PHOENIX, Arizona – Chris Hollenbeck and Shane Carter of Cushman & Wakefield completed the sale of three single-tenant NNN properties in Arizona for a total of $8.878 million this past week. The three properties, Wilhelm Automotive, Big O Tires and ARCO, total 14,819-square-feet and were 100% occupied at the time of sale.

“We were able to get three of our client’s top dollar for their assets by finding three separate buyers with a competitive bid process,” stated Hollenbeck.

Wilhelm Automotive, who just signed a brand new 20 year lease, was purchased by RTS Orchards, LLC of Bakersfield, Calif. for $2.875 million. The 5,240-square-feetproperty, located at 13973 W. Indian School Road in Litchfield Park, Ariz., was sold by LASC Investments, LLC.

The brand new 7,120-square-feet Big O Tires property, located at 1350 E. Riggs Road in Chandler, Ariz. was purchased by A&J Real Estate, LLP of San Rafael, Calif. for $3.213 million. Scottsdale-based SimonCRE SDL, LLC was the seller.

The recently renovated ARCO, located at 2891 W. Valencia Road in Tucson, Ariz., was purchased by Denver-based Handler Orlando CO II, LLC. The 2,459-square-foot gas station was sold by Scottsdale-based Tucsaron, LLC for $2.79 million.

Phoenix, Arizona – CBRE has arranged the sale of a 55,392-square-foot flex industrial/office building in Gilbert, Arizona to the Martinsburg, Pennsylvania-based Curry Supply Company.  Curry Supply acquired the property from Silent-Aire of Edmonton, Alberta, Canada.

Rusty Kennedy, Pat Feeney, Dan Calihan and James Cohn of CBRE in Phoenix represented the seller, Silent-Aire, a global manufacturer of HVAC equipment and modular data centers, in the transaction. The company, which has owned the property since 2013, relocated to a nearby facility to accommodate its rapidly growing operations.

Curry Supply, a manufacturer and dealer of commercial service vehicles, chose Gilbert and the Silent-Aire property due to its proximity to clients and availability of a skilled workforce.  “We are a family owned company whose successes are built on hard work, great customer service, and industry leading quality products.  We are excited to become part of the Gilbert, Arizona, community, where we are confident the local workforce will take an active role in our continued growth by embodying those very principles. This move will support our strong growth nationally, by allowing us to better serve our expanding base of west coast customers.” – Jason M. Ritchey, President and Owner of Curry Supply Company

With the expansion, Curry Supply will bring a significant investment and new manufacturing jobs to the Gilbert, AZ community.

“Gilbert is excited to welcome Curry Supply Company to our community,” said Mayor Jenn Daniels. “Gilbert provides a skilled labor pool, strong regional infrastructure, and collaborative resources that will greatly benefit the company. We look forward to supporting them as they grow and positively impact the community.”

New ownership will occupy the property, which will serve as its fifth U.S. location and first Arizona location.

“Curry Supply’s expansion to the market highlights the opportunity that Greater Phoenix presents to a company seeking southwest operations,” said Chris Camacho, president and CEO, Greater Phoenix Economic Council. “We’re excited about their investment in the region and welcome them to our robust manufacturing ecosystem.”

Situated on 3.16 acres at 1145 W. Gary Road, the property offers nearby access to the U.S. 60 and the Loops 101 and 202, which provides connectivity to the greater Phoenix metro.

The two-story building features 10,000 square feet of office space that includes offices, conference rooms, open bullpen areas, breakrooms, restrooms and a dedicated server room. The remaining industrial space features an evaporative cooled warehouse with LED lighting throughout, 24-foot clear ceiling heights, five grade-level doors, two truck wells and existing five-ton and one-ton cranes. The property also has 72 parking spaces.

According to a recent report from CBRE, the Phoenix industrial market’s momentum was solidified by nearly 4 million square feet of positive net absorption in the third quarter of 2019, its 38^th consecutive quarter of gains and the second-highest quarterly total since Q4 2013.

“Curry Supply is another great example of a manufacturing company realizing all of the benefits that Arizona has to offer and moving here to take advantage of those benefits,” said CBRE’s Kennedy. “We have been fortunate to work alongside Silent Aire over the past seven years and we look forward to great things ahead for them and Curry Supply in Gilbert.”

SCOTTSDALE, Ariz. – Scottsdale-based Sunbelt Holdings, who acquired the remaining 680-acres within the 1,000-acre Red Rock Village master planned community in 2018, announced the closing of the first 91 lots to Richmond American Homes. Sunbelt Holdings will begin development of the 50’x120’ sized lots in early 2020 in preparation for a Richmond American Homes’ model completion and grand opening late 2020.

Located in Pinal County, Red Rock Village includes an expansive amenity offering for residents including a 14-acre community park featuring a private water park, lap pool, basketball court, baseball field, skate park, children’s play area, picnic and shade ramadas, hiking and biking trails, and open space. The community is also home to the K-8 Red Rock Elementary school. Additional neighborhood parks are planned for future growth areas within the community.

“We are extremely excited to have closed our first lots at Red Rock Village with Richmond American Homes,” said Bob Bambauer, Executive Vice President of Sunbelt Holdings. “When we purchased the community in 2018, we were attracted and impressed by the extensive amount of infrastructure that already existed within the community. We also looked at the emerging rise of Tucson home prices and believe we could offer a level of affordability at Red Rock Village that would complement the market. We have some exciting plans for Red Rock Village and as we launch into 2020 we look forward to the development of the next era of this community.”

Will White and John Carroll with Land Advisors Tucson handled the transaction.

“Without question, affordability has become a challenge in the Tucson market. Red Rock Village is an established master planned community that allows for homebuilders to fill this niche as the Tucson metro median home price continues to rise,” said Will White. Due to supply and demand, we can’t see a scenario for the next few years that home prices come down and good alternative such as Red Rock Village will continue to be sought after by the region’s homebuilders.”

With the initial lots underway, Sunbelt Holdings is focused on future residential growth at Red Rock Village in 2020. An additional 250 lots are in the final stages of planning and are anticipated to be available for homebuilder sales in 2020.

“We are very excited to start this new phase of the Red Rock Village master planned community,” said White. “We have several active discussions going on additional homebuilders for a variety of lot sizes. With several hundred more lots coming on line in 2020 at Red Rock Village, we expect it to be extremely active. The builders have found success in Tucons’s master plans and Red Rock Village will be another opportunity that will provide affordability, great amenities, and a large pipeline of streamlined lot delivery for years to come.”

Located approximately 7.5 miles north of Marana, AZ the Red Rock Village community currently has approximately 900 completed homes. The community is planned to include approximately 3,800 homes at build out. Sunbelt Holdings’ additional Tucson and Pinal communities include the 565-acre La Estancia community, the 550-acre Sendero Pass community, and the 1,598-acre Sycamore Canyon community.

For more information, White and Carroll should be contacted at 520.514.7454