TUCSON, ARIZONA (March 11, 2024) — Highlighted this week is a 10,927-square-foot retail lease at 440 N Bonita Avenue in Tucson to ITC Personal In-Home Care. Jason Shaltiel and Thomas J. Nieman, with Cushman & Wakefield | PICOR, represented the tenant, and Bruce Suppes and Diane Carlson, with CBRE in Tucson, represented the landlord.

The following leases were reported to Real Estate Daily News from March 4-8, 2024.

OFFICE – 440 N BONITA AVE, TUCSON, 85745 – West Submarket
ITC Personal In-Home Care LLC leased 10,927 square feet of office space at 440 N. Bonita Ave in Tucson from Kzolchyk National Law Center. Jason Shaltiel and Thomas J. Nieman, Principal, Office Specialists with Cushman & Wakefield | PICOR, represented the tenant. Bruce Suppes and Diane Carlson with CBRE, Tucson, represented the landlord.

OFFICE – 7458 N LA CHOLLA BLVD., TUCSON, 85741 – Northwest Submarket
LJA Engineering, Inc. leased 6,372 square feet of office space at La Cholla Corporate Center, 7458 N. La Cholla Blvd. in Tucson, from Tucson Portfolio 2, LLC. Thomas J. Nieman, Principal, Office Specialist with Cushman & Wakefield | PICOR, and Morgan Relyea Colt with Cushman & Wakefield, Houston, represented the tenant. Jon O’Shea represented the landlord with Vast Commercial Real Estate Solutions, LLC.

OFFICE – 899 N WILMOT RD, TUCSON, 85711 – East Submarket
AP Perio Implants, PLLC has leased 2,698 square feet at 899 N. Wilmot Road, Suites E1/E2, in the San Rafael Medical Plaza.  Cameron Casey and Lori Casey of Oxford Realty Advisors represented the landlord in this transaction.

OFFICE – 1527 N WILMOT RD., TUCSON, 85712 – Northeast Submarket
Valori, LLC dba Valori Institute of Massage has leased 1,560 square feet at 1527 N. Wilmot Road, in the Dorado Center,  from Dorado Center Tucson, LLC, the landlord.  Robert Nolan and Cameron Casey of Oxford Realty Advisors represented the landlord in this transaction.

INDUSTRIAL – 245 S PLUMER AVE., TUCSON, 85719 – Central Submarket
Luck Dragon Media, LLC leased 1,200 square feet of industrial space at Commerce Plaza, 245 S. Plumer Ave., Suite 17 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RENEWALS

OFFICE – 6400 E GRANT RD., TUCSON, 85715 – Northeast Submarket
Broadpath Inc. renewed its lease with La Mirada, LLC for 21,881 square feet of office space at Courtyard Center, 6400 E. Grant Rd., 2nd & 3rd Floors in Tucson. Richard M. Kleiner, MBA, Principal, and Alexis Corona, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord. Mark Irvin with Mark Irvin Commercial Real Estate Services, LLC, represented the tenant.

INDUSTRIAL – 1861 W GRANT RD., TUCSON,  85745 – West Submarket
Southern Arizona Graphic Associates, Inc. renewed its lease with Walker Tucson Property, LLC for 14,070 square feet of industrial space at 1861 W. Grant Rd., Suite 100 in Tucson. Robert Glaser, SIOR, CCIM, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. Dean Cotlow, with Cotlow Company, represented the tenant.

INDUSTRIAL – 2430 W RUTHRAUFF RD., TUCSON, 85705 – Central Submarket
Arizona Optical Metrology LLC renewed its lease with Pegasus Tucson Owner LLC for 862 square feet of industrial space at Ruthrauff Commerce Center, 2430 W. Ruthrauff Rd., Suite 122, in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE – 2231 N INDIAN RUINS RD., TUCSON, 85715 – Northeast Submarket
Center 4 Stress Reduction, PLLC renewed its lease with Ozam Investments, LLC / Rodgers Investment Fund II for 560 square feet of office space at 2231 N. Indian Ruins Rd., Suite 3 in Tucson. Alex Demeroutis, Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant.

Submit sales and leases to [email protected].

Canadian investor acquires a single-tenant facility sold and occupied by American Refrigerator Supplies, Inc.  

PHOENIX, Ariz. – March 11, 2024 –  Cushman & Wakefield announced the firm has brokered the sale and leaseback of a 114,907-square-foot Class A industrial facility in Phoenix, Arizona. The current occupant, American Refrigerator Supplies, Inc. (ARS), sold the freestanding building to Canada-based MDC Realty Advisors (MDC) for $24.3 million. In conjunction with the disposition, ARS also signed a long-term leaseback for the entire facility.

Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy, and Katie Rapine of the firm’s private capital group represented the seller and the buyer in the transaction.

“2632 East Chambers Street is a premier industrial asset in the highly desired Sky Harbor submarket of Phoenix. The property is supported by a strong occupant and its leaseback intends to provide predictable, stable cash flow,” said Vice Chair Phil Haenel.

“There is virtually no land available in the Sky Harbor submarket to build comparable product and it is extremely difficult to recreate this building,” added Senior Associate Foster Bundy. “The property is located in the most infill pocket of Phoenix, which will help drive tenant demand and rent growth for years to come.”

2632 East Chambers Street is situated on ±7 acres and features modern design and functionality, with 28-foot clear height, 30,500 SF of office space, and immediate access to Phoenix Sky Harbor International Airport, SR-143 and I-10 freeways. The property is also within a six-hour drive of the Ports of Los Angeles and Long Beach and is conveniently accessible to the major Mountain West markets.

PHOENIX – March 11, 2024 – CBRE handled the sale of Sentio, a 325-unit, LEED® Silver, Class A multifamily community in North Phoenix. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented Hines in the community sale. IDEAL Capital Group purchased Sentio for $108 million. Trevor Breaux, Troy Tegeler, Ryan Greer, and the CBRE Debt & Structured Finance team arranged the financing on behalf of the buyer.

Completed in 2023, Sentio features best-in-class amenities and large, open-concept floorplans with top-of-market unit interiors. Sentio’s design incorporates smart home technology, energy-efficient appliances, and window treatments, sustainable-focused overall construction, an elegant palette of high-end finishes, interconnected resident-centric amenity spaces, and thoughtfully planned walking paths that lead directly to adjacent retail.

“Hines’ signature design and development process created an exceptional, institutional-quality community ideally positioned for strong growth,” said Mr. Gunter, vice chairman at CBRE. Demand drivers in North Phoenix are booming. Taiwan Semiconductor Manufacturing Company’s (TSMC) new facility has already hired nearly 2,000 people, and semiconductor support companies with large job requirements like Amkor are opening facilities in North Phoenix that will drive perpetual growth in the region.”

Sentio is less than four miles from TSMC’s $40 billion fabrication facility. The TSMC plant will create approximately 4,500 new, high-paying technology jobs. Amkor Technologies recently announced it will build a packaging facility several miles from Sentio, creating 2,000 more jobs.

“We are extremely bullish on the long-term economic outlook for Phoenix and TSMC’s presence in the submarket will continue to attract additional companies and create more jobs around the community,” said IDEAL managing director Kevin Conway. “The underlying economic fundamentals in Phoenix are among the best in the country with high population and job growth driving excellent demand for multifamily housing.”

According to research analyzed by CBRE, Metro Phoenix posted over 12,000 units of multifamily absorption in 2023, one of the top-performing absorption totals of all U.S. metros.

“This successful transaction is a testament to the diligence and professionalism of all parties involved,” said Hines Senior Managing Director Chris Anderson. “Working with IDEAL Capital Group and CBRE was a pleasure to close this transaction in a challenging economic environment.”

Clovis, Calif.-based IDEAL Capital Group is a private real estate investment firm specializing in acquiring and repositioning multifamily properties in the Western U.S. Sentio is the company’s fourth Phoenix acquisition since January 2023.