PHOENIX – (June 4, 2024) – CBRE Hotels Institutional advised Anish Hotels Group in the $43.3 million sale ($293,000 per room) of the 148-room Home2 Suites by Hilton Phoenix Downtown. Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, acquired the property.

Strategically located in the heart of downtown at 125 East Jackson Street, along the cusp of the revitalized Warehouse District, the property officially opened in January 2024, providing guests unparalleled access to the Footprint Center, Chase Field, and the Phoenix Convention Center. The newly constructed 6-story asset connected to and incorporated the historic Fuller Paint Company Building to offer a customized reception area, guest lobby, 1,200 sq. ft. of meeting space, as well as a signature food and beverage outlet.

“This property represents Anish Hotels Group’s vision to develop premium branded hotels in urban and high barrier-to-entry markets across the Sun Belt region, even if that means we have to get creative,” said Anish Patel, Vice President at Anish Hotels Group. “The Home2 Suites Phoenix Downtown is unique in that it incorporates a 95-year-old historic building with a brand-new hotel tower within a vibrant downtown submarket. Home2 Suites by Hilton has proven to be the brand of choice for many hotel travelers and owners alike, and this hotel’s location, immediately adjacent to numerous of the market’s leading demand generators, is a formula for long-term success.”

CBRE’s Carter Gradwell, Jennifer Bergamo and Rick Rush advised the seller in the transaction.

Chatham funded the purchase using proceeds from recent asset sales and available cash. Island Hospitality Management will manage the hotel.

Menlo Group facilitated the purchase of a four-building medical office complex in Glendale, Ariz.

Tempe, AZ (June 4, 2024) – Menlo Group Commercial Real Estate is pleased to announce the acquisition of Arrowhead Professional Medical Plaza, a premier four-building medical office complex located at 16222 N. 59th Ave. in Glendale, Ariz. The more than 40,000 sq. ft. property presents a prime investment opportunity for the new owners, Boa Sorte Limited Partnership and Arrowhead 59 LLC, with two existing tenants in place and the potential for further development by selling individual condominium units.

Steve Berghoff, SIOR, CCIM, and Stuart Milne, SIOR, CCIM, of Menlo Group, who represented the buyers, facilitated the $7.5 million sale. Kidder Mathews represented the seller.

“This high-end medical office condominium project addresses a significant demand for medical professionals seeking to purchase and occupy commercial real estate for their practice,” Berghoff said. “We are proud to have played a role in this transaction and excited about the opportunities it presents.”

Menlo Group will continue to work closely with the new owners to sell individual medical and general office condos, providing a unique opportunity for healthcare professionals to own their office space within a thriving medical community. The complex is well-positioned to meet the increasing demand for medical office space in the Phoenix West Valley, thus offering substantial growth potential to prospective condo buyers.

In addition to handling the sales, Menlo Group will also take over the management of Arrowhead Professional Medical Plaza, ensuring a seamless transition and maintaining the high standards of service and upkeep that tenants and condo owners expect.

“We are grateful for the opportunity to manage this beautiful medical office complex,” said Brandon Child, Director of Property Management at Menlo Group. “Our team is committed to maximizing the value of this property for our clients and ensuring that it continues to meet the needs of the medical community.”

Menlo Group Commercial Real Estate is a full-service commercial real estate brokerage headquartered in Tempe, Ariz. We specialize in buyer/tenant representation, seller/landlord representation, investment services and real estate consulting. We exist to support clients, advisors and employees in their professional objectives through effective real estate strategies. Learn more at www.menlocre.com.

TUCSON, ARIZONA (June 3, 2024) — This week, we highlight a 7,528-square-foot retail lease at 1700 S 6th Avenue in Tucson handled by Jesse Blum, Paul Hooker, SIOR, and Alex Demeroutis, Industrial Specialists with Cushman & Wakefield | PICOR.  Larsen Baker is bringing Box’d Market to Ina-10 Flex Center in Marana, to a 7,000-square-foot space at Ina-Flex Center at 7051 N Camino Martin in Marana. Ina 10 Flex Center is the redevelopment of the former Bedroxx Bowling Alley. Isaac Figueroa, CCIM, SIOR with Larsen Baker, represented the landlord, and Bertha Carabajal of Rio Nuevo Realty, LLC, represented the tenant.

The following leases were reported to Real Estate Daily News from May 27 – 31, 2024.

RETAIL – 1700 S 6^TH AVE. TUCSON, 85713 – South Submarket
AutoMD Motorsports, LLC leased 7,528 square feet of retail space at 1700 S. 6th Ave. in Tucson from Tin Cup Properties, LLC. Jesse Blum, Principal, Paul Hooker, SIOR, Principal, and Alex Demeroutis, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 7061 N CAMINO MARTIN, MARANA, 85741 – Northwest Submarket
Box’d Market, LLC has leased 7,000 square feet of space at Ina-10 Flex Center at 7061 N Camino Martin in Marana. Box’d Market is a warehouse wholesaler of new patios, bedding, home decor, toys & more. Ina 10 Flex Center is the redevelopment of the former Bedroxx Bowling Alley. Larsen Baker acquired the asset with the intention of repositioning the building to serve the Flex/Industrial needs of the NW market. There is now one 2,500-square-foot space left at the project. Isaac Figueroa, CCIM, SIOR with Larsen Baker, represented the landlord, and Bertha Carabajal of Rio Nuevo Realty, LLC, represented the tenant.

OFFICE – 1200 N EL DORADO PLACE, TUCSON, 85715 – Northeast Submarket
Larsen Baker has announced 4,754 square feet of new lease activity at their project, El Dorado Square, 1200 N El Dorado Place.

• Sinch Weight Loss Tucson, LLC leased the 1,187-sf space, Suite E-520, in Building E.
• Crimar Holdings leased additional space in Building A’s 700-sf space, Suite A-100-B.
• Arion Care Solutions, LLC leased the 1,726-sf space, Suite A-100, in Building A.
• Farmer Insurance- Brad Anderson Agency leased the 1,141-sf space, Suite D-415, in Building D.

Isaac Figueroa, CCIM, SIOR, with Larsen Baker represented the landlord in all four transactions. Jennifer Villalobos with Cushman & Wakefield represented Sinch Weight Loss, and Kyle Kilgore with NAI Horizon represented Arion Care Solutions, the tenants.

OFFICE – 1055 N LA CANADA DR, #121, GREEN VALLEY, 85614 – South Submarket
Dr. Chad Prior leased 4,021 square feet of office space at Green Valley Medical Mall, 1055 N. La Canada Dr., Suite 121 in Green Valley, from NWI GREEN VALLEY MOB LP. Thomas J. Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord. Doug Marsh, with Oxford Realty Advisors, represented the tenant.

RETAIL – 5480 E BROADWAY BLVD., TUCSON, 85711 – East Submarket
Caber Investments, LLC dba Foot Solutions has leased the 1,900-square-foot inline pad space at The Plaza at Williams Centre. The pad building is at 5480 E Broadway Blvd., at the SWC of Craycroft and Broadway. Foot Solutions is a retail store specializing in selling high-tech custom orthotics, foot care products and services, and healthy footwear. Isaac Figueroa, CCIM, SIOR, with Larsen Baker, represented the landlord, and Nancy McClure, with CBRE, represented the tenant.

RETAIL – 4280 N ORACLE RD, #120, TUCSON, 85705 – Central Submarket
The Taco Spot leased 1,304 square feet of retail space at Oracle Wetmore Shopping Center, 4280 N. Oracle Rd., Suite 120 in Tucson, from Dev Properties, LLC. Aaron LaPrise, Principal and Retail Specialist with Cushman & Wakefield | PICOR represented the landlord. Marc A. Rigua with TerraFirma Commercial Real Estate represented the tenant.

OFFICE – 3444 N COUNTRY CLUB RD., #100, TUCSON, 85716 – Central Submarket
T and T Motivators leased 891 square feet of office space, at 3444 N. Country Club Rd., Suite 100 in Tucson, from 3438/3444 CC, LLC. Molly Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord. Jason Shaltiel, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant.

OFFICE – 2990 N CAMPBELL AVE., #210, TUCSON, 85719 – Central Submarket
Mark Ira Feldman leased 480 square feet of office space at Campbell Plaza Office Building, 2990 N. Campbell Ave. Suite 210 in Tucson, from DSW IREIF Tucson Retail Owner, LLC. Thomas J. Nieman, Principal, and Ryan McGregor, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RENEWALS

INDUSTRIAL – 3722 E 37^TH ST., TUCSON, 85713 – South Submarket
TrueNet Communication Corp. renewed its lease with KGF Investments II, LLC, for 10,220 square feet of industrial space at 3722 E. 37th St., in Tucson. Denisse Angulo-Badilla, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 2700 E EXECUTIVE DR., #100, TUCSON, 85756 – Central Submarket
Heath Consultants Incorporated renewed its lease with 2700 Executive Properties, LLC for 8,300 square feet of industrial space at Bay Colony Technology Center (Building II), 2700 E. Executive Dr., Suite 100, in Tucson. Stephen D. Cohen, Principal, and Alex Demeroutis, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 3855 N BUSINESS CENTER DR., #103, TUCSON, 85705 – Central Submarket
Meridian Engineering Company renewed its lease with Pegasus Tucson Owner LLC for 6,240 square feet of industrial space at North Tucson Business Center, 3855 N. Business Center Dr., Suite 103 in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE – 3501 E SPEEDWAY BLVD., #201, TUCSON, 85716 – Central Submarket
Burns & McDonnell Engineering Company, Inc. renewed its lease with Monte V, LLC for 3,297 square feet of office space at Monte V Corporate Center, 3501 E. Speedway Blvd., Suite 201 in Tucson. Kleiner, MBA, Principal, and Alexis Corona, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 4565 S PALO VERDE RD, #233, TUCSON, 85714 – South Submarket
Accelerate Diagnostics, Inc. renewed its lease with Pegasus Tucson Owner LLC for 1,800 square feet of industrial space at Butterfield Business Park, 4565 S. Palo Verde Rd., Suite 233, in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RETAIL – 3921 E 29^TH STREET, #308, TUCSON, 85711 – East Submarket
Yhajaira Zepeda Simental dba Beauty Glam Studio renewed its lease with Pegasus Tucson Owner LLC for 945 square feet of retail space at Midpoint Business Plaza, 3921 E. 29th St., Suite 308 in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

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