U.S. Trust, Bank of America Private Wealth Management Acquires 225,600 SF Property

PHOENIX, Arizona – On behalf of Conor Commercial Real Estate and Globe Corporation, Cushman & Wakefield announced the firm facilitated the sale of AZ|60 Industrial, two buildings totaling 225,600-square-feet (sf) in the Southeast Valley. U.S. Trust, Bank of America Private Wealth Management facilitated the purchase on behalf of a family office for $27 million.

Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team on the sale. He stated, “AZ|60 Industrial represents the best of the best in industrial real estate: modern, functional, and developed by one of the best development partnerships in Phoenix and across the U.S. Conor Commercial Real Estate and Globe Corporation purchased the land, leased the assets, and sold at a major premium, setting a new high watermark for product like this to trade.”

AZ|60 Industrial is a brand new core, state-of-the-art industrial park located in the heart of the Southeast Valley, at 1343 North Colorado Street in Gilbert, Arizona. Situated on 16 acres, AZ|60 Industrial features a 30’ clear height, ESFR sprinklers, 100 percent concrete truck courts, ample dock and grade level loading, and is positioned as a market leader in amenities sought after by today’s tenants. Currently 92 percent leased, the property can accommodate up to 13 users with suite sizes ranging from 9,360 SF to a full building user at 120,700 SF. Steve Larsen and Bill Honsaker with JLL are the leasing agents on the property and will continue to lease the property going forward.

“Industrial capital markets continues to be aggressive, as we had tremendous interest from a variety of buyer types for this asset,” added Strong. “Due to the aggressive market conditions, AZ|60 Industrial sold for a record breaking price per square foot and cap rate.”

Ramps connecting with I-10 expected to open in next few weeks

MARANA, ARIZONA — Ina Road has opened over Interstate 10 in Marana, a major step toward completing a modern traffic interchange that is one of the Tucson area’s largest road projects in years.

Early Thursday, traffic began taking Ina Road over I-10 and the Union Pacific Railroad tracks. While work continues in other areas of the project, one lane of Ina Road will be available in each direction and the speed limit will be 25 mph.

Ramps connecting Ina Road with I-10 are expected to open in the next few weeks. The final pieces of the project – widening Ina Road from I-10 west to the Santa Cruz River and connecting with a new bridge over the river – will be completed later this spring. Ina Road is open throughout that area of the project.

Before this $128 million project, Ina Road offered just two lanes under I-10, and drivers regularly had to wait for trains to pass. The new overpass will offer four lanes while eliminating the need to wait for trains, enhancing mobility and safety.

Improvements also include replacing a single two-lane Ina Road bridge over the Santa Cruz River with two bridges, doubling the road’s capacity west of I-10, and creating a bicycle path that connects with The Loop, a system of trails and bike routes in the Tucson area. Meanwhile, new technology will monitor traffic and allow ADOT engineers to adjust signal timing based on need.

ADOT is overseeing the improvements, which are funded by the Federal Highway Administration, the Pima Association of Governments and the Regional Transportation Authority. The town of Marana contributed $7.9 million toward the cost of the new Santa Cruz River bridges west of I-10.

Ina Road is the third major I-10 interchange replacement in Pima County. Projects at Prince Road and Twin Peaks have created overpasses that eliminated the need for drivers to wait for trains. A similar project at Ruthrauff Road is expected to begin this summer.

Real Estate Company Expands Client Services in Phoenix

Phoenix, Arizona – Colliers International in Greater Phoenix is expanding its client services to include Environmental and Building Due Diligence Services. The new offerings will be available to property management, landlord and investor clients of the company as part of Colliers’ full-service approach to commercial real estate.

“Environmental assessments are an integral part of commercial real estate transactions, especially in the case of investment sales and debt and equity placements,” says Bob Mulhern, senior managing director of Colliers International in Greater Phoenix. “Our investor and landlord clients, as well as property management customers, are committed to insuring that properties are free from hazards and provide healthy environments. This new specialty group at Colliers will provide a full range of consulting and due diligence services, offering a streamlined approach.”

The new group will offer exceptional environmental and third-party expertise to a variety of commercial real estate clients. They will work with investors, developers, legal counsel, property managers and commercial real estate brokerage professionals to provide comprehensive evaluation that is customized to each property. The areas covered will include:

– Environmental site assessments
– Regulatory compliance audits & permits
– Environmental document peer review
– Waste characterization and identification
– Soil and groundwater contamination studies
– Remediation plans
– Hazard assessments for a variety of materials such as asbestos, lead paint and mercury
– Air quality monitoring

In addition, the group will be assisting with procurement and monitoring of services such as ALTA surveys, traffic studies, civil engineering and land planning.

These new services will be offered nationwide to Colliers clients through the company’s commercial real estate professionals. Lee Morris, a registered geologist and expert in environmental consulting, will be the first professional within the group and others will be added as the practice expands.