PHOENIX, Arizona – On behalf of Chicago-based McAfee Investments, Cushman & Wakefield sold Wells Fargo Plaza. Phoenix-based University Crossroads purchased the property, located at 64 East Broadway Road in Tempe, Ariz., for $7.9 million ($199 PSF).

Wells Fargo Plaza is a two-story, 39,732-square-foot multi-tenant office building. Constructed in 1985, the property is situated just south of downtown Tempe in a highly visible location with excellent connection to businesses and amenities via the I-10, US 60 and Loop 101. The property is currently 100% leased to Wells Fargo Bank and Regus Corp., a national leader in executive suites.

Eric Wichterman, Mike Coover and Chris Nord of Cushman & Wakefield Phoenix represented the seller in the transaction.

Wichterman stated, “This acquisition provides the buyer with a reliable income stream through its high credit tenancy in Wells Fargo and Regus Corp. It also holds a tremendous amount of intrinsic value, with over three acres of prime land positioned at the intersection of Broadway Road and Mill Avenue in Tempe.”

Phoenix, Arizona –  Director of Retail Leasing & Sales Investments from SVN Desert Commercial Advisors leads the team in the sale of Greenway Marketplace in Surprise, Arizona for $3.75 million ($444 PSF).

The Walmart-anchored shopping center once had an empty dirt lot to the west side of the center.  Long-time SVN client had something else in mind for this open space opportunity.  From the ground up development, owner Bill Sladek and Dairy Queen franchisee developed a retail strip center along Reems Rd. in Surprise.  The property located at 15261 N. Reems Rd. was almost fully leased at the time of the sale.   The 8,453 square foot property includes one of his Dairy Queen locations, Mathnasium, Jenny Craig, and Bosa Donuts.

Rommie Mojahed stated, “It was great to see this deal go from being built to leased and now sold for one of our long term clients.”  The relationship between the seller and Mojahed has involved other closed deals to support their Dairy Queen franchise portfolio.  “This building is a win win for both buyer and seller.  These smaller footprint multi-tenant, NNN deals are something retail investors should have in their portfolio,” said advisor Eddie Gonzalez.  Advisor Lindsey Dulle who specializes in landlord and tenant representation has been a valuable asset in the leasing side of the transactions for their SVN retail team.

“We are happy that we could get this done for Bill and close on the sale almost a month early,” said Dulle.  SVN Desert Commercial Advisors has been well known to the valley for their redevelopment projects from Surprise, to Avondale, the Southeast valley where their opportunity zone land listings remain.  With over 30+ listing opportunities across the valley, the retail team brings great opportunities for investors and developers moving into the Arizona market.

Advanced manufacturing growth will add 500 high-tech jobs in McKinney

MCKINNEY, Texas — Raytheon (NYSE: RTN) has announced that it will build a 200,000-square-foot facility supporting 500 new high-tech jobs at its Space and Airborne Systems headquarters in McKinney, Texas. Construction will be completed in late 2020.

The announcement comes on the heels of research from The University of North Texas Economic Research Group, which found Raytheon’s business operations in North Texas contribute $4.8 billion to the Texas economy. In 2018, Raytheon directly employed more than 8,000 Texans. Supply chain activity and employee spending supported an additional 10,000 jobs throughout the state.

“This is an investment in the talented McKinney workforce,” said Roy Azevedo, president of Raytheon Space and Airborne Systems. “It shows we are serious about our presence in Texas and that we are here to stay.”

Local and state officials joined Raytheon for the announcement, where they learned about the construction project and the economic impact study results.

“Raytheon has a significant presence in the Texas economy,” said Dr. Michael Carroll, Director of the Economic Research Group at the University of North Texas and lead author of the North Texas Economic Impact Study. “When we examined employee wages and spending, supplier spending, tax revenues and other factors, we found Raytheon’s North Texas operations are a powerful economic engine.”

Raytheon’s McKinney facility specializes in intelligence, surveillance and reconnaissance systems, including electro-optical manufacturing and the production of high-energy laser systems.

“Not only is Raytheon’s work in intelligence, surveillance, and reconnaissance systems critical to the defense and national security of our country, its investment in our community helps drives our economy,” said U.S. Representative Van Taylor (TX-03). “Today’s groundbreaking foreshadows Raytheon’s continued innovation in space and airborne systems as well as its growing presence as a job creator here in McKinney.”

Raytheon is the top employer in McKinney with more than 3,000 employees.

“McKinney has always been proud to have the prominent presence of Raytheon as our largest employer and we are excited at the opportunity for new corporate expansion in McKinney,” said McKinney Mayor George Fuller. “We have worked hard to build strong business relationships and create an environment that not only allows these businesses to grow but provides their employees with an incredible place to call home.”