Western Real Estate Business

MAY 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 28 • May 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T CONFLUENT DEVELOPMENT, DPC COMPANIES START CONSTRUCTION OF DISTRIBUTION CENTER PHOENIX — A joint venture between Confluent Development and DPC Companies has started construction of HUB 317, a spec distribution build- ing in Phoenix. The project is located at 317 S. 48th St. The 225,000 square feet of industrial/distribution space is designed to accommodate multiple large tenants. The project will feature a contemporary design, 32-foot clear ceiling/stacking height, and dock- high loading. It will be completed in summer 2018. LEE & ASSOCIATES ARRANGES $21.9 MILLION SALE OF SHOPPING CENTER IN GLENDALE GLENDALE, ARIZ. — Lee & Asso- ciates has arranged the $21.9 mil- lion sale of Talavi Towne Center, a 118,377-square-foot shopping center in Glendale. Jay Fincham and Pat- rick Dempsey of Lee & Associates arranged the transaction on behalf of the seller, Kimco Towne Center LLC, and the buyer, Talavi Bell LLC. Talavi Towne Center is home to tenants such as Wal-Mart, MOR Furniture, Dollar Tree, Leslie's Pool Mart and Cricket Wireless. NAI HORIZON NEGOTIATES $2.7 MILLION ACQUISITION OF FLEX PROPERTY IN MESA MESA, ARIZ. — NAI Horizon has ar- ranged the acquisition of an office and industrial facility located at 10646 E. Pecos Road in Mesa. Peoria, Ariz.- based YBL LLC purchased the facility from DMW Properties, an Oregon lim- ited liability company, for $2.7 million. The buyer, which operates as Liberty Lumber, is a contractor of residential and commercial lumber and supplies. The buyer plans to relocate its opera- tion to the 12,436-square-foot facility. Rick Foss of NAI Horizon represented the buyer, while Tom Bean, also of NAI Horizon, represented the seller. SUPPLYHOUSE LEASES 190,871 SF OF INDUSTRIAL SPACE IN RENO RENO, NEV. — SupplyHouse.com has leased 190,871 square feet of industrial space at North Valleys Commerce Cen- ter in Reno. The space is located at 9460 N. Virginia St. The lease brings Phase I of the commerce center to full oc- cupancy. The owners will implement approximately $1 million in tenant improvements to the property for the new tenant. The project's developer is Panattoni Development. Tectonics will serve as the architect, while Alston Construction is the general contractor. COLLIERS NEGOTIATES $19.8 MILLION SALE OF MULTIFAMILY PROPERTY IN GLENDALE GLENDALE, ARIZ. — Colliers Inter- national has arranged the sale of Sum- merhill Place, a multifamily property located at 6801 W. Ocotillo Road in Glendale. Maesag Properties LLC, an entity formed by Shon and Karah Brown, purchased the property from Trimark-Summerhill Place LLC, an entity formed by Trimark Property Group, for $19.8 million. Situated on 8.5 acres, the 189,050-square-foot property consists of 13 buildings fea- turing a total of 232 apartments in one- and two-bedroom layouts. At the time of sale, the property was 96 per- cent occupied. Bill Hahn, Trevor Kos- kovich and Jesse Hudson of Colliers' Phoenix office represented the seller and buyer in the deal. CUSHMAN & WAKEFIELD BROKERS TWO SALES TOTALING $7.7 MILLION IN TUCSON TUCSON, ARIZ. — Cushman & Wake- field has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily prop- erty located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26- unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR bro- kered the deal. In the second trans- action, West Ina Center Marana Ari- zona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 mil- lion. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal. Liberty Lumber will occupy the 12,436-square-foot office and industrial property located at 10646 E. Pecos Road in Mesa.

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