PHOENIX, AZ – ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $10 million ($30,488 per unit) sale of the 328-unit, Glendale Manor Apartment Homes, located in Glendale, AZ. Built in several phases from 1963 to 1973 and highly repositioned in 2014 / 2015, the property features a mix of Studio, 1-, 2-, 3- and 4-bedroom unit types, with a weighted average unit size of approximately 605-square-feet.

“In January of 2014 the current sellers acquired Glendale Manor as a distressed asset and immediately began an aggressive rehab and re-tenanting strategy. The Seller’s internal management company, VM Management, did an amazing job in turning around this property,” states Alon Shnitzer, Senior Managing Partner at ABI and who represented the Seller.

Located in the South Glendale Submarket, Glendale Manor is less than a mile from Downtown Glendale and a few miles east of the University of Phoenix Stadium and Westgate Entertainment District. “The Buyer, Transpacific Asset Management, is an experienced multifamily investor,” states Doug Lazovick, Partner at ABI, who represented the Buyer in the transaction. “Dalan & VM Management did a fantastic job repositioning the asset, which is both individually and master metered for electricity. The Buyer, who owns multiple master metered properties and one in the same submarket, is well suited to realize substantial upside by optimizing the asset’s performance. Additionally, South Glendale’s reduced price/unit point of entry comparative to the rest of the Phoenix valley, as well as its solid population growth (increasing nearly 7% since 2000), further peaked the Buyer’s interest.”

Glendale Manor Apartments sit on 11.71-acres of land, with over 39 total building structures and a dedicated leasing center. Additional property features include: three swimming pools, three on-site laundry facilities, ample covered and open parking, a playground and BBQ grill areas. The property was approximately 90% occupied at close of escrow.

The buyer, Transpacific Asset Management LLC, is a California based multifamily investor.

The Seller was a Joint Venture between New York-based Dalan Management and Arizona-based VM Management. The partnership owns and manages real estate with a focus on improving and adding value to multifamily and commercial properties. Dalan’s portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC and Phoenix, Arizona with additional commercial holdings in Manhattan. VM’s portfolio consists of multifamily assets in the greater Phoenix area.

The Phoenix based ABI Multifamily brokerage team of Doug Lazovick, Alon Shnitzer, John Kobierowski, Rue Bax and Eddie Chang represented both buyer and seller in this transaction.

For more information, Lazovick should be reached at 602-714-1388, Shnitzer can be contacted at 602-714-1283, Kobierowski is at 602-714-1384, Bax should be contacted at 602-714-1406, and Chang can be called at 602-714-1398.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from June 6 thru June 10, 2016.

INDUSTRIAL – 2010 N. FORBES BLVD., TUCSON
Comfort Systems USA (Southwest), Inc. leased 5,954-square-feet at 2010 N. Forbes Blvd., Suite 103 in Tucson from Tucson North Forbes Ventures, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Keith Lammersen with JLL, represented the tenant in this transaction. [mepr-show rules=”58038″]Phone: 520.628.8640[/mepr-show]

OFFICE – 3575 E. SUNRISE DR., TUCSON
First Financial Equity Corp. leased 4,520-square-feet of office space at La Paloma Corporate Center. David Montijo and Damian Wilkinson with Tucson’s CBRE office represented the landlord. Jeff Casper with CBRE’s Tucson office and Bryce Terveen with CBRE’s Phoenix office represented the tenant. [mepr-show rules=”58038″]Asking lease rate: $22.00 SF/YR Full Service[/mepr-show]

RETAIL – 3575 E. GRANT RD., TUCSON
Priority Auto and Tire Center, LLC leased 4,487-square-feet at 3575 E. Grant Rd. in Tucson from Norman Medeiros, Sr., Revocable Living Trust.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Phone: 520.585.4205[/mepr-show]

RETAIL – 5640 E. BROADWAY BLVD., TUCSON
Gospel Supplies leased 4,240-square-feet in Broadway Center, 5640 E. Broadway Blvd., from Broadway Craycroft, LLC.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.[mepr-show rules=”58038″] Phone: 520.722.1441[/mepr-show]

OFFICE – 5300 E. ERICKSON DR., TUCSON
Tender Loving Care Health Care Services Western, LLC leased 3,762-square-feet at 5300 E. Erickson Dr., Suite 116 in Tucson from TMC Holdings, Inc.  Rick Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Phone: 520.546.1724[/mepr-show]

OFFICE – 7400 N. ORACLE RD., TUCSON
G4S Secure Solutions (USA), Inc. leased 3,652-square-feet of office space at 7400 N. Oracle Rd., Suite 311 in Tucson from Northwest Corporate Centre.  Isaac Figueroa, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant and Dan Wesson with The Waterfall Group, LLC, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $16.50 SF/YR Full Service; Phone: 520.748.8800[/mepr-show]

RETAIL – 4165 W. INA RD., TUCSON
Southwest Dance Academy, LLC leased 3,477-square-feet at 4165 W. Ina Rd., Suite 101 in Tucson from Tin Cup Properties, LLC, dba Regency Plaza.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – RILLIOT CORPORATE PARK, TUCSON
National Community Health Partners renewed 2,814-square-feet of office space at Rillito Corporation Park. David Montijo and Damian Wilkinson with CBRE’s Tucson Office represented the landlord and the tenant in this transaction. [mepr-show rules=”58038″]Phone: 520.795.9756[/mepr-show]

OFFICE – 6260 – 6296 E. GRANT RD., TUCSON
Coronado Internal Medicine has leased a 2,400-square-feet of space at Wilmot Professional Plaza, located on Wilmot Rd, just south of Grant Rd. The Premises will be used as a general medical practice office. They are scheduled to open for business October 2016.  Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker, while Andrew Sternberg, of Oxford Realty, represented the Tenant. [mepr-show rules=”58038″]Phone: 520.885.2072[/mepr-show]

RETAIL – 3150 E. FT. LOWELL RD., TUCSON
Rug Warehouse leased 2,320-square-feet in Winterhaven Square, located at Fort Lowell and Country Club in Tucson, from Glover Associates, LP.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.

OFFICE – 6260 – 6296 E. GRANT RD., TUCSON
Borden Physical Therapy has leased a 2,280-square-feet of space at Wilmot Professional Plaza, located on Wilmot Rd, just south of Grant Rd. The Premises will be used as a physical therapy office. They are scheduled to open for business in September 2016.  Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker, while Alan Moore, of Chapman Lindsey, represented the Tenant. [mepr-show rules=”58038″]Phone: 520.884.0001[/mepr-show]

OFFICE – 6260 – 6296 E. GRANT RD., TUCSON
HBS Management Solutions has leased a 2,120-square-foot space at Wilmot Professional Plaza, located on Wilmot Rd, just south of Grant Rd. The Premises will be used as an property management office. They are scheduled to open for business in October 2016.  Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker. [mepr-show rules=”58038″]Phone: 520.838.0276[/mepr-show]

OFFICE – 1600 N. KOLB RD., TUCSON
Fidelity National Title leased 1,987-square-feet of office space at Kolb Executive Park. The landlord was represented by Diana Dessy of Anthem Equity Group. The tenant was represented by David Montijo and Damian Wilkinson with CBRE’s Tucson Office.

RETAIL – 3150 E. FT. LOWELL RD., TUCSON
Tom Roof the Cleaner renewed their lease for 1,788-square-feet in Winterhaven Square, located at Fort Lowell and Country Club in Tucson, from Glover Associates, LP.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Phone: 520.326.1114[/mepr-show]

OFFICE – 6400 E. GRANT RD., TUCSON
Frontline Software Technology, Inc. leased 1,747-square-feet at 6400 E. Grant Rd., Suite 110 in Tucson from La Mirada, LLC.  Rick Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord and Isaac Figueroa, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $16.50 SF/YR Full Service; Phone: 520.298.0707[/mepr-show]

OFFICE – 899 N. WILMOT RD., TUCSON
Brien V. Harvey, D.D.S. has extended his current lease for a five (5) year term of 1,632-square-feet at 899 N. Wilmot Road, Suite E-2, from Holland Arizona Investments, LLC.  Lori Casey of Oxford Realty Advisors handled the transaction. [mepr-show rules=”58038″]Phone: 520.745.5722[/mepr-show]

OFFICE – 1773 W. ST. MARY’S RD., TUCSON
Southwest Orthopaedic Surgery leased 1,580-square-feet at Tucson Mountain Medical Park at 1773 W. St. Mary’s Road, Tucson. Bruce Suppes and Dave Volk with the CBRE’s Tucson Office represented the landlord. [mepr-show rules=”58038″]Asking lease rate: $16.50 SF/YR Full Service; Phone: 520.327.9677[/mepr-show]

OFFICE – 1200 N. EL DORADO PL., TUCSON
Tami C. Friske, OD, PC leased 1,488-square-feet in El Dorado Square, 1200 N. El Dorado Pl., Suite G-750 in Tucson, from El Dorado Ventures, LLC. Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord and James Robertson, Jr. with Realty Executives Tucson Elite, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $17.90 SF/YR Full Service[/mepr-show]

OFFICE – 1773 W. ST. MARY’S RD., TUCSON
Bayada Home Health Care leased 1,364-square-feet at Tucson Mountain Medical Park at 1773 W. St. Mary’s Road, Tucson. Bayada was represented by Gary Best with Keller Williams Southern Arizona Realty.  Bruce Suppes and Dave Volk with the CBRE’s Tucson Office represented the landlord. [mepr-show rules=”58038″]Asking lease rate: $16.50 SF/YR Full Service[/mepr-show]

RETAIL – 1830 E. BROADWAY BLVD., TUCSON
Supercuts, Inc. leased 1,234-square-feet at 1830 E. Broadway Blvd., Suite 170 in Tucson, from Broadway Tucson Investors, LLC.  Greg Furrier and Rob Tomlinson, Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord.  John Yarborough, with Romano Real Estate Corporation, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $14.00 – 19.00 SF/YR NNN[/mepr-show]

RETAIL – 3118 E. FT. LOWELL RD., TUCSON
Domino’s Pizza leased 1,200-square-feet in Winterhaven Square, located at Fort Lowell and Country Club in Tucson, from Glover Associates, LP.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 3150 E. FT. LOWELL RD., TUCSON
Rich Nails renewed their lease for 1,160-square-feet in Winterhaven Square, located at Fort Lowell and Country Club in Tucson, from Glover Associates, LP.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Phone: 520.319.1888[/mepr-show]

OFFICE – 2200 E. RIVER RD., TUCSON
Gordian Advisors, LLC leased 983-square-feet of office space at 2200 E. River Road, Suite 109 in Tucson from Morken Family Trust.  Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.[mepr-show rules=”58038″] Asking lease rate: $22.00 SF/YR; Phone: 520.615.2779[/mepr-show]

OFFICE – 7680 E. BROADWAY BLVD., TUCSON
Mercury Ventures Inc. renewed 903 sq. ft. and signed a new lease for 532 sq. ft. of office space at Broadway Proper. The transaction was handled by Bruce Suppes with CBRE’s Tucson Office.[mepr-show rules=”58038″] Phone: 520.647.7865[/mepr-show]

OFFICE – 7070 N. ORACLE R., TUCSON
Tucson Counseling leased 803-square-feet of office space at 7070 N. Oracle Road. Bruce Suppes and David Volk represented the landlord and the tenant in this transaction. [mepr-show rules=”58038″]Phone: 520.873.8562[/mepr-show]

Kicks off the ground breaking of a new, 150,000 SF “Building Six”

PHOENIX, AZ– A 25,000-square-foot lease completed by the Phoenix office of JLL welcomes VenSure Employer Services to Building One at Chandler Freeway Crossing, a multi-building office campus developed by Mark IV Capital in Chandler, Arizona. The lease brings Building One – and all three buildings at Chandler Freeway Crossing – to 100 percent occupied.

It also kicks off the development of a new three-story, 150,000-square-foot Class A office building at the project.

JLL Managing Directors Dave Seeger, Karsten Peterson and Mark Gustin, along with Associate Elizabeth Collins, are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction. Hani Aldulaimi of KW Commercial represented VenSure.

Located at the intersection of the Loop 101 and Loop 202 freeways, Chandler Freeway Crossing is a 40-acre business park encompassing three existing Class A office buildings ranging from 45,000 to 170,000 square feet. Together, the buildings total 275,000 square feet and are fully leased to tenants including GM, ASML, SanDisk and VenSure – a Professional Employer Organization (PEO) providing payroll, human resources, employee benefits, workers compensation, workplace safety and loss control services to businesses across the U.S.

VenSure will relocate from Mesa to Chandler Freeway Crossing in September.

“VenSure was looking for a high-quality corporate campus with a flexible building – something that it could develop into a creative and collaborative environment for its employees,” said Seeger. “Chandler Freeway Crossing provided this, with an empty shell and 25-foot open ceiling grid that allows VenSure to implement dynamic open office features, as well as a mezzanine overlooking the open cube environment.”

“Our projects focus on delivering best in class working environments for businesses. Chandler Freeway Crossings is a great example of our firm’s focus on creating environments that cater to a tenant’s specific needs. VenSure is a welcome addition to the project. We collaborated with them to create a space that would be inclusive of the specific elements that they sought out during their search for a new location,” said Kelly Kharbanda, Regional Vice President at Mark IV Capital. “With their lease, all three of our buildings at Chandler Freeway Crossing are now fully occupied – a good place to be as we break ground on our next Class A building at this site and a testament to the area’s strong demand.

The new building at Chandler Freeway Crossing (referenced as Building Six) totals 150,000 square feet in three stories. It is located at 2625 W. Geronimo Place, at the southwest corner of Geronimo Place and Ellis Street. Amenities include a rooftop deck, 6.5/1,000 parking ratio and freeway visibility that includes building signage opportunities and a 60-foot tall, freeway-facing monument sign.

An additional building (referenced as Building Five) is part of the Chandler Freeway Crossing master plan. Building Five will total 125,000 square feet and will be developed upon the successful lease-up of Building Six.

Chandler Freeway Crossing offers direct access to the Loop 101 and Loop 202 freeways, and is minutes from Chandler Fashion Center, with more than 240 restaurant and retail amenities. This is part of more than 5 million square feet of retail and restaurant space located within a five-mile radius of the project. There are also four hotels (Hilton, Marriott, Hampton and Homewood Suites) within one mile of the project. Nearby corporate neighbors include Intel, Wells Fargo, Orbital Sciences, Amkor Technologies, Infusionsoft and eBay.