This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

Rivendell Properties LLC et.al., affiliates of Bond Commercial Properties purchased the manufacturing facility at 7775 N Casa Grande Hwy. in Marana as a triple net sale commanded[mepr-show rules=”58038″] $9.65 million ($137 PSF). The 70,348 square-foot building is 90% occupied by Lasertel, with the balance leased to Proto Tech, a machine shop and supplier to Lasertel.

Bond Commercial Properties, based in Anchorage, Alaska represents commercial interests in Alaska, Arizona, New Mexico, Nevada, and Utah, and is interested in acquiring more properties.

The building was built by Lasertel in 1997 and owned and controlled by the company until selling it to a local private investment group, 2030 East, LLC (Eddy Chernecki, managing member), in 2008. Built on 13.35 acres, the class-A property has 4,000 amps of power, a class 10 clean room and 32’ceilings, situated on I-10, in the Continental Ranch Commerce Park in Marana a part of Northwest Tucson, well positioned on the growth corridor between Tucson, Marana ad Phoenix.

Lasertel, a wholly owned subsidiary of SELEX Galileo, Inc., a Finmeccanica company is a vertically-integrated manufacturer of high-power semiconductor laser components and developer of customer laser solutions.

The company services the defense, medical and industrial industries, delivering a wide range of chips, bars, array packages and fiber-coupled devices.

The MBE-based production facility, uses state-of-the-art equipment and patented processes to deliver standard and custom laser diode solutions that meet the requirements of demanding applications.

Palmer Capital of Roseville, CA along with Vast Real Estate Solutions of Tucson brokered the transaction while Northrim Bank of Anchorage handled the financing.

Palmer Capital can be contacted at (916) 462-6300. Jon O’Shea and Rob Fishrup with Vast Real Estate Solutions should be reached at (520) 624-9400.[/mepr-show]

Login for additional information.

[ismember] Sale date: Oct. 11, 2013.  Buyer paid 25% down, or $2,413,000. Escrow time: 60 days. Property sold with an approximate NOI of $780,000 and a reported 7.9% cap rate. This transaction was the seller’s downleg in a 1031 exchange.[/ismember]

PHOENIX, AZ — Cushman & Wakefield of Arizona has been selected to handle leasing of the prestigious Biltmore Commerce Center, a Class A office complex at 3200 East Camelback Road in Phoenix.

The property, which was recently purchased by DPC Development Company of Denver, will undergo a significant modernization and re-positioning in the Camelback Corridor.

The mid-rise office building, which contains approximately 258,348 square-feet of space, was constructed in the mid-1980s. The mid-rise building is situated on approximately 7.53 acres of land that includes a six-level parking structure. Anchor tenants at the property include HDR, North American Title and Accenture.

DPC Development Company is a value-add investor that is known for presenting their buildings in a first class manner and for attracting some of the most prestigious tenants. The company has owned other properties in Arizona and will soon embark on upgrading this asset.

Biltmore Commerce Center’s interior is designed around a sizable atrium space with a large water feature. “The owner has hired Oz Architecture, a very dynamic and creative firm based in Denver, to create a tenant-focused interior that addresses the needs and desires of today’s office users,” says Jerry Noble, senior director with Cushman & Wakefield. “The new ground floor will feature abundant, modern seating areas and Wifi access for meetings and individual work. A new, re-designed water feature and interior landscaping will be included in the design. The owner also is considering the addition of a coffee or restaurant user on the ground floor. This owner is committed to more than a beautification effort and is dedicated to creating a business environment that meets the current desires of tenants and their employees.”

DPC Development Company also has undertaken a re-landscaping effort on the exterior at the corner of 32nd Street and Camelback Road. Simpler plantings and extensive lighting are being installed to improve the curb appeal of the building during both day and night.

“We were proud to acquire this signature asset on the Camelback Corridor,” said Justin Lutgen of DPC Development. “We have been looking for more opportunities in the Arizona marketplace and this asset provides great upside potential. Biltmore Commerce Center’s phenomenal location and 70 percent occupancy offers us the ability to improve the value of the property and lease the remaining space as the market improves.” Biltmore Commerce Center is one of the few buildings in the Camelback Corridor that offers 45,000+ square feet of contiguous space for a large user.

Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield will serve as exclusive leasing agents for Biltmore Commerce Center.

The Cushman & Wakefield team of Noble, Devine and Mayer can be reached at (602) 253-7900.

Taxpayer-backed green energy company ECOtality that filed for chapter 11 bankruptcy protection last month has offers to sell its assets for $4.3 million to three separate buyers according to court records.

The Department of Energy (DOE), which awarded the company $115 million in stimulus funds to produce those Blink chargers you see all over, suspended payments last month when the firm filed bankruptcy in Arizona. ECOtality had already received $96 million of its $115 million commitment from the DOE when it filed chapter 11.

The DOE’s goal was to help ECOtality and a variety of other industry partners deploy electric car charging stations across the country and then study the most cost effective way to roll them out as electric vehicles gain popularity. There are 612 installed in Arizona, 41 in Tucson.

The company’s work in building and installing electric vehicle charging stations was integral to the Obama administration’s attempts to get a million electric vehicles on the road by 2015. That goal has been walked back as its achievability came into question.

As part of the project, people who bought Nissan Leaf electric cars were provided home charging stations for free if they agreed to share their charging data with ECOtality and the government

According to a request filed in court by ECOtality, the company’s auction drew three bids for three different business lines, with the car charging unit drawing the highest price. That business originated in Phoenix. ECOtality moved its headquarters, but not operations, to San Francisco in 2010.

It’s unclear what will happen to the thousands of Blink chargers that have been installed as a new company takes over the business line. According to the filing, a bidder calling itself “Blink Acquisition” will pay $3.3 million for the Blink Network business line, and take over all liabilities associated with it.

Another company, Intertek, will pay $750,000 for the eTec Labs business, which tests various electric-vehicle equipment for the U.S. government and other customers.

Access Control will pay $250,000 for the Minit-Charger industrial electric vehicle business, which includes forklifts and airport baggage-handling equipment.

The sales have been approved by the Judge and each of the bids includes a back-up bid.