PHOENIX, Ariz. – DAUM Commercial Real Estate Services recently completed the seven-year lease of 67,182-square-feet of Class A light industrial space in Phoenix, Arizona, on behalf of the lessee, CED Greentech, a division of Consolidated Electrical Distributors. The lessor is international real estate investment manager Exeter Property Group.

The tenant, a full-service wholesale distributor of residential, commercial, and utility-scale solar, electrical, and renewable energy products, is relocating and expanding its headquarters from nearby Tempe, according to Sebastian Sica, an Associate at DAUM, who completed the lease alongside DAUM Executive Vice President Rich Sica.

“This was a rare opportunity for our Client to acquire one of the last available suites in Exeter’s state-of-the-art Hohokam 10 Business Center development,” explains Sebastian, who notes that Phoenix industrial vacancy fell to sub-7-percent levels in Quarter 3. “This lease and expansion will provide Greentech with ample space to seamlessly continue its ongoing sales and distribution operations, while additionally featuring a greenhouse lights showroom highlighting the firm’s eco-friendly capabilities and products.”

According to Sebastian, CED Greentech was attracted to the East Valley location for its Interstate 10 frontage and easy access to Interstate 17 and State Route 143, as well as its close proximity to Tempe, where the firm has conducted business and built relationships for more than 15 years.

Rich Sica adds: “We’ve maintained a close relationship with the lessee for nearly two decades, cultivating a deep understanding of how Greentech and its parent company operate in the market. This new location is part of CED’s formation of a central, freeway-adjacent hub in Phoenix.”

Rich notes that earlier this year, DAUM helped the firm secure a 51,105 square-foot industrial warehouse located at 1717 E. Rairdan Lane in Phoenix, approximately five miles from CED Greentech’s new location.

The property offers ample loading doors, large truck courts, an ESFR sprinkler system, 24-foot clear height, and more than 7,600 square feet of office space.

The total consideration of the lease is approximately $4.1 million. The property is located at 4535 E. Elwood Street in Phoenix, Arizona.

TUCSON, Ariz., – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Tuscany, a 107-unit apartment community located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $6.5 million ($60,748 per unit).

Hamid Panahi and James Crawley, investment specialists in Marcus & Millichap’s Tucson office, represented the seller and the buyer, both limited liability companies.

“Value-add opportunities continue to have strong demand, and our team has experience identifying assets that meet the needs of investors seeking to grow revenue through strategic improvement plans,” Panahi explained. “Tuscany’s new owners are in an excellent position to increase revenue with planned exterior enhancements and interior upgrades consistent with their Equinox brand.” Crawley added, “This marks the third multifamily acquisition that the buyer will have under their Equinox brand as they continue to add to their portfolio.”

Tuscany is located at 4399 East Pima Street in Central Tucson, Arizona. Developed in 1963, Tuscany is a 107-unit apartment community. The property offers residents direct access to many of Tucson’s key employment and retail epicenters. Proximity to Tucson Medical Center, The University of Arizona, Park Place Mall, El Con Mall, and a revitalized Downtown Tucson reinforces rental demand.

To learn more, contact Panahi at 520.719.6511 and Crawley at 520.719.6512.

PHOENIX, Ariz. – Local Initiatives Support Corporation (LISC) Phoenix held their annual awards breakfast on Nov. 19, an event to celebrate community development work in Arizona. This year’s theme, “Cultivating Community,” highlighted impactful investment tools and strategies, such as the Affordable Housing Fund and the Community Development Financial Institutions (CDFI) Fund. Foundation for Senior Living (FSL) was honored for its Marist on Cathedral Square in Tucson.

Foundation for Senior Living, a frequent user of the Affordable Housing Fund, received the exemplary project award for its The Marist on Cathedral project in Tucson. The project for low-income seniors includes a re-purposed Marist College, built in 1915, and a newly constructed seven-story building with apartments and a recreation center.

Arizona Community Foundation received the LISC Phoenix award for exemplary partner for its innovative Affordable Housing Fund, which provides zero interest pre-development loans to nonprofit developers. Since 2008, the $1.5 million fund has recycled three times and has leveraged more than $500 million in development costs statewide.

“This is one project that benefited from the pre-development fund,” said Tom Egan, president and CEO of Foundation for Senior Living. “We are so grateful for the opportunity to partner with the Arizona Community Foundation and Affordable Housing Fund. More affordable housing is needed throughout our state and we’re proud to be playing a role in those developments.”

Approximately 250 guests attended the event and listened to keynote speaker Annie Donovan, the former director of the Community Development Financial Institutions Fund at the U.S Treasury Department and now chief operation officer for LISC.  Annie is a national expert on community development tools and investment strategies.

Foundation for Senior Living is a 501(c)(3) organization whose mission is to provide home and community-based services and to develop energy-efficient, affordable housing to promote health, independence and dignity for all. With a long history of helping Arizona families with issues including health, hunger, aging, illness, loneliness and substandard housing, Foundation for Senior Living is committed to improving the quality of life for all Arizonans. To learn more about Foundation for Senior Living programs and services, visit fsl.org.