PHOENIX, AZ – Prologis, the global leader of industrial real estate has acquired three industrial buildings totaling approximately 334,000-square-feet in Downtown Phoenix at 1630, 1710 and 1720 E. Grant St. for $14.5 million.

Stein Koss and Tom Louer, Principals with Lee & Associates’ Koss | Louer Team, brokered the

transaction between the publicly-traded REIT Prologis and the seller, Miller-Valentine Group, Dayton OH.

The three buildings, built between 1998-2002, are on a ground lease with the City of Phoenix Aviation Department. They are situated on approximately 23 acres. The buildings feature clear heights from 16’ to 28’, dock high loading and are adjacent to Union Pacific rail lines. The facilities are located West of Sky Harbor Airport in the Sky Harbor Business Park.

Prologis is the global leader in industrial logistics real estate across the Americas, Europe and Asia. They create value by developing and managing a world-class portfolio of high-quality logistics and distribution facilities, serving customers and investors as an integral part of the global supply chain.

For more information. contact Stein Koss, SIOR, 602.912.3520 and Tom Louer, SIOR 602.954.3779.

Four-building campus will create new sense of place along Loop 202

PHOENIX, AZ – With the just-closed, $34.34 million office acquisition of Riverview Point, Harvard Investments and Lincoln Property Company (LPC) will combine new construction with existing buildings to establish a 425,861-square-foot, Class A office campus at the borders of Tempe, Scottsdale and Mesa, Arizona.

The new development, branded collectively as Waypoint, will combine Harvard and LPC’s recently delivered Waypoint One Class A office building, their soon-to-break-ground Waypoint Two Class A office building and the existing, two-building Riverview Point portfolio. The result is a four-building business campus situated on 34.53 acres along the Loop 202 and adjacent to Mesa Riverview, a 1.3 million-square-foot retail, hospitality and entertainment complex.

“With this activity, we’re establishing an almost half-million-square-foot office destination within one of the Valley’s brightest business corridors,” said Craig Krumwiede, President of Harvard Investments. “It is a tremendous opportunity to create a very strong new portfolio asset in the market.”

Developed in 2008, Riverview Point consists of two, two-story office buildings totaling 164,861-square-feet at 1138 and 1146 N. Alma School Rd. in Mesa. The project is 98 percent leased to tenants including Ashton Woods, Mitel Corporation, the corporate headquarters for Nextcare and Udall Shumway PLC. Harvard and LPC will roll out a building renovation plan at Riverview Point that includes new paint, interior renovations and new monument signage to build the cohesive Waypoint brand.

The newly acquired buildings sit adjacent to Waypoint One, a two-story, 108,000-square-foot Class A project that was developed and fully pre-leased last year by Harvard and LPC. Located at 1150 N. Alma School Rd. in Mesa, Waypoint One is now 100 percent occupied by American Traffic Solutions (ATS). ATS moved into Waypoint One in November, consolidating approximately 500 employees from Scottsdale and Tempe to create a new corporate headquarters.

In March, Harvard and LPC will break ground on Waypoint Two, a 152,000-square-foot Class A office building adjacent to Waypoint One at 1130 N. Alma School Rd. in Mesa. Waypoint Two is designed to accommodate single- and multiple-occupancy users. Like Waypoint One, it will provide a “high-tech” aesthetic with clean lines, timeless materials, simple detailing, bright and open lobbies and workspaces, and abundant parking.

“On its own, Riverview Point is a successful project that is almost fully leased to a roster of stable tenants. Waypoint One adds the vibrancy of American Traffic Solutions and Waypoint Two gives us the runway to expand on that vibrancy,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “By controlling this entire site, we have the flexibility and freedom to build a very distinct and modern office footprint in the East Valley.”

The new four-building Waypoint campus sits just six miles east of Phoenix Sky Harbor International Airport, with convenient access to Loop 101 at Rio Salado Parkway and the Loop 202 at Dobson and Alma School roads. Waypoint is less than one mile from the new Cubs Spring Training Facility and the newly reconfigured Riverview Park. It joins an established business and hospitality environment that includes the mixed-use Mesa Riverview, a Hyatt Place Hotel and a 180-room, upscale brand Sheraton Hotel with amenities including full-service restaurants, bars, swimming pool, fitness facility and more than 30,000-square-feet of meeting and event space.

Barry Gabel and Chris Marchildon of CBRE represented the seller, R&R Riverview LLC, in the Riverview Point transaction. The financing partner is BMO Harris.

LPC will manage all four buildings at the project, adding Waypoint to its more than 8 million-square foot Phoenix property management portfolio.

For additional information, contact Dave Carder or Luke Walker of CBRE at (602) 735-5555.

Phoenix, AZ – Phoenix-based Velocity Retail Group’s Darren Pitts and Bob Crum of Ross Brown Partners represented La-Z-Boy Furniture Galleries of Arizona, in the purchase of a 1.65 acre parcel at 5584 E. State Route 69, Prescott Valley, Arizona. Located in the Crossroads Shopping Center in Prescott Valley, this will be the furniture retailer’s newest location in Northern Arizona.

The seller in the transaction, Kitchell Development Company, was represented by Greg Laing of Phoenix Commercial Advisors. La-Z-Boy will construct a 14,000 +/- square foot building on the parcel, which is situated directly on Highway 69 at the main entrance to Hobby Lobby and Home Depot.

Darren Pitts, executive vice president with Velocity Retail Group has worked with Ed Breunig, CEO for several years during La-Z-Boy’s market expansion throughout Arizona. “This is a highly visible parcel in the heart of Prescott Valley’s newest shopping center development that boasts over 1.3 million square feet of retail across both sides of Highway 69. Our new store will be perfectly positioned within this retail corridor and will be a great addition to the retailer line-up serving Prescott and the surrounding area,” said Pitts.

Ed Breunig commented, “This store will be our 10^th location in Arizona and will also have the full complement of La-Z-Boy offerings for our customers including design services, and personal shopping.” The new location is expected to open in September of 2016.

La-Z-Boy started producing their first recliner in 1928. The company prides itself on the principals of comfort, innovation, and industry-leading craftsmanship. Nearly all La-Z-Boy furniture is built in the U.S.A. from domestic and imported materials. La-Z-Boy currently sells products in these markets: America, Asia, the United Kingdom, Australia, New Zealand, Latin America, Europe, the Middle East, and Africa.