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An affiliate of The DESCO Group, DAZ5-Grant Road, LLC, sold 16 office condominiums at 5977 E Grant Road in Tucson for[mepr-show rules=”58038″] $2.06 million ($251 PSF). The 8,220 square-foot building (built 2008) called Grant Road Professional Plaza was 84% occupied at time of sale by two tenants, An Elegant Smile Dentistry and Ideal Physical Therapy.

The remainder of the property was in shell condition, having never been occupied. Located on Grant Road (53,000 PAG 2015 Estimates) Grant Road is a major east-west arterial road which merges into Wilmot Road, a major north-south arterial Road. The city of Tucson is currently performing 5 miles of improvements to Grant Road from Oracle to Swan (1.5 Miles from the Property).

DESCO Southwest (DSW) is a wholly owned subsidiary of The DESCO Group headquartered in St. Louis, Missouri, and opened a development office in Tucson in 2001 The DESCO Group and its parent, Schnuck Markets, Inc., is listed in the top 100 privately owned companies in the U.S. with annual revenues in excess of $2 Billion Dollars.

The investor was Double Z Grant Medical, LLC (Manuel Zazueta Echavarri, managing manager) of Tucson.

James Hardman with DESCO Southwest in Tucson handled this transaction for both buyer and seller.

In a separate transaction, Hardman represented the buyer, DeBenedetti and Company, PLLC of Tucson (Mark DeBenedetti, managing member) on the purchase of 2504 E Elm Street in Tucson for $415,000 ($86 PSF). The buyer is a CPA firm that will owner occupy the 4,835 square-foot building (built 1976) on a 24,400 square-foot lot.

The seller, 2504 E Elm, LLC (Jay B Appleby) of Tucson had owned the property since 1999 and was represented in the transaction by Tom Neiman, Principal and Office Specialist with Cushman & Wakefield | Picor in Tucson.

Hardman should be contacted at (520) 297-8929 and Neiman is can be reached at (520) 546-2728.[/mepr-show]

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[ismember]5977 E Grant Rd, sale date: 10/16/2013. Escrow time was 45 days due diligence and a 30 day close. Buyer paid all cash. APNs: 11016-316 thru 331 for the sixteen office condos.

2504 E Elm St., sale date: 10/1/2013. Seller did a carryback to buyer with undisclosed terms. APN: 123-01-009A.[/ismember]

Chicago-based companies, NexCore and Heitman LLC have acquired a 671,811-square-foot medical office portfolio in California and Arizona for $114 million ($170 PSF) from Chicago’s LaSalle Investment Management, the partners said late Friday.

The portfolio consists of 13 medical office buildings, about one-third of which is occupied by San Francisco’s Dignity Health hospital system.

Nine of the buildings are located on Dignity Health hospital campuses, according to NexCore Group, LP, a national health care real estate firm based in Denver, and Heitman, a Chicago-based multinational real estate investment firm with $27 billion in assets under management.

Eight of the buildings are located in Southern California, located in Glendale, Northridge and Bakersfield, CA; the rest are in the Phoenix metropolitan area, located in Gilbert, Chandler and Phoenix, AZ. Dignity Health operates 38 hospitals in California, Arizona and Nevada.

“With the resurgence in the Arizona and California real estate markets and with the continued growth in the healthcare sector, we are excited to manage this portfolio, ” said Greg Venn, CEO of NexCore Group. ” We will bring new capital improvements to the project and a new pride of ownership that reflects the quality tenancy in the buildings.”

The two real estate partners say they have jointly purchased property worth more than $490 million.

“With the resurgence in the Arizona and California real estate markets and with the continued growth in the healthcare sector, we are excited to manage this portfolio, ” said Greg Venn, CEO of NexCore Group. ” We will bring new capital improvements to the project and a new pride of ownership that reflects the quality tenancy in the buildings.”

Arizona Medical Office Buildings:

Chandler Medical Office Building 43,376 rentable SF, 485 South Dobson Road, Chandler

Gilbert Health Center, 39,499 rentable SF, 150 N. Gilbert Road, Gilbert

Ahwatukee Foothills Health Center, 48,618 rentable SF, 4545 E Chandler Road, Phoenix

Sun Lakes Health Center, 40,768 rentable SF, 10440 E Riggs Road, Chandler

McAuley Medical Center, 168,511 rentable SF, 500 West Thomas Road, Phoenix

CBRE Group Inc.’s (NYSE: CBG) Healthcare Capital Markets Group in Los Angeles was marketing the portfolio on behalf of the unlisted real estate investment trust (REIT), according to hreinsights.com.

Arizona is open for business growth and has a $25 million fund to help companies that will create high-quality, stable jobs in the Grand Canyon state according to Greg Linaman,Chief Opertaing Officer for the Arizona Commerce Authority (ACA) at the recent ITRA Global Conference in Scottsdale.

Executives from one of the largest commercial real estate organizations devoted to the representation of corporate tenants and buyers heard this message loud and clear from the Arizona Commerce Authority (ACA).

Linaman shared with conference attendees information about Arizona’s incentives and services aimed at attracting companies to expand or relocate in the state. Among them was the state’s $25 million Arizona Competes Fund, a “deal-closing fund” that provides incentives for companies that meet job-creation benchmarks.

Since mid-2011, the fund has awarded grants to seven companies: Clear Energy Systems Inc., Silicon Valley Bank, Ulthera Inc., United HealthCare Services Inc., The Go Daddy Group Inc., Maverick HealthCare Group LLC and Acceler8 Technologies Corp. Together they are expected to bring nearly 1,700 new jobs to Arizona.

“My ITRA colleagues found this information extremely useful in our work assisting clients in decisions about the best sites for relocation and expansion,” says Michael Coretz, Principal of ITRA Global / Commercial Real Estate Group of Tucson. “These incentives provide the extra consideration that Arizona already receives from its business-friendly environment, talented work force and great weather and culture,” says Mr. Coretz, who was instrumental in bringing the global conference to Arizona.

“The Arizona Competitiveness Package encompasses some of the most powerful economic development legislation in the country, making Arizona one of the most attractive locations in the world for companies to operate,” says Gordon Rasmussen, principal of ITRA Global / Martin Property Advisors Inc. in Phoenix. “The $25 million deal-closing fund should be of particular interest to major employers who are considering Arizona.”

The conference also included a guest panel of corporate executives from major firms that have already located or expanded to the Phoenix area, including Brandon Keenan, National Director (Phoenix) for Gigya; Ken Veach, Director for Silicon Valley Bank; and Mark Singerman, Regional Director for Rockefeller Group International, Inc.. The panelists praised Arizona officials for their willingness to work with them throughout the site selection process. “Put smart people in a room and good things happen,” says Brandon Keenan.

The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: Recruit, Grow, Create – Recruit out-of-state companies to expand their operations in Arizona; work with existing companies to grow their business in Arizona and beyond; and partner with entrepreneurs and companies large and small to create new jobs and businesses in targeted industries. You may reach the ACA at (602) 845.1200

ITRA Global is an organization of real estate professionals specializing in representing tenants and buyers in the leasing, acquisition and disposition of office, industrial and retail facilities. With coverage in major markets around the world, ITRA Global is one of the largest organizations dedicated to representing tenants and occupiers of commercial real estate. Clients benefit by having an experienced professional as their trusted advisor, providing conflict-free representation with total objectivity. To learn more about ITRA Global or any of our locations, contact Michael Coretz, ITRA Global / Tucson, at (520) 299.3400 or Beth Wade, Executive Director of ITRA Global, at (706) 654.3201