- nix, has sold to Bixby Land Company for $8.1 million. The institutional- quality center is located at 640 S. 51st Ave. The building is fully leased to Tharco, one of the largest manufac- turers and suppliers of unprinted corrugated stock boxes in the U.S. It was built in 1994. The transaction was executed by DTZ's Will Strong, Mike Haenel, Andy Markham and Phil Haenel. SUNDANCE WEST APARTMENTS IN RENO SELLS FOR $23.4 MILLION RENO, NEV. —A privately held in- vestment group has purchased the 350-unit Sundance West Apartments in Reno for $23.4 million. The com- munity is located at 3285 Clover Way. It is situated near Washoe County Golf Course, Lakeridge Golf Course, Meadowood Mall, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa. Kenneth N. Blom- sterberg of Marcus & Millichap and Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the unnamed seller in this transaction. MILLER'S ALE HOUSE RESTAURANT IN HENDERSON SELLS FOR $5.2 MILLION LAS VEGAS — The 9,500-square-foot Miller's Ale House Restaurant located in the Las Vegas submarket of Hen- derson sold for $5.25 million. Miller's Ale House has 14 years remaining on its triple-net lease. Rob Moore of Faris Lee represented the seller, Sunstone Arroyo LLC, and StreetView Realty represented the buyer, FL Grandland LLC. PHOENIX CHILDREN'S HOSPITAL LEASES SPACE AT BILTMORE COMMERCE CENTER IN PHOENIX PHOENIX — Phoenix Children's Hospital has leased 27,265 square feet of space at Biltmore Commerce Cen- ter in Phoenix. The Class A complex is located at 3200 E. Camelback Road within the Camelback Corridor. The new lease brings the center to nearly 96 percent occupancy. Other notable tenants include HDR Engineering, Coamerica, Lee & Associates, United Way, Greystar, North American Title Company, DeRito Partners and Mill- er Russell & Associates. The hospital was represented by Scott Maxwell of CRESA. The landlord, Lincoln Prop- erty Company, was represented by Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter of Lee & Associates. GLENDALE MARKET SQUARE IN GLENDALE SELLS FOR $24.6 MILLION GLENDALE, ARIZ. — Lee & Associ- ates has arranged the sale of Glendale Market Square, a 221,388-square-foot shopping center, for $24.6 million. The center is located at 5850 W. Bell Road. It was purchased by CIRE. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of the buyer and seller. DTZ ARRANGES $13.7 MILLION SALE OF PIONEER SHOPPING CENTER YUMA, ARIZ. — DTZ has arranged the $13.7 million sale of Pioneer Shop- ping Center, a 140,610-square-foot shopping center located in Yuma. Ryan Schubert, Michael Hackett, Dan Salley and Jack Wilson of DTZ represented the seller, Realty Reso- lution Advisors LLC, and Sanford Burstyn of Marcus & Millichap repre- sented the buyer, Los Angeles-based Pioneer Shopping Center LLC, in the transaction. Tenants at the center in- clude 99 Cents Only, O'Reilly Auto Parts, Applebee's, Subway, The UPS Store and Dairy Queen. WALGREENS BUILDING IN TUCSON SELLS FOR $9.7 MILLION TUCSON, ARIZ. —A 15,413-square- foot building in Tucson that is triple- net leased to Walgreens has sold to Capital Forsight for $9.7 million. The building is located at 7111 East Golf Links Road. It is an outparcel to the 99 Cent Only-anchored Desert Square Shopping Center. Walgreens is cor- porate-guaranteed and has 23 years remaining on its 25-year initial term. Capital Forsight was represented by CAPRE Real Estate Investments. The seller, Sierra Industrial, was repre- sented by Nick Coo, Matt Mousavi and Patrick Luther of Faris Lee Invest- ments. GRIFFIN CAPITAL BUYS AETNA LIFE INSURANCE BUILDING IN TUCSON TUCSON, ARIZ. — Grifn Capi- tal Corporation has acquired the 100,273-square-foot Aetna Life Insur- ance Company building in Tucson for an undisclosed sum. The building is fully leased to the life insurance com- pany. Aetna signed a new 10-year lease at the property as part of the sale-lease- back. The terms include an annual base rental rate increase of 3 percent with no termination or contraction options. The company has resided at this space since it was constructed as a built-to-suit in 2001. Aetna was represented in the sale by Cushman & Wakefeld's Boston ofce, along with Cushman & Wake- feld's Tucson afliate, Picor Commer- cial Real Estate Services. The asset was purchased by Grifn Capital Essential Asset REIT II. LOWE ENTERPRISES INVESTORS BUYS THREE BUILDINGS AT PHOENIX GATEWAY CENTER PHOENIX — Lowe Enterprises Inves- tors (LEI) has purchased three ofce buildings at the Phoenix Gateway Center ofce complex for an undis- closed sum. The properties are located in the North Airport/44th Street cor- ridor area of Phoenix. The transac- tion included the 107,755-square-foot Gateway I; the 107,963-square-foot Gateway II; and the 221,885-square- foot Gateway III buildings. LEI plans to improve the properties' common areas and public spaces. The overall occupancy at the buildings is 94 per- cent. Peter Morgan led LEI's acquisi- tion team. The seller, a partnership of Pearlmark/Transwestern and Oaktree Capital, was represented by CBRE's Barry Gable and Kevin Shannon. DIGITAL MARKETING AGENCY LAUNCHES SENIOR LIVING DIVISION SCOTTSDALE, ARIZ. — Arizona- based marketing agency Leavitt Digi- tal has launched its Senior Living Division and hired Kim Tranmer, a 25-year industry veteran, as manag- ing director. Leavitt Digital's new division focus- es on increasing the online presence, search engine optimization (SEO), re- view monitoring, and press releases distribution in the seniors housing industry. Tranmer's career in seniors housing includes sales, marketing, consult- ing and management prior to joining Leavitt Digital. Her primary role will be business development and relationship man- agement, presenting Leavitt Digital's platform to owners, managers and consultants in the industry. DEVELOPMENT, JV, INVESTMENT, PURCHASE OPPORTUNITY FULLY ENTITLED, CLASS A APT SITE ALBUQUERQUE METROPOLITAN AREA • Proposed 169 Unit MF Project With Unparalled Views Overlooking Albuquerque Skyline & Sandia Mountains • High Barriers of Entry Within General Area • High Income & Employment Demographic Trade Area • Strong Market Conditions Over a Sustained Period • Close Proximity to Cottonwood Mall Area (3.7 Million SF) • Non-Recourse Loan Possibility with Pretax IRR Near 17% EDWARDS COMMERCIAL REALTY Mark Edwards, Owner/Broker: 505-998-7298 mark.edwards@edwardscommercialrealty.com