2. ?Luxury home real estate broker Walt Danley Realty, Paradise Valley, expanded into CRE with the opening of Walt Danley Commercial. Tom Snyder will head the CRE division.
Sale Transactions
3. ?The Retreat at the Raven apartments, 3606 E. Baseline, Phoenix sold to the Hudye Group for $22.6M ($118K/unit). The 192-unit complex was sold by Shahram Afshani. The complex has 23 buildings on 11.29 acres.
4. ?The Boulevard at Surprise Pointe, a 142K SF shopping complex, Waddell and Litchfield roads, Surprise, sold for $17.5M ($124/SF). Seller Karlin Real Estate, LLC, Los Angeles, and buyer CIRE, were both represented by Cassidy Turley. The 62 percent-occupied center includes a cinema complex and multiple strip mall buildings.? Cassidy Turley is also handling leasing.
5. ?Fountain Oaks apartments, a 224-unit Phoenix complex, 1225 N 40th St., sold for $8.3M ($37K/unit) to Summit Equity Investments. The private investor seller was represented by Colliers International; the buyer was self-represented.
6. ?Peaks Corporate Park LLC, Scottsdale, acquired The Peaks Office Building, a two-story complex at 7669 and 7689 E. Pinnacle Peak Rd., Scottsdale. The 135K SF complex was picked up in foreclosure for $7.7M ($57/SF). Cassidy Turley BRE Commercial handled the transaction on behalf of the receiver, Phoenix IED Pinnacle Peak SF Return LLC.
7. ?Greenfield Medical Dental Center, 2550 E. Guadalupe Rd., Gilbert, Phase I, sold to Gilbert Medical 2012 LP for $7.4M ($226/SF). The 33K SF office complex was sold by Sperry Van Ness as broker for the seller. Commercial Properties Inc. represented the buyer.
8. ?D.R. Horton picked up 432 lots for $6.7M ($15K/lot) on the southwest corner of 79th Ave. and Encanto Blvd., Phoenix. Horton paid cash for the lots which were previously owned by Tri Pacific Capital Advisors and K. Hovananian Home Builders.
9. ?A Tucson ground lease for an under-construction McDonalds, 2130 W. River Rd., was sold by La Cholla LLC for $2.2M ($1.7M/acre) to Levine Investments LP. Marcus & Millichap represented both sides of the 20 year deal.
10. ?Tibshraeny Plaza, 918 W. Southern Ave., Mesa, a 26K SF with 40 percent occupancy was sold by Tibshraeny Companies, Inc., Mesa, to Dickenson-Phoenix LLC, Scottsdale. CBRE represented the seller, AZ7 Real Estate, the buyer. A price was not disclosed.
New Lease Deals
11. ?Goodwill of Central Arizona is the newest tenant in the Thunderbird East retail complex at E. Thunderbird and Scottsdale roads, Scottsdale. An October 26th opening date is scheduled for the 35K SF retail outlet. Velocity Retail Group handled the transaction for landlord CW Capital Asset Management, LLC.
12. ?Planet Fitness signed a 34K SF lease for an old Circuit City location at Sky Festival Mall. The tenant was represented by NAI Horizon; the lessor was represented by Velocity Retail Group and De Rito Partners.
14. ?The Mexican Consulate has relocated into downtown Phoenix in the McDowell Corporate Center, 320 E. McDowell Road in Phoenix.? CBRE represented the landlord, Abart Properties 26 LLC, Scottsdale; the tenant was represented by Colliers International.? The 25K SF office takes up 70 percent of the building leaving the remaining portion available for lease.
15. ?Home builder K Hovananian Homes renewed a lease for 20K SF covering 96 months in the Desert Ridge Corporate Center, 20860 N. Tatum Blvd., Phoenix. Lee & Associates represented the landlord, Faison, Charlotte, N.C., and Cassidy Turley handled the tenant negotiations in the Class A, four-story building.
16. ?SRS Real Estate Partners handled a 12.5K SF lease for Dollar Tree in Desert Sky Esplanade, McDowell Rd. at 75th Ave., Phoenix. The dollar store joins Walmart, Staples, Ross and Big Lots in the complex.
17. ?O?Reilly Auto Parts signed a new lease for 12.3K SF in Madison Square, 5343 N. 16th St., Phoenix. Lee & Associates represented the lessee in its relocation from its current location at 7th St. and Missouri Ave. Cassidy Turley represented owner Orsett Properties, Ltd.
18. ?Harvest Bible Church inked a deal for 10.6K SF, 101 E. Comstock, Chandler in the Arizona Corporate Plaza. Cassidy Turley represented both sides of the deal. Pacific Plaza LLC is the landlord. The Chandler location is a new congregation for the east valley in addition to its existing location at 48th St. and Cactus Rd., Phoenix.
19. ?In little news, Mini Cooper is moving into the old Tucson Kia dealership, 4633 E. 22nd St., during first quarter 2013. This will be Tucson?s first Mini Cooper dealer and run by Royal Automotive Group.
Closures and Foreclosures
20. ?A report by Marcus & Millichap says that even with the rising market, Phoenix still has more than $1.5B in distressed retail inventory. Sales activity in this segment is still dominated by REO and short sales. The major victim in the market downturn is the strip mall purchased or refinanced during the height of the market. Many balloons are maturing and landlords are faced with high vacancy rates and inadequate access to capital for refinancing.
21. ?A 273K SF office project adjoining the Broadway Curve, Phoenix, has been placed into foreclosure. The Sky Harbor Towers is slated for the auction block on January 15. The complex has a seven-story building with 117K SF and two four-story midrise units with 85K SF and 71K SF respectively. Colliers International has the leasing assignment for the mostly vacant building. Originally occupied by the University of Phoenix?taking three of the buildings?the properties were vacated in 2011 when the college opened its own facilities a little further west on I-10.
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