Retail Pad at Boulevard at Surprise Pointe Trades for $2.1 Million

Cushman & Wakefield of Phoenix sells site on AMC Theater anchored center

PHOENIX, Arizona – Cushman & Wakefield sold a retail pad at Boulevard at Surprise Pointe, located at the southeast corner of Litchfield Road and Waddell Road in Surprise, Ariz. Old Republic Exchange Company of Carefree, Ariz. purchased the property from San Diego-based Surprise SE, LLC (an entity formed by CIRE Equity) for $2.1 million ($262 PSF).

Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

The 8,009-square-foot site within Boulevard at Surprise Pointe, an AMC Theater and Uptown Alley Bowling anchored center. Built in 2008, the property is 100 percent leased to Jabz Boxing, T.E.A.M. 4 Kids and Maximus Nutrition. The 3.175-acre retail center is situated across from a planned 3,000 home residential development and adjacent to ESI Venture’s 154-acre mixed-use business park.

“We are happy to sell another property for CIRE Equity. It’s been exciting to watch them stabilize Boulevard at Surprise Pointe over the years,” said Chris Hollenbeck.




Modern I-10/Ina Road interchange nearing completion in Marana

Technology just one way ADOT project is improving mobility

MARANA, Arizona – When the new interchange at Ina Road and Interstate 10 in Marana opens in the coming weeks, it will include state-of-the-art technology helping Arizona Department of Transportation engineers adjust signals to keep traffic flowing.

Work on the $128 million project, which began two years ago, includes significant improvements to the interchange and to Ina Road in a growing area northwest of Tucson. The new interchange is expected to open in early spring, while work on improvements to Ina Road and new bridges over the Santa Cruz River will continue for several months.

Traffic signals where the new I-10 ramps intersect with Ina Road will include cameras that collect data on traffic moving past. That data will help traffic engineers decide whether to alter the length of green lights to move traffic more efficiently. Marana also is adding cameras for the same purpose along Ina Road at Starcommerce Way and Camino de la Cruz.

The cameras give a 360-degree view of the intersections and replace sensors placed in cuts made in the pavement. Already is use at a number of Pima County intersections, the cameras are used only for traffic management and not for law enforcement.

The cameras are just one of the changes that will help traffic flow more smoothly through the Marana intersections.

Crews have added a lane in each direction on I-10 and on Ina Road west of the freeway. That will allow both to carry more traffic with fewer delays for drivers.

Before work began, Ina Road was at ground level and crossed railroad tracks before traveling below I-10. The new configuration includes bridges carrying Ina Road over the railroad tracks and I-10, eliminating delays when trains move through the area.

A single two-lane bridge over the Santa Cruz River has been replaced with two bridges, each carrying two lanes of traffic. The eastbound bridge opened in December 2017 and carries one lane in each direction. The westbound bridge will open this spring.

The city of Marana recently made improvements to Ina Road just east of I-10 to benefit businesses and drivers in the area.

The Ina Road improvements are just the latest in a number of interchange improvements being made along I-10 in the Tucson area Interchanges at Prince Road and Twin Peaks have been improved in recent years. A similar project at Ruthrauff Road is expected to begin by this summer.




Scottsdale Airpark Industrial Warehouse Development Sold for $16.48 Million

North Hayden Commerce Center, 14000 N. Hayden Rd., Scottsdale, AZ

Cushman & Wakefield Sells Class A Multi-Tenant Warehouse/Showroom

PHOENIX, Arizona – Cushman & Wakefield completed the sale of North Hayden Commerce Center, located at 14000 N. Hayden Road in Scottsdale, Ariz. Hayden Center Investments purchased the property from New York-based 14000 N. Hayden Road, Scottsdale, LLC (a company formed by iStar Financial Inc.).

Paul Boyle, Rick Danis, and Michael Kitlica, with Cushman & Wakefield, brokered the $16.48 million deal on behalf of the seller. Randy Shell of Shell Commercial represented the buyer.

“North Hayden Commerce Center is the largest multi-tenant industrial warehouse/showroom building in the Scottsdale Airpark. Located near executive housing, convenient freeway access, and barriers to entry, the Scottsdale Airpark continues to remain popular for investors and users,” said Boyle.

Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517-square-feet (SF), situated on a 7.58-acre site. The Class A multi-tenant industrial warehouse showroom development is currently 67% leased to well capitalized, quality tenants including The Tile Shop, R.E. Michel Company, Red Mountain Weight Loss Center and Ferguson Enterprises, Inc.

Located at a signalized intersection of Hayden and Redfield Road, North Hayden Commerce Center is easily accessible via the Loop 101 which is only one-mile east. The property also resides within the well-established Scottsdale Industrial Airpark development, encompassing approximately 3,300 acres, 1,157 buildings (office/retail/industrial) totaling over 34 million-square-feet and 56,000 employees.




1,400-acre CenterPoint Logistics Park in El Mirage Lands Steel Plant

Cives Steel Corporation Purchases 25 Acres for 150,000 Square Feet of Manufacturing

Phoenix, Arizona – John F. Long Properties (Jacob F. Long) and NOVO Development (Kurt Rosene, Justin Miller & Stephen Hulston)  have completed a 25-acre land sale to Cives Steel Corporation, marking a significant launch for their CenterPoint Logistics Park in El Mirage, AZ.  The 1,400-acre BNSF rail-served business park is designed for in excess of 25 million-square- feet of industrial, warehouse and manufacturing space.

The Cives Steel Corporation plant at CenterPoint Logistics Park will be Cives’ 8th facility in the United States.  Phase One of the rail served site will be a 50,000-square-foot, pre-fabrication facility employing 50 workers.  Phase Two will be 100,000 square feet and employ approximately 150 additional workers.  Cives Steel Company is a national leader in structural steel and plate fabrication with facilities strategically located throughout the United States. The company has been in operation more than 60 years and the El Mirage facility will focus on products serving the Southwest.

“The El Mirage location was chosen in large part due to the welcome received from the Mayor, City Council and City staff and their working relationship with the Long family,” said Tim Hanenburg, Cives’ president and CEO.  “Cives looks forward to completing construction as soon as possible.”

“The Cives facility is an exciting addition to our CenterPoint project,” says Justin Miller of NOVO Development. “In our time marketing the park, we have gained significant momentum that currently includes 200 acres in negotiation for future development.  The support of the City of El Mirage, the existing skilled labor force and our ability to deliver services to sites have been instrumental in our success.”

“The City recently completed full improvements to El Mirage Road, creating easy access to the Northern Parkway, and this year will begin similar improvements to Dysart Road. These improvements, along with the existing westbound connection of the Northern Parkway west to the Loop 303 freeway and the under-construction, eastbound connection of the Northern Parkway to the Loop 101 freeway make CenterPoint an ideal location for future industrial development.” says Miller.

CenterPoint Logistics Park consists of 1,400 acres zoned for industrial use. The master planned park is owned by the John F. Long Family Trust, which has teamed with NOVO Development as their preferred developer.  The park spans from Peoria Avenue on the north to the Northern Parkway on the south and from Dysart Road to the west to El Mirage Road to the east.  The property is rail served by BNSF and is approved as a Foreign Trade Zone.  The Northern Parkway runs along the southern boundary of the property and will soon extend across the entire southern end of the park with two full diamond interchanges providing access to the park.

Rail service is being further extended inside the park and will create more than 300 acres of rail-served land.  Available sites within CenterPoint Logistics Park range from one to 500 acres.  The park is being marketed to users ranging from small, local companies needing their own facility, to major corporations with requirements of a million square feet.

Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE serve as exclusive sales agents for CenterPoint Logistics Park.

 




Todd DeHaven Named Vice President of Operations for Ross Brown Partners

Todd DeHaven, VP Operations, Ross Brown Parnters

Scottsdale, Arizona —  Todd DeHaven has been named vice president of operations for Ross Brown Partners, Inc.  DeHaven brings extensive experience in transformational business leadership involving strategy, collaboration and technological advancement.

“Todd ‘s incredible track record developing innovative programs impressed us from the start,” says Curtis Brown, founding principal with Ross Brown Partners.  “The commercial real estate industry is undergoing a technological transformation that promises to bring incredible benefits to our clients.  Todd’s expertise, creativity and energy will help lead our company forward in a multitude of ways, ranging from digital marketing to business development and workplace collaboration.”

As vice president of operations, DeHaven will oversee the strategic vision for Ross Brown Partners.  He will work both internally and externally on modernization and productivity efforts.  His scope of responsibility includes business development, marketing, office and brokerage staff management.  DeHaven will utilize his knowledge of current technologies and business processes to ensure continuous advancement for the company in the fields of business process technologies, business growth and customer satisfaction.

DeHaven began his work with Ross Brown Partners as an outside consultant.  He most recently was founder and chief innovation officer of Digital Transformation – Business Development.  Prior to forming his own company, DeHaven was a Business Operations Manager: Enterprise Strategy & Collaboration Solutions Architect with Cisco Systems.  In addition, he previously served as a Social Business Enterprise Collaboration Strategist: Global Sales Organization with Hewlett-Packard.




8th Ave Shops in Mesa Sells for $6.9M to local investor

Phoenix, Arizona – Shopping Centers is another area of commercial real estate that SVN Desert Commercial Advisors covers.  Director of Retail Leasing & Sales Investments, Rommie Mojahed and Senior Advisor Beau Flahart represented the shopping center owner in the transaction.  The property sold for $6.9 million ($92.48 PSF) to a local investor.

The SVN advisors originally sold this same property to the seller in 2015 with a short-term lease left with the anchor and a vacant 12,000/PSF PAD building that was a former Chuck E Cheese.  There was a ±10,000 square feet of vacant shop space as well that made this an appealing value add opportunity for the buyer.  After the buyer closed, he renewed Food City’s lease 10 years and SVN advisors were once again hired as the advisors to list the property.  After about 24 months the property was 100% leased which maximized the NOI making this an opportune time to dispose. We sold the PAD building to an owner/user in 2018 that lowered the owner’s basis. Now left with a 100% occupied center, we were able to sell this property to a local investor who saw this as a long-term hold.

“Persistence paid off,” said Beau Flahart.  “We have been fortunate to assist them in several acquisitions and dispositions.”   Long-time client, CVPRE has trusted Mojahed and Flahart to handle all of the leasing on their properties as well.  The 74,604-square-foot property is located at 810-848 S. Alma School Road in Mesa, AZ.  The buyer, Alex Holding LLC & Sunnyslope LLC, are local investors.




Country Markets at Canoa Ranch extended through May 30

Canoa Ranch HQ

GREEN VALLEY, ARIZONA — A trial run of weekly “Country Markets” at Green Valley’s Historic Canoa Ranch was such a success that organizers will continue the events through May 30.

Visitors will find artisans, vendors, food trucks and more will be on hand each Thursday from 9 a.m. to 2 p.m. at the ranch, 5375 S. I-19 Frontage Road in Green Valley.

Historic Canoa Ranch is managed by the Pima County Natural Resources, Parks and Recreation Department. Guests also can enjoy music, local produce and much more at the market.

“We got great feedback on these markets, with attendance increasing each week,” Valerie Samoy, NRPR special staff assistant, said. “Not only did visitors have a good time, but vendors were thrilled with the amount of business they conducted. It was a win-win for everyone.”

The vendor fee for a 12 x 12 space is $20. All vendor fees go towards the restoration of the Tradesman House for a future research/oral history library and gift shop. Vendors keep their sales.

Prospective vendors should contact Market Coordinators Michael Reece at reece04@yahoo.com or 520-393-0624 or Jo Ream at djream82@gmail.com, 520-909-3218.

The entry gate to Historic Canoa Ranch is open seven days a week from 7 a.m. to 4 p.m. for access to the newly restored Canoa Lake and the Anza Trail. Guided tours of the historic site are conducted Tuesdays and Saturdays at 10 and 11 a.m. Visit www.pima.gov/canoaranch for more info on programs and other guided tours.

In 2001, Pima County purchased and began to restore the 4,800-acre Canoa Ranch complex with voter-approved 1997 and 2004 bond funds. Pima County opened the ranch headquarters to the public in March 2013.




West Valley leads the pack as annual Phoenix industrial sales nearly double

$1.8 billion in 2018 sales reflect high volume, strong fundamentals, large developments

 PHOENIX, Arizona – Total Phoenix industrial sales volume hit $1.8 billion in 2018, nearly double the sales volume achieved in 2017 for local owner-user and investment flex and industrial product above 10,000 square feet, according to JLL’s Q4 Phoenix Industrial Market Report. The West Valley accounts for the majority of these sales, with the Southwest Valley alone amassing almost $698 million in sales volume across 89 transactions.

“E-commerce has disrupted sectors across commercial real estate, and the West Valley is the de-facto home for local e-commerce distribution center construction and investment,” said JLL Senior Vice President Peter Bauman. “This has placed the limelight on industrial real estate in Phoenix, solidifying it as a product type that is not only here to stay but that has tremendous value for investors.”

Bauman is seeing many institutions actively repositioning their portfolio from office and retail properties into industrial assets, and continues to see new foreign capital investors purchasing industrial properties.

According to JLL, more than a quarter of all transactions in the last five years took place in 2018, representing 482 transactions. Within this activity, the average building size remained roughly the same but prices have increased significantly, with price-per-square-foot up 14.52 percent year-over-year (up 17.05 percent over five years). The average sale price is also up 36.7 percent year-over-year (up 22.7 percent over five years).

“There is a very strong demand to place capital in Phoenix industrial product, and particularly the Southwest Valley where costs are lower, opportunity is high and there exists the highway infrastructure and workforce needed to keep large industrial operations functional,” said Bauman.

The largest Phoenix industrial deal of 2018 was Buckeye Logistics Center, a 1,009,351-square-foot distribution center that sold for $98.32 million ($97.41 per-square-foot). The most expensive deal of the year was a 910,250-square-foot Albertson’s Distribution Center in a sale-leaseback, trading for $116.12 million ($127.58 per-square-foot).

For the full report Industrial Insight_Q4 2018_Phoenix

To access JLL research for Phoenix and across the U.S., visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.

 

 




Liv Communities opens Valley’s newest senior living community, LivGenerations Pinnacle Peak

Liv Gen Pinnacle Peak Rendering

TEMPE, ARIZONA ‒ Liv Communities is expanding its footprint in the Valley with the opening of its third senior living community, LivGenerations Pinnacle Peak.

A grand opening ceremony is scheduled for Feb. 28 at the $40.5 million, 110-unit property at 23733 N. Scottsdale Rd., in Scottsdale. Liv Communities has senior living communities in Gilbert and Ahwatukee.

LivGenerations Pinnacle Peak totals 170,000-square-feet and offers independent living, assisted living, and memory care apartment homes. The Terrace Apartments (independent living and assisted living) offer eight floor plans. Alla Vita (memory care) offers two floor plans.

“We are delighted to open our doors to the neighborhood of Pinnacle Peak, and welcome everyone to experience what makes LivGenerations such a special place for older adults to call home,” said Scott McCutcheon, COO of LivGenerations. “Our community is not simply the newest, most stunning older adult community in the area, it is a one-of-a-kind masterpiece. Our team is trained and dynamically determined to assure each customer is living life to the fullest.

“The independent living, assisted living, and memory care community is LivGenerations’ third resort-style senior living environment that represents what today’s seniors demand in housing,” McCutcheon said.

Liv Gen Pinnacle Peak Whiskey Bar

LivGenerations Pinnacle Peak features a full range of luxury amenities including classes in the state-of-the art Liv Fit Fitness Center; a heated saltwater pool; yoga and meditation; a walking club; non-denominational worship services; the Mosaic Art Studio; and the Orchid Salon and Day Spa.

Social amenities include wine tastings in the Infusions Wine Cellar; Barley’s Bourbon Bar, the Silk Tassel Tea Room; a movie theater; and a dog park.

Ryan Companies US, Inc., is the general contractor; Todd & Associates Inc. is the architect of record; and Thoma-Holec Design (LuAnn Thoma-Holec) is the interior designer.




California Investor Acquires Second Metro Phoenix Multifamily Community for $26.5M

PHOENIX, Arizona – CBRE has brokered the sale of The Wexler, a 219-unit multifamily community in central Phoenix for $26.5 million ($121,000 per unit).

Brian Smuckler, Jeff Seaman and Bryson Fricke represented the seller, 3030 N. 7th Street, LP, an affiliate of Austin-based Pennybacker Capital, and the buyer, Wexler Partners, LLC, a California-based joint venture between WIP-Park Village II, LLC and WIP-Fireside II, LLC, who acquired the property in a 1031 exchange. The sale marks the buyer’s second multifamily property acquisition in metro Phoenix. The financing was secured by Rocco Mandala with CBRE Capital Markets, Debt & Structured Finance.

Located in the metro’s Central Phoenix Submarket at 3030 N. 7th Street in Phoenix, The Wexler features renovated studios, one-, two- and three-bedroom units and offers residents various amenities, including a clubhouse, resort-style swimming pool, fitness center and barbecue area. The community benefits from its proximity to several central employment corridors, including Downtown Phoenix, Midtown and Biltmore, as well as numerous retail centers, professional sports venues and entertainment attractions. The Wexler is well-located for access to the area’s transit networks, including the Phoenix METRO Light Rail.

“The buyer had a 1031 exchange to complete and was pursuing assets in strong infill locations in which they could maximize value through improving operational inefficiencies,” said CBRE’s Seaman. “At the same time, we were working with the seller on a separate transaction and identified one of their properties, The Wexler, as a perfect fit for the buyer’s requirements. The sale marks a successful conclusion to an off-market transaction and is a result of strong collaboration between all parties involved.”

The U.S. multifamily market remains healthy, as 2018 net absorption reached the highest level since 2000, according to a recent CBRE report from CBRE Research. Among the largest markets (300,000+ units), Phoenix ranked second in biggest year-over-year declines in vacancy – down 80 bps to 4.6 percent and ranked second in highest year-over-year rent growth at 7.6 percent. The average rent in the Central Phoenix submarket has increased by more than 12 percent over the last year.




Sundt Earns Mining Industry Partnership Award

TUCSON, Ariz. –Sundt Construction, Inc. (www.sundt.com) recently was honored with the Industry Partnership Award from the Mining Foundation of the Southwest at the 36th American Mining Hall of Fame Awards Banquet in Tucson, Ariz.

“Sundt is honored to be recognized by the Mining Foundation of the Southwest as a key mining industry leader and partner,” said Clint Sundt, Business Development Manager for Sundt’s Industrial Group. “Together our organizations work to enlighten the public’s awareness of mining, promote the values of the mining industry, honor mining’s past, and ensure mining’s future.”

The Industry Partnership Award was given in recognition of Sundt’s advocacy for the industry and the company’s work on numerous mining-related construction projects. It was also a historic occasion because the award has never, in its history, been awarded to a construction company.

The Mining Foundation of the Southwest is a nonprofit organization working to ensure public understanding of the importance of a strong and vibrant domestic and international mining industry. Other award winners included Harry M. “Red” Conger, Freeport-McMoRan Inc.’s President and Chief Operating Officer of the Americas; Dr. Hugh B. Miller, Associate Professor of the Mining Engineering Department, Colorado Schools of Mines; the Southern Arizona Business Coalition; and five Inductees from Mining’s Past (Andrew J. Prichard, Medora Hooper Krieger, William Peirce and E.A. Cappelen Smith and Robert B. Scanlan).




CBRE Completes Sale of N.O.A.H Medical Office in Glendale, Ariz.

Phoenix, Arizona – CBRE has completed the sale of a 6,162 square-foot medical office building located in the Brookside Office Park at 11851 North 51st Avenue, Building B, in Glendale, Ariz. The property commanded a sale price of $2.195 million, or $356 per square foot.

The building is 100 percent leased to Neighborhood Outreach Access to Health (N.O.A.H.), a subsidiary of HonorHealth, on a long-term triple-net lease.

Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SOD Brookside, LLC/WRM Brookside, LLC, an entity formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles, Calif.

“The combination of a long-term lease with N.O.A.H coupled and its location within the Brookside Office Park drove significant investor interest,” said Fosberg. “The attractive operating conditions in the medical office market have contributed to increased investor confidence in the sector compressing cap rates to historic lows throughout Metropolitan Phoenix.”

Thomas Spilsbury of TS Commercial represented the buyer, Pacific Coast Cycle Corporation of San Jose, Calif.