PHOENIX, ARIZONA – CBRE today announced Geoff Turbow has joined the firm as First Vice President with Capital Markets, Investment Properties. Mr. Turbow will focus on representing private investors in the acquisition and disposition of office and industrial investment properties throughout Arizona.

“Geoff is widely recognized and respected in the local business and commercial real estate communities and we are pleased to have him at CBRE,” said Paul Komadina, senior managing director for CBRE’s Phoenix office. “He brings an unmatched perspective of the Phoenix market, long-standing relationships and a depth of experience that will enhance our ability to deliver exceptional outcomes for our clients in the private capital investment sales space.”

Mr. Turbow comes to CBRE from Levrose Commercial Real Estate, where he was a partner. He was involved in every facet of the commercial real estate office sector during his 16-year tenure, representing buyers, sellers, landlords and tenants of office properties throughout metro Phoenix. During his career, he has closed or been a part of more than 1,000 sale and lease transactions totaling close to $500 million dollars.

Mr. Turbow is a graduate from Ohio State University, where he received an economics degree. He is an active member of The Thunderbirds and Life Member of the Executive Council 70, who represents Executive Council Charities.

At CBRE, Mr. Turbow will focus in the private capital investment space and will collaborate with Barry Gabel, Chris Marchildon and Will Mast, who specialize in the sale of office investment properties on behalf of institutional clients, high net-worth owners and foreign investors. The team has completed a total of 478 transactions totaling $7.2 billion in value.

TUCSON, ARIZONA – In two separate investment transactions Lee & Associates handled properties valued at $4.2 million in Tucson’s Southern Submarket.

California-based, Corsair Management, LP (David Paul Oddo, manager) sold the building at 4670 S Palo Verde Road in Tucson for $3.2 million ($114 PSF).

The 28,145-square-foot building on 3.21 acres was constructed in 2004 and sold fully leased to Gerber Collision and Glass. The automotive building consists of lobby and reception areas, office’s and conference rooms, a warehouse, 4 grade level doors, and fenced yard.

David Newton, SIOR of Lee & Associates in Orange, CA represented the buyer, a Family Trust from Long Beach, CA.

For more information, Newton can be reached at 714.647.9100.

To learn more, see RED Comp #6399.

In a separate transaction, Aceland sold the building at 4030 E Michigan Street in Tucson to a private investor from Huntington Beach, CA for $1 million ($161 PSF).

Built in 1988, the 6,200-square-foot building on 1.99 acres was occupied by Tucson Ace Asphalt at time of sale.

Marcus Muirhead and Allen Lowe with Lee & Associates in Phoenix handled the transaction.

For more information, Muirhead can be reached at 602.474.9589 and Lowe is at 602.954.3747,

To learn more, see RED Comp #6390.

PHOENIX, Arizona – CBRE has completed the $5.88 million sale of a portfolio comprised of two single-tenant retail properties located at the southwest corner of 24^th Street and E. Baseline Road in Phoenix. The first is a new Chick-fil-A ground lease, which is set to open on January 24^th and the second is a Wendy’s ground lease.  The properties sit on 2.63-acres.

Joseph R. Compagno and R. Max Bippus with CBRE’s Phoenix office represented the buyer, Aspen, Colo-based Rossmore Enterprises, and seller, Next Gen Development, LLC, an entity controlled by Phoenix-based Helix Properties, LLC.

“The Chick-fil-A is a rare deal and lease to trade in our Phoenix market,” said CBRE’s Compagno. “Chick-fil-A owns the majority of its real estate and their credit is one of the most sought-after investments from passive high net-worth investors. The Chick-fil-A sold at a 3.9 percent cap rate and the Wendy’s sold at a 4.5 percent cap rate. I have a long-standing relationship with the buyer, a high net-worth investor based in Colorado. The buyer was in a large 1031 exchange and paid cash for this investment.”