BPG Returns to Phoenix Area, Acquires 736,000 SF Office Complex

Phoenix, AZ – In a joint venture with Iron Point Partners, LLC, Barker Pacific Group (BPG) has acquired City Square, a three building, 736,809-square-foot Class A office complex in Phoenix, Arizona. Offering panoramic views of the Phoenix Skyline and Camelback Mountain, the project is among the major Class A office properties on the Central Avenue Corridor. City Square is comprised of three office towers, two street level retail buildings, and a shared plaza.

“We’re excited to announce our ownership of City Square,” said Michael Barker, BPG’s Managing Director. “We look to rebrand and enhance the overall appeal of the property – not just for the tenants, but for the Central Avenue Corridor as well. Our investment strategy is like that of the Mesa Tower project, where we are currently seeing positive results.”

After Mesa Tower, which was acquired in 2017, City Square marks the team’s second foray into the Phoenix area in just as many years.

“We are very excited about this acquisition and are confident that our team can successfully execute our business plan,” said Michael Barker.

The project leasing team is comprised of Brett Abramson, Chris Beall, and John Bonnell of JLL.

TUCSON, ARIZONA — Renewal by Anderson affiliate , E. 34th St., LLC, purchased 29,525- square-feet of industrial space located at 3785 E. 34th Street in Tucson for $1.665 million ($56.40 PSF). Renewal by Anderson will occupy the vacant space in the property to distribute their window products to installers in Tucson.

The property was built in 1979 inthe Alvernon Distribution Center, off Alvernon Way and was most recently occupied by a moving company. It has 4 front loading bays, each ± 7,500-square-feet and 5 grade level doors. Clearance height of building is 18-22 feet.

Renewal by Andersen is the window replacement subsidiary of Andersen Corporation, a company that has revolutionized the window and door business for more than 110 years.

Drawing on the Andersen tradition of over 100 years of quality, innovation and craftsmanship, Renewal by Andersen was founded with the objective of creating a different and better window and door replacement experience for homeowners.

Its turnkey process begins with a call from you and includes a respectful in-home sales consultation, custom-manufacturing of replacement windows to precisely fit your home and installation by a dedicated team of professionals. Best of all, they stand behind their products and installation with one of the strongest warranties in the Tucson, Arizona window replacement business.

Since opening its first store in Minnesota in 1995, Renewal by Andersen Corporation has rapidly grown to more than 100 markets in the U.S., becoming one of the largest replacement window companies in the country. And, have installed nearly 3 million windows.

Stephen D. Cohen, Russell W. Hall, SIOR, GSCS, and Brandon Rodgers, SIOR, CCIM, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.  The team of Cohen and Hall represented the sellers, 34th Street Penguins, LLC, 34th Street Investment Partners, LLC, and Gayle Brickman of Tucson in the transaction. Brandon Rodgers represented the buyer.

For more information, Cohen can be reached at 520.546.2750, Hall is at 520.546.2747 and Rodgers should be contacted at 520.546.2714

To learn more, see RED Comp #6676.

PHOENIX, Arizona – Cushman & Wakefield announced today a 39,305-square-foot portfolio consisting of three medical office buildings in the cities of Chandler and Gilbert, Arizona has sold for $16.1 million ($410 PSF). The buyer was Global Medical REIT of Bethesda, Maryland. Cushman & Wakefield represented the anchor tenant and seller in the transaction, a local gastroenterology practice that will continue to operate out of the properties under a long-term sale/leaseback arrangement. The portfolio also included two endoscopy centers, one of which is owned and operated by a joint venture between local physicians, Dignity Health and national surgery center operator United Surgical Partners Inc (USPI).

Devpal Gupta and Peter Menna of Cushman & Wakefield’s Phoenix office collaborated with Travis Ives of the firm’s national Healthcare Capital Markets Team to represent the seller on the assignment. This marked the trio’s second medical office sale in the region, now with over 185,000-square-feet sold in the Phoenix MSA in less than six months. Gupta stated, “We have had a long-standing relationship with the medical community in Metro Phoenix and our relationship with the seller goes back a long way. As a premier GI practice, the seller is looking to grow its core business and exiting their real estate allowed them to focus on their continued growth plans.”

Ives commented that, “Growing demand from healthcare providers for new and expanded medical office space has translated into strong leasing fundamentals across most markets. This is especially true in strong growth markets such as Phoenix. This trend has fueled investor appetite for medical office investment opportunities with far more capital chasing deals than the market can supply. The demand for quality medical office investments such as these is at all-time highs. This has allowed us to maximize value for our physician group and investor clients that seek to monetize their real estate holdings at an opportune time.”