This week’s Phoenix Lease Report highlights a lease to Fascinations in 40 Palms Arcadia  handled by Jared Lively of Rein & Grossoehme CRE.

The following leases were conveyed to the Real Estate Daily News for Phoenix between November 23 thru 27, 2020.

RETAIL – 4001 E THOMAS ROAD, PHOENIX, AZ
A lease for 7,000-square-feet within 40 Palms Arcadia to Fascinations was recently consummated. The location of the property is 4001 E. Thomas Road in Phoenix, AZ. The owner of the center is Arcadia Village Shops, LLC. Jared Lively of Rein & Grossoehme CRE represented both the Tenant and Landlord on this transaction.

RETAIL – 16630 W GREENWAY ROAD, SURPRISE, AZ
A lease for 5,118-square-feet in Greenway Crossings to Badaz Axes Corp was recently consummated. The location of the property is 16630 W. Greenway Rd., in Surprise, AZ.  Jim Edwards & Kevin Roessler of Rein & Grossoehme represented the owner.

RETAIL – 2155 E UNIVERSITY DR., TEMPE, AZ
A lease for 5,105-square-feet at University 101 Shops to MaxFit Personal Training was recently consummated. The location of the property is 2155 E. University Dr in Tempe, AZ. The owner of the center is 2155 University, LLC. This is an expansion location for MaxFit. Jared Lively of Rein & Grossoehme CRE represented both the Tenant and the Landlord on this transaction.

RETAIL – 410 E HWY 85, BUCKEYE, AZ
A lease for 4,293-square-feet in Buckeye Shops to Hickman Egg Ranch, Inc. was recently consummated. The location of the property is 410 E. Hwy 85 in Buckeye, AZ.  Jim Edwards & Kevin Roessler of Rein & Grossoehme represented the owner.

RETAIL – 4139 W BELL RD, BUCKEYE, AZ
A lease for 1,900-square-feet in Siete Square to La Cura Taco Shop was recently consummated. The location of the property is 4139 W. Bell Rd. in Phoenix, AZ.  Kevin Roessler and Nic Chavira of Rein & Grossoehme represented the tenant and landlord.

RETAIL – 3345 N 19^TH AVENUE, PHOENIX, AZ
A lease for 590-square-feet in the Shopping center at the SEC of 19th Avenue and Osborn to Integrity Staffing was recently consummated. The location of the property is 3345 N 19th Avenue in Phoenix, AZ. The owner of the center is CVP – 19th Avenue & Osborn, LLC. Jake Ertle and Nic Chavira of Rein & Grossoehme Commercial Real Estate represented the owner and Matt Fitz-Gerald of Colliers represented the tenant.

Submit sales and leases to [email protected].

SCOTTSDALE, ARIZONA – CBRE arranged the $4.7 million sale of an 18,035-square-foot property located in Scottsdale, Ariz. to a private, California-based 1031-exchange buyer. The freestanding, single-tenant facility is occupied under a long-term triple-net lease by the Arizona Culinary Institute.

CBRE’s Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller, Scottsdale Investment Management LLC. The buyer was self represented by John Eppers.

With assistance from the CBRE team, the seller successfully completed an early lease renewal with Arizona Culinary Institute that extended the lease term—from four to ten years—which resulted in a larger buyer pool and higher purchase price.

“Phoenix is a high-growth market where investors can acquire stabilized assets with strong cash flow at a relative discount to coastal markets,” said Turbow. “In light of COVID-19 challenges, suburban products with strong property fundamentals are desirable and can provide a significant hedge against potential economic headwinds.”

Built for the Arizona Culinary Institute in 2001, the single-story facility, located at 10585 North 114th Street, features five professional kitchens, classrooms, a library, a student break area and parking. Recent upgrades to the property include new HVAC units and roofing. Located within Mirage Crossing, a four-building office condominium complex, the Arizona Culinary Institute is in the Central Scottsdale submarket. The property is a few miles east of a dense retail, medical and hospital area adjacent to the 101 Loop Freeway along Shea
Boulevard.

TUCSON, ARIZONA — Windmill Ranch a well kept secret, located in the West Tucson submarket. The new subdivision is near Tucson Mountain Park, west of  San Joaquin and Bopp Roads. DR Horton is building there having recently purchased the 24 lot subdivision for $1.1 million ($45,833 per lot). The minimum lots size is 36,000-square-feet.

If you are looking for panoramic views while being close to the city along with that open desert feel then you are going to love this location with large homesites and open floor plans that include just about everything you would want in a home. DR Horton claims to have created the perfect affordable home with all the features included at Windmill Ranch.

DR Horton bought the finished lots from Critterland Development, LLC (William Wonders, managing member).

Thrac Paulette of Cantera Real Estate represent both buyer and seller in the transaction.

For more information, Paulette should be reached at 520.904.5055.

To learn more, see RED Comp #8193.