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715 W Wetmore RdThe building at 715 E Wetmore Road in Tucson was built for Golden Corral and later redeveloped as a China Buffet Restaurant was sold to Larsen Baker, LLC (George Larsen and Don Baker, principals) for $1.04 million ($96 PSF).

Larsen Baker developed the property at this corner and sold it to Golden Corral in 1995 while continuing to own the adjoining properties occupied by Jack-in-the Box at 4450 N 1st Avenue, Los Betos Mexican Food Restaurant at 4470 N 1st Avenue, and Prestige Fitness at 4490 N 1st Avenue in Tucson.

The 10,500-square-foot building is on 2.07 acres of land located across the street from Walmart, Office Max, and Best Buy anchored shopping center that also includes… Read more

Ironline

841 E Jefferson Street, Phoenix, AZ

Phoenix – Phoenix will soon see new life breathed into a warehouse property in the downtown core. The building, located at 841 E. Jefferson, was recently purchased by Ironline Partners for $3 million. The local developer has plans to convert the property into a modern, relevant space for the right tenant.

Kevin Calihan with CBRE’s Phoenix office negotiated the sale on behalf of Ironline Partners. Kevin Lange with Keyser Commercial and Rod Beach with Cresa represented the seller, Phoenix-based Jefferson Partners, LLC. Bryan Taute and Charlie von Arenstchildt, also with CBRE, will handle the marketing and leasing assignment on the redeveloped property.

841 E. Jefferson was formerly home to Goodman’s Furniture and served as… Read more

OV monument

Oro Valley Town Monument Sign

In the Town of Oro Valley there is an ad slogan that reads “Oro Valley –It’s Our Nature” that should read “It’s Our Nature to Recall”.

A group of Oro Valley citizens opposed to the Town Council’s decision to purchase the Hilton El Conquistador Country Club, Golf and Tennis facilities for the purpose of creating a community center, have begun the process of ordering a recall to remove Town Mayor Satish Hiremath and three Council members.

The organization, Oro Valley Citizens for Open Government, filed for petition numbers to recall the mayor and three council members who voted to buy El Conquistador Country Club and Golf Course. The council approved buying the club, Tucson’s largest… Read more

Fountainhead, Tempe AZNewport Beach, Calif. – Buchanan Street Partners, a national real estate investment management firm, has structured $34.5 million in bridge financing for the acquisition of two Class A office buildings in Tempe, Arizona. Along with its active equity investment platform, the firm is growing its lending activity for mezzanine debt and bridge loans in primary markets in the Western U.S. This transaction builds on the over 1 million square feet of commercial property the firm has acquired in the Phoenix area.

“Buchanan Street’s perspective as an owner itself is a decided advantage when providing structured debt for owners implementing value-add business plans,” said Chris Herthel, senior vice president of Buchanan Street Partners, who led the transaction.… Read more

Cushman & Wakefield2The Wall Street Journal is reporting we can expect yet another shakeup in the commercial real estate world with reports that Cushman & Wakefield, the largest privately-held property services firm, is up for sale with a potential price tag of $2 billion.

The Journal reported that the Agnelli family and its investment arm, Exor SpA, is hiring Goldman Sachs Group Inc. and Morgan Stanley to help seek a buyer. The family, owns 81% of the New York-based firm while employees own the remainder.

Cushman & Wakefield is the world’s third largest real estate company behind CBRE Group Inc., based in Los Angeles, and JLL, which is headquartered in Chicago. Both The New York Times and Bloomberg reported that the Agnelli… Read more

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