Phoenix, AZ – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ Melrose, a 12-unit apartment complex located at 4127 North 9th Avenue, in the trendy Woodlea Historic District of Midtown Phoenix for $1,202,500 or $100,208 per unit.

“MODE @ Melrose is located adjacent to the Melrose District, a hip stretch along 7th Avenue lined with restaurants, shops, music stores and boutiques,” says Les Litwin, Principal at Vestis Group, “Once the remodel was complete, we were able complete the lease up in just 17 days. This turnkey community will continue to add value for the new ownership moving forward.”

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the seller, MODE Apartments of Phoenix. The buyer, a private investor from Scottsdale, Arizona, was represented by Sabrina Walters of SLW Realty Group LLC in Scottsdale, Arizona.

MODE @ Melrose is situated in the trendy Woodlea Historic District, where homes were built between 1928 and 1955. The property address is 4127 N 9th Ave. Phoenix, AZ 85013. The property is situated one-half block west of 7th Avenue, a major-thoroughfare running through Phoenix, Arizona. The property is surrounded by an abundance of commercial developments, including Carl T. Hayden VA Medical Center one mile east, providing strong employment generation for the surrounding area. MODE @ Melrose is also convenient to public transportation, with bus service provided along Indian School Road and 7th Avenue. The Valley Metro light rail line is within walking distance from the subject property and operates along Central Avenue.

MODE @ Melrose is located adjacent to the Melrose District, a hip stretch along 7th Avenue lined with restaurants, shops, music stores and boutiques, including, Copper Star Coffee, Gallo Blanco Café and Bar, FEZ, Hula’ s Modern Tiki, Maizie’ s Cafe, Zinnias at Melrose-Consignment, Modern on Melrose, Melrose Center, Melrose Marketplace and Park Central Mall.

Built in 1962, MODE @ Melrose Apartments was fully remodeled and repositioned in 2015.

Interior upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets.

The revamped exterior features a bocce ball court, grilling station, LED outdoor fireplace, steel pergola, custom seating, pet friendly accommodations, keyed entry pedestrian gates and covered parking.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from April 25 thru 29, 2016.

INDUSTRIAL – 6000 S. COUNTRY CLUB RD., TUCSON
Keystone Automotive Industries, Inc. renewed their lease for 16,678 square-feet at 6000 S. Country Club Road, Suite 156 in Tucson from EastGroup Properties, LP.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord and O. Jacob Bobek with Avison Young, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.882.8898[/mepr-show]

INDUSTRIAL – 5455 S. NOGALES HIGHWAY, TUCSON
Arizona Turbine Technology, Inc. subleased 12,800 square-feet at 5455 S. Nogales Highway in Tucson from Ferguson Enterprises, Inc.   Arizona Turbine Technology has made running a turbine Frac pump easy by automating laborious tasks.  Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord and Thomas Hunt and Bob Davis with Tango Commercial Real Estate, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.87 SF/MO NNN; Tenant Phone: 520.222.6945[/mepr-show]

INDUSTRIAL – 576 W VENTURA ST., TUCSON
Capitol Floors, Inc. leased 8,400 square-feet at 576 W. Ventura St. in Tucson from West Ventura Properties, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the tenant and Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

INDUSTRIAL – 2028 E. 14^th ST., TUCSON
Urban Retreat Center, LLC leased 3,850 square-feet at 2028 E. 14^th St. in Tucson from 14^th Street Partners, LLC.   Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.770.1200[/mepr-show]

INDUSTRIAL – 2015 N. FORBES BLVD., TUCSON
S Landau Enterprises, LLC leased 3,840 square-feet in Broadbent Center, 2015 N. Forbes Blvd., Suite 101 in Tucson from Forbes Tucson, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.67 SF/MO Modified Gross[/mepr-show]

INDUSTRIAL – 4500 E. SPEEDWAY BLVD., TUCSON
Balloon’s Etc., Inc. leased 2,120 square-feet in Midway Business Plaza, 4500 E. Speedway Blvd., Suites 104-105 in Tucson from Presson Midway, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.72 – $0.80 SF/MO Modified Gross; Tenant Phone: 520.325.9889[/mepr-show]

INDUSTRIAL – 305 S. EUCLID AVE., TUCSON
Creative Photonics, LLC leased 1,875 square-feet at 305 S. Euclid Ave., Suite 105 in Tucson from Pascoe Investment-Arizona, LLC.  Creative Photonics is a consulting and engineering company that does prototyping for labs, electronics, LEDs and lasers.  Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, and Broker Assistant, Kelly Fickle handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.75 SF/MO Modified Gross[/mepr-show]

INDUSTRIAL – 815 S. SANTA RITA AVE., TUCSON
Aero-Allergen Research, LLC renewed their lease for 1,638 square-feet at 815 S. Santa Rita Ave. in Tucson from John Wilson III and Rae Lynn Reffrushinni. Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.326.4771[/mepr-show]

INDUSTRIAL – 4500 E. SPEEDWAY BLVD., TUCSON
RTA Homecare, LLC leased 1,600 square-feet in Midway Business Plaza, 4500 E. Speedway Blvd., Suite 19 in Tucson from Presson Midway, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.72 – $0.80 SF/MO Modified Gross; Tenant Phone: 520.207.8739[/mepr-show]

OFFICE – 3131 N. COUNTRY CLUB RD., TUCSON
Alliance of Construction Trades leased 1,329 square-feet of office space at 3131 N. Country Club Rd., Suite 106 in Tucson from TDD Properties, Inc. Isaac Figueroa, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord and the tenant in this transaction. [mepr-show rules=”58038″]Asking Lease rate: $13.00 SF/YR Modified Gross; Tenant Phone:520.624.3002[/mepr-show]

INDUSTRIAL – 1870 W. PRINCE RE., TUCSON
American Fire Equipment Sales and Service Corporation leased 1,200 square-feet in Exchange Place, 1870 W. Prince Rd., Suite 56 in Tucson from Presson Corporation.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.307.3188[/mepr-show]

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Phoenix, Arizona – Desert Commercial Advisors in Phoenix are in warp speed in lease transactions across the valley.  The retail and office divisions have started out with over $16.94 million in lease transactions to begin the first 2 weeks of April 2016.  Chandler Crossings will be one of the best retail and entertainment developments as Alamo Cinema Draft House and Dairy Queen close on over $16 million in lease investment alone.

Rommie Mojahed and Mary Nollenberger have leased 35,324 square-feet of retail space to Craig and Kim Paschich with Alamo Chandler, LLC. or property referred to as the new Alamo Draft House Theater. The lease agreement over $14.6 million will be on a long-term lease.  The property is in the new Chandler Crossings development located at Arizona Avenue and Chandler Heights.  The landlord, The Shoppes at Chandler Heights was represented by Mojahed and Nollenberger with SVN, Desert Commercial Advisors in the lease transaction.

Paul Borgesen III and Justin Horwitz have leased 3,257 square-feet of office space to Brian Ford with Custom Market Solutions, LLC.  The landlord was represented by SVN, Desert Commercial Advisors, Borgesen III and Horwitz in the transaction.  The property is in the Camelhead Business Center located at 2600 N. 44^th St. in Phoenix.

Rommie Mojahed and Mary Nollenberger have leased 3,000 square-feet to Stephen J. Cowgur with DS Enterprises, Inc.  The new lease tenant for Dairy Queen is in the new Chandler Crossings development on Arizona Avenue and Chandler Heights Blvd. SVN advisors represented the landlord, The Shoppes at Chandler Heights.

Justin Horwitz has leased 2,127 square-feet of office space to Dan Brauning with Ideal Rehabilitation, LLC.  The outside tenant was represented by SVN advisor, Horwitz in the transaction. The property is located at 7001 N. 16^th St. in Phoenix.

Rommie Mojahed, Mary Nollenberger, and Beau Flahart have leased 1,495 square-feet of retail space to Cabinet Cures, LLC.  Desert Commercial advisors represented the landlord, Fiesta Crossing, LLC. in the transaction.  The property is at Fiesta Crossing located at 1660 S. Alma School Rd. in Mesa.

Beau Flahart has leased 1,080 square-feet of retail space to Dustin Nguyen with Lee Spa Nails.  SVN advisor represented the tenant in the transaction for a long-term lease of 10 years. The property is in the Valencia Marketplace, located at 1785 W. Valencia Rd.

Paul Borgesen III and Justin Horwitz have leased 1,016 square-feet of office space to Brandon Farver with Atticue.  The property is in the Camelhead Business Center located at 2600 N. 44^th St.   The landlord was represented by the Borgesen III and Horwitz in the lease transaction.