The Phoenix lease report highlights Pathways School and Evaluation Center in Gilbert handled by Rein & Grossoehme CRE.

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from April 29 thru May 3, 2019.

RETAIL – 1540 N. Burk Street in Gilbert, AZ
A lease for 8,458-square-feet to Pathways School and Evaluation Center, Inc. was recently consummated.  The location of the property is 1540 N. Burk Street in Gilbert, AZ.  The owner of the center is 4-D/G IDA, LLC. Jared Lively of Rein & Grossoehme CRE represented both the Landlord and the Tenant in this transaction.

RETAIL – 14763 W. Cactus Rd. in Surprise, AZ
A lease for 8,072-square-feet in Market West Square to Ohana Care Services was recently consummated.  The location of the property is 14763 W. Cactus Rd. in Surprise, AZ.  Jim Edwards and Kevin Roessler of Rein & Grossoehme represented the Tenant and the Landlord.

OFFICE – 3243 East Indian School Road, Phoenix, AZ
A lease for 1,805-square-feet in 3243 East Indian School Road to Dr Reeferalz was recently consummated. The location of the property is east of the southeast corner of Indian School and 32nd Street in Phoenix, AZ.  Jim Edwards and Kevin Roessler of Rein & Grossoehme Commercial Real Estate represented the owner.

RETAIL – 2051 S Dobson Rd in Mesa, AZ
A lease for 980-square-feet in Dobson Ranch Shopping Center to Yiru International was recently consummated. The location of the property is 2051 S Dobson Rd in Mesa, AZ. Yiru International operates an on-line smoke shop, and this will be their first “brick n mortar location. Jim Edwards of Rein & Grossoehme Commercial Real Estate represented the owner. Alice Lin of The Housing Professionals represented the Tenant.

RETAIL – 6610 N 47th Ave. in Glendale, AZ
A lease for 800-square-feet in Plaza 47 to All Construction Staffing was recently consummated. The location of the property is 6610 N 47th Ave. in Glendale, AZ. Nic Chavira of Rein and Grossoehme Commercial Real Estate represented the owner and the tenant.

Cushman & Wakefield represents buyer and seller in gas station portfolio sale

PHOENIX, Arizona– Cushman & Wakefield completed the sale of two gas stations for a total of $5.549 million. Scottsdale-based Mesa Valley I purchased the ARCO, located at 3610 E. Bell Road in Phoenix and the Chevron, located at 825 E. Apache Blvd. in Tempe, Ariz., from Tempural, LLC and Arbellco51, LLC.

Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of both the buyer and seller. Hollenbeck stated, “We were excited to help both the buyer and seller in this transaction work to successfully close this package of investments. The Chevron is located at an irreplaceable intersection right next to Arizona State University (ASU) and the ARCO is located on Bell Road, with close proximity to the SR-51 freeway.”

The two single-tenant gas stations totaling 4,381-square-feet were 100% occupied at the time of sale by ARCO and Chevron. Located in north Phoenix, the 2,781-square-foot ARCO sold for $2.365 million ($850 PSF).

The 1,600-square-foot Chevron, sold for $3.184 million ($1,990 PSF), has an accompanying convenience store and is located on the southwest corner of Apache Boulevard and Rural Road. At the center of Tempe, this is a fast developing area of the ASU campus with a number of new high-rise housing developments, including both residential condos and student housing.

PHOENIX, Arizona – The Phoenix office JLL has completed a 40-acre land purchase that paves the way for 101 Logistics Park, a new two-building, Class A industrial regional distribution center being developed in Avondale, Arizona by Seefried Industrial Properties and Crow Holdings Capital Real Estate.

JLL Managing Directors Marc Hertzberg and Anthony Lydon, and Vice President Riley Gilbert represented the developers in the land transaction and have been named as the exclusive leasing brokers for 101 Logistics Park.

“The West Valley industrial market is absorbing space at a rapid pace, and that creates an ongoing need for new space solutions,” said Hertzberg. “The 101 Logistics Park checks all of the boxes for this space and the large quantity of tenants looking to expand or relocate, including many mid-bay users.”

According to JLL’s Q1 Phoenix Industrial Report, the Valley continues to experience positive fundamentals and record delivery, but currently lacks new product in the mid-bay sector of 50,000- to 200,000-square-feet. In the past 18 months, this sector has recorded more than 5-million-square-feet of gross leasing activity.

“With the rising demand of industrial and e-commerce related uses as well as the strong population growth in the Southwest Valley, 101 Logistics Park has been designed to accommodate the demands of these users and is strategically located to service both the current and future population base,” said Seefried Industrial Properties Senior Vice President Robert Guerena. “Our partner, Crow Holdings Capital Real Estate, recognized the same and we are excited to be working on another venture with them.”

Located at the southwest corner of 101^st Avenue and Roosevelt Street, 101 Logistics Park will total 652,146-square-feet in two buildings, the first 240,844 square feet and the second 411,302- square-feet. Together the project can accommodate multiple industrial users needing space from 40,000- to 411,302-square-feet.

Buildings at 101 Logistics Park will feature 32- to 36-foot clear heights, generous full concrete truck courts and a total of 155 dock high doors, 12 grade level doors, 534 auto parking stalls and 107 trailer parking stalls on a secure fenced site. It will have eight points of ingress and egress and is minutes from the Interstate 10/Loop 101 stack, offering proximity to a population of two million within a 30-minute drive.

The 101 Logistics Park is slated for completion during the first quarter of 2020.