CBRE has completed the sale of Palm Valley Pavilions East in Goodyear, Ariz. The 35,199-square-foot retail center commanded a sale price of $4.8 million ($136 PSF).

Palm Valley Pavilions East is located at the southeast corner of Litchfield Road and McDowell Road and is adjacent to the masterplanned community of Palm Valley. The shopping center is shadow anchored by Target and tenants include Michael’s and Starbucks. The retail center was 100% occupied at the time of sale.

Andrew Fosberg, Steve Fernandez and Joseph Compagno of CBRE’s Phoenix office represented the seller, MEI Properties LLC of Buena Park, Calif. The international buyer, Toronto, Ontario-based Claxton Real Estate LP 1, was represented by Tivon Moffitt and Peter Bauman with Colliers International in Phoenix, AZ.

“We continue to see an influx of Canadian investors in the metro Phoenix market,” said Fosberg. “We are seeing many of these investors shift their strategy from looking to purchase bank owned properties to well-located, stabilized assets, such as Palm Valley Pavilions East.”

CBRE’s team can be reached as follows: Fosberg is at (602) 735-1723, Fernandez is at (602) 735-5553 and Compagno at (602) 735-1733. Moffitt with Colliers is at (602) 222-5048 and Bauman can be contacted at (602) 222-5053.

WAREHOUSE – 1501 E. 21st STREET, TUCSON
Growers House, LLC, a supplier of hydroponic systems, setups, kits bulbs, glow boxes, LED grow lights reflectors and related materials leased 15,387 square feet at 1501 E. 21st Street in Tucson from Kash Property Management. Rob Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Jesse Blum with CBRE represented the tenant in this transaction.

RETAIL / WAREHOUSE – 2165 N. FORBES, TUCSON
PGW Auto Glass, LLC, a leading supplier of auto glass and shop accessories, with more than 100 distribution branches throughout the U.S. and Canada, leased 11,440 square-feet at 2165 N. Forbes, Suite 103 in Tucson from Forbes Tucson, LLC. Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord, and John Corder with Fischer & Company represented the tenant in this transaction.

RETAIL – 2021 E. BEVERLY, TUCSON
Desert Whale Jojoba Co., Inc. leased 8,200 square-feet at 2021 E. Beverly in Tucson from SRS Acquisition Corporation. Ron Zimmerman, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

WAREHOUSE / OFFICE– 831 E. 47th, TUCSON
Portable Practical Educational Preparation, Inc. (PPEP) leased 5,786 square-feet at 831 E. 47th in Tucson from the Walter & Jill Pearson Trust. Ron Zimmerman, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE / WAREHOUSE – 1870 West Prince RD., TUCSON
The following businesses renewed / leased space at 1870 West Prince Road in Tucson from Presson Corporation:
• Firetrol Protection Systems, Inc. leased 2,880 square-feet in Suites 24 & 25,
• Grand Canyon Pump & Supply, Inc. leased 2,880 square-feet in Suites 41 & 42,
• Master Restoration, LLC leased 1,440 square-feet in Suite 14
• TestAmerica Laboratories, Inc. leased 1,200 square-feet in Suite 59.
• Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord. Glenn Patching with Tucson Commercial Management represented Master Restoration, LLC and Michael Coretz with Cresa Partners represented TestAmerica Laboratories, Inc.

WAREHOUSE / OFFICE – 3911 N. HIGHWAY DRIVE, TUCSON
Leader Automotive Group, LLC leased 2,400 square-feet on 4.5 acres of land located at 3911 N. Highway Drive in Tucson from Highway Drive, LLC. Rob Glaser, SIOR, CCIM, Principal and Pat Welchert, SIOR, Industrial Specialists with Cushman & Wakefield | PICOR represented the landlord, and Mike Hennessy with Burris Hennessy represented the tenant in this transaction.

OFFICE – 1701 W. ST. MARY’S, TUCSON
Retina Centers, PC, a provider of treatment for retinal tears and detachments, as well as diabetic retinopathy, age-related macular degeneration and ocular oncology, leased 1,182 square-feet at 1701 W. St. Mary’s, Suite 111 in Tucson from Healthcare Realty Services, Inc. Tom Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 5300 E. ERICKSON, TUCSON
Neonatal Specialists, Ltd. renewed their lease for 1,074 square-feet at 5300 E. Erickson, Suite 103 in Tucson from TMC Holdings Inc. Tom Knox, SIOR and Rick Kleiner, MBA, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 3820 S. PALO VERDE, TUCSON
Progress Products & Services, Inc., a Tucson based employment service, renewed its lease of 1,041 square-feet at 3820 S. Palo Verde, Suite 111 in Tucson, from Palo Verde Trust Partners, LLC. Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

RETAIL / OFFICE – 220 E. 27th ST., TUCSON
Presidio Plumbing with Solar Heating, LLC, a leading plumbing service company and source of solar water heater sales and installation, leased 900 square-feet at 220 E. 27th Street in Tucson from Tin Cup Properties, LLC. Ron Zimmerman, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 3275 W. INA RD., TUCSON
Empire Insurance Group of Southern Arizona leased 787 square-feet at 3275 W. Ina, Suite 100 in Tucson from Caldor Investments of Arizona, LLC. Tom Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented both tenant and landlord in this transaction.

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[ismember]Retina Center – 1701 W. St. Mary’s – $19.00 sq ft / yr
1879 E. Prince – Master Restoration – Suite 14 – $0.50 gross

220 E 27th Street, lease rate $4.80 / SF/year, one year term[/ismember]

Phoenix, AZ – A leasing portfolio of 1.5 million-square-feet of retail shopping centers located throughout metropolitan Phoenix has been awarded to Velocity Retail Group. The owners, NorthStar Realty Finance Corp. based in New York have a total real estate portfolio valued at over $3.5 billion nationwide. The Phoenix portfolio consists of 11 separate properties located in Phoenix, Glendale, Chandler, and Mesa, Arizona. The shopping centers have anchor tenants ranging from traditional grocery stores, to educational facilities, and mass merchandise retailers.

“After reviewing the capabilities of several firms for this assignment, we awarded the listings to Velocity Retail as our company valued several of their key competencies,” said Eric Schleif, Vice President of NorthStar’s Dallas office. “Velocity’s broad range of experience in successfully leasing big box space, repositioning centers to alternative uses, and effectively handling shop space and pad leasing fit all of our needs for these properties,” he added.

NorthStar Portfolio of Properties:

•   Sun Village Fair – NEC Warner Road and Alma School Road, Chandler – this center is anchored by Fry’s, Beall’s Outlet and Wal-Mart. With 14,340 SF available, and additional pad opportunities on 2.9 acres.
•   Southern Sunset Plaza – SWC Southern Avenue and Country Club Drive, Mesa – anchored by Carrington College, the center has 82,726 SF available.
•   Arcadia Towne Center – NWC Indian School and 48th Street, Phoenix – anchored by Safeway and Tutor Time, the center has 4,327 SF of shop space available.
•   Shea Plaza III – NEC Shea Boulevard and 32nd Street, Phoenix – anchored by Basha’s and Walgreens, this center has 7,195 SF of shop space available.
•   Lone Mountain Landing – NEC Lone Mountain and Cave Creek Road, Phoenix – this center is anchored by Foothills Academy and Tutor Time and has 13,038 SF available.
•   Moon Valley Towne Center – SEC Bell Road and 7th Street, Phoenix – Anchored by Fry’s and Hobby Lobby, there is 6,898 SF available in the shops building.
•   Metro Power Center – SWC N. Metro Parkway West and Cheryl Drive, Phoenix – Anchored by Old Country Buffet, the center has 114,156 SF available and is on the ring road of MetroCenter Mall.
•   Park Northern – NEC Northern Avenue and 35th Avenue, Phoenix – anchored by Safeway and Chuck E. Cheese, this center has 30,623 SF available.
•   Bethany Towne Center – NEC Bethany Home Road and 35th Avenue, Phoenix – Anchored by Wal-Mart, Harbor Freight Tools and You Fit, this center has 26,399 SF available.
•   Peoria Station – SWC Peoria Avenue and 67th Avenue, Glendale – anchored by Safeway, LA Fitness, Tutor Time, and Peter Piper Pizza, this shopping center has 42,830 SF available.
•   Westporte Village – SEC Peoria Avenue and 67th Avenue, Glendale – anchored by Wal-Mart Neighborhood Market, this center has 41,389 SF available.

NorthStar also has retained Phillips Edison to continue as the property manager for all of the assets.

Over the past several years Velocity Retail Group has focused their resources and personnel on becoming a solution to the glut of over 285 vacant big boxes scattered throughout the Phoenix metropolitan area. The company started a division focused solely on finding adaptive re-uses for vacant retail boxes throughout the West. The REstorEd division was formed in 2012 to give owners and tenants an avenue to creatively repurpose retail centers that are either functionally obsolete, or are in an area where retail is no longer the highest and best use for the building.

The NorthStar portfolio has several big box leasing opportunities. Recently, Velocity Retail achieved a milestone when six vacant Albertson’s were leased, sold, or redeveloped in a little over a years’ time. The team at Velocity Retail Group has leased over 2 million-square-feet of vacant big boxes in the last three years and is consistently ranked as one of the dominant companies for big box leasing.

“The NorthStar portfolio is very diverse and allows our company the ability to utilize a customized marketing plan to achieve optimum results for these assets,” said Darren Pitts, Executive Vice President at Velocity Retail. The shopping centers are located throughout Phoenix with many being anchored by grocery, educational or fitness tenants. Each property has a unique marketing strategy ranging from conventional leasing either in pads, shops or anchor space, to repositioning the center with non-traditional uses, or even a complete redevelopment of the asset. The strategy for each asset is geared to maximize the value of the shopping center and create a mix of tenants consistent with the needs of the surrounding trade area.

The marketing team is being spearheaded by Pitts, Dave Cheatham, Executive Vice President and Managing Principal, Michael Clark, Vice President, John Jackson, Larry Miller, Jr., and James Edwards, all Senior Associates with Velocity. “We have been able to leverage our unique resources, expertise and market intelligence to provide the best possible plan for each of these shopping centers,” said Pitts. “NorthStar has specific goals for each asset, which our plan is designed to achieve.”

For more information, or to contact Pitts, Cheathan, Clark, Jackson, Miller or Edwards at Velocity contact (602) 682-8100, or visit: www.velocityretail.com.