Phoenix, Arizona – CBRE announced the sale of six single-tenant properties located throughout Arizona, Missouri, Kansas and Texas leased to Freddy’s Frozen Custard and Steakburgers, a fast-casual restaurant franchise with over 300 locations across the U.S.

Joe Compagno of CBRE in Phoenix represented Barclay Daisy Mountain, LLC in the $2.8 million sale of a 3,232-square-foot single-tenant retail property leased to Freddy’s at 39520 N. Daisy Mountain Drive in Anthem, Ariz. Studio City, Calif.-based Karraa N Daisy Mountain Drive Anthem purchased property, which is located in Anthem Crossroads, a shopping center anchored by Fry’s Food & Drug.

Additionally, Compagno represented Salinas, Kansas-based JRI Management in the sale of the following five properties.

The first, a 2,971-square-foot property located at 1340 N. Litchfield Road in Goodyear, Ariz. sold to Li Family Trust of Santa Rosa, Calif. for $3 million. The property benefits from proximity to Abrazo West Campus, Estrella Mountain Community College and several national retailers such as Target, Best Buy and Total Wine. The property sold at list price and the buyer paid all cash.

The second Arizona-located property is located across from Northern Arizona University at 2675 S. Beulah Blvd. in Flagstaff, Ariz. Karraa S. Beulah Blvd Flagstaff, LLC of Studio City, Calif. acquired the 3,091-square-foot property for $2.55 million. The buyer was in a 1031 exchange and obtained new financing.

The third property is a 3,532-square-foot property leased to Freddy’s at 3040 Justin Road in Highland Village, Texas sold to JDN Properties, LLC of Calif. for $2.2 million. The property is located in The Marketplace at Highland Village and surrounded by several national retailers.  The property sold at list price and the buyer paid all cash.

The fourth property is located at 3118 South Range Line Road in Joplin, Missouri. The 3,036-square-foot property leased to Freddy’s sold to Unity Enterprises, LLC of Fairfield, Calif. for the list price of $3 million, all cash.

The fifth property is located at 1314 South Broadway Street in Pittsburg, Kansas. The 2,970-square-foot property leased to Freddy’s sold to 52^nd Street, a Joint Venture, of Rancho Santa Fe, Calif. for $2.35 million. The property benefits from a great location just around the corner from Pittsburg State University. The buyer paid all cash and closed in two weeks.

“Investors that have seen significant equity gains in the properties that they purchased in California since the recession are reinvesting their profits into other high-growth markets like Arizona, Missouri, Kansas and Texas in search of higher cap rate returns,” said CBRE’s Compagno. “Arizona, in particular, benefits from this flight of capital due to its proximity to California.”

Tucson, Arizona – Kathy Decker joins the Southern Arizona Home Builders Association as the lead for Business Development activities. Her primary focus will be building and promoting membership opportunities and revenue growth across SAHBA programs, services and events.

“We are thrilled to have Kathy as part of the SAHBA team,” said David Godlewski, SAHBA President. “Under her lead she will enhance partnerships with current and future members as well as promote the home building industry in Southern Arizona.”

Kathy comes to SAHBA after 5 years as a Development Manager for the Arizona Chapter of JDRF, the Juvenile Diabetes Research Foundation. At JDRF she was responsible for increasing donor revenue across JDRF Signature events; The Promise Ball Gala, One Walk and Outreach events.

Prior experience includes sales, marketing and project management for industry leaders Simplex Grinnell, American Standard, Johnson Controls and others.
Decker earned a Bachelor of Science in Technical Sales from Texas A&M University.

SAHBA represents 350 member businesses serving the home construction industry in Pima, Cochise and Santa Cruz counties.

Office Project to Begin Construction in 2019

Phoenix, AZ–  Trammell Crow Company (TCC) Phoenix has unveiled plans for its newest development, Axis Raintree. The project will include a 175,000-square-foot, three-story, Class A speculative office building with a structured garage. Construction is scheduled to begin in October 2019 and will be completed in 4Q 2020. TCC acquired the 8.24-acre site, located at the southwest corner of East Raintree Drive and North 87th Street in Scottsdale, in April 2019.

“The Axis Raintree team has enjoyed working with the City of Scottsdale to design and deliver a best-in-class project that meets the needs of today’s office occupiers,” said Cullen Mahoney, a Vice President with TCC Phoenix. “We are excited to collaborate with CBRE on another speculative office execution in the Valley.”

The team of Bryan Taute and Charlie Von Arentschildt with CBRE Phoenix will serve as the exclusive leasing agents for the project.

“Axis Raintree will be the first Class A building to deliver in the Scottsdale Airpark submarket since the completion of Scottsdale Quarter Block M in 2015,” said Bryan Taute. “With only 255,000 square feet of new Class A space delivered in the submarket since 2010, this 175,000-square-foot Class A project presents an exciting opportunity to capitalize on high-quality, dynamic office space demand near major transportation corridors.”

“For the last few years, TCC has closely monitored office supply in metropolitan Phoenix with an eye toward identifying the best site in the best submarket to launch our next office project,” said Cathy Thuringer, Principal with Trammell Crow Company.  “The Scottsdale Airpark and the Axis Raintree site both fit that bill and TCC is delighted to be moving forward on our next Class A office development.”

Designed by RSP Architects, the office building will feature 16’ deck-to-deck volume, expansive glazing, large efficient floorplates, several tenant amenity areas, structured parking and outstanding views of the McDowell Mountains.

The property is easily accessible from the Loop 101 Freeway, providing access to a deep, diverse labor pool. The area is also a leading retail destination with immediate adjacency to an abundance of retail amenities, proximity to Kierland Commons, Scottsdale Quarter and Scottsdale Promenade and features world-class resorts including the Westin Kierland, the Fairmont Scottsdale Princess and the JW Marriott Desert Ridge.