SCOTTSDALE, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Circle K, a 2,931-square-foot net-leased property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,015,000 ($1,029 PSF).

Jonathan Eckerd, Peter Lenstrohm, Mark Ruble, Chris Lind and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. “Our client wanted a quick transaction without sacrificing value and that is what we were able to accomplish for her,” Eckerd stated. He assisted the owner in negotiating a new 10-year lease with Circle K to maximize value on the sale. “Within 72 hours of listing the property, we received a letter of intent to purchase at 99% of the list price,” Eckerd added.

The buyer, a limited liability company with multiple Circle K’s in their portfolio, was also procured by the team. Eckerd explained, “The buyer was ecstatic to add another quality tenant to their portfolio at an intersection that represents one of the best corners in all of Arizona.” Market and tenant knowledge were key to this transaction. Because the team had sold numerous properties at this same intersection, they knew where to find the most qualified buyer. “This transaction was a win-win for all parties,” Eckerd added.

Circle K is located at 4808 East Bell Road in Scottsdale, Arizona on the northeast corner of Bell Road and North Tatum Boulevard, just 1.5 miles from the Route 51 freeway. This gas station has a new 10-year lease with 10% rent increases every five years. Large retailers such as Fry’s, The Home Depot, Big Lots, Petco, Walmart Supercenter and more are all within half a mile from the property, as well as major banks such as Wells Fargo, Chase and Bank of America. Fast-food restaurants including Arby’s, Taco Bell, Del Taco, Chipotle, Starbucks, Rubio’s, and Wendy’s are all situated around the same major intersection as well.

TUCSON, ARIZ. —  NAI Horizon continues to grow its Tucson office with the hiring of MultiFamily & Investment Sales specialist Christopher Itule.

“We are excited that Chris has joined our NAI Horizon Tucson team. His strong experience and energetic, positive attitude will be a valuable asset to our MultiFamily division,” said Ben Craney, Managing Director of the NAI Horizon Tucson Branch.

A native of Southern Arizona, Itule earned a BS in hotel and restaurant management from Northern Arizona University in Flagstaff.

Itule serves as a youth soccer coach and referee and has mentored at the Young Entrepreneurs Academy, a year-long program hosted by The University of Arizona Eller College of Management and McGuire Center for Entrepreneurship.

Lifestyle hotel from Opwest Partners to fill a gap in the market

Scottsdale, Arizona — The Davies Group at Los Angeles-based George Smith Partners, a leading commercial real estate capital markets advisor, secured a total of $56 million in structured financing on behalf of Opwest Partners for its ground-up development of the Scottsdale Curio, a 169-key luxury lifestyle hotel. The financing was comprised of a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank.

“The Davies Group understood that securing a conservative amount of leverage was important to both us and our partners for this long-term investment in an A+ location,” said Tyler Kent, founder and president of Opwest Partners. “We are excited to deliver an authentic lifestyle property to the Old Town Entertainment District.”

The six-story, 97,058-square-foot Scottsdale Curio, located at 7501 East Camelback Road on a highly trafficked corner in the heart of Scottsdale’s Entertainment District, will feature a subterranean parking garage, restaurant, lounge, an indoor/outdoor fitness center and an amenity deck complete with a pool and bar.

The hotel site, previously home to Don & Charlie’s restaurant, sits in an Opportunity Zone community development area. It has proximity to approximately 30 million square feet of office space in the largest office-employment hub in the area.

George Smith Partners’ Principal and Managing Director Malcolm Davies, along with other Davies Group members, Senior Vice Presidents Zachary Streit and Evan Kinne; Vice Presidents Alexander Rossinsky and Rachael Lewis; and Assistant Vice President Aiden Moran, sourced the financing on behalf of Opwest.

“The downtown Scottsdale market has seen no new supply in the luxury lifestyle hotel segment since the W Scottsdale opened in 2008, and very little new hotel supply across all segments,” said Davies. “Considering the city’s robust tourism industry and a nearby concentration of office space, this lifestyle hotel is well positioned for success.”

Construction is expected to begin on the Scottsdale Curio in summer 2020.

“In addition to the robust market fundamentals, communicating the deep experience of the team behind Opwest Partners made the difference in closing these financing deals for our client,” said Streit.

Currently, Opwest is focusing on all major Western U.S. markets and is targeting $1 billion in projects over the next five years.