O’Reilly Auto Parts/Rent-A-Center and The Pet Club properties sell for a combined $6.155 million

PHOENIX, Arizona – On behalf of SimonCRE, Cushman & Wakefield completed the sale of two Phoenix retail properties. The first being a multi-tenant building located at 1928 W. Buckeye Road and featuring O’Reilly Auto Parts and Rent-A-Center. The second property is The Pet Club located at 3545 E. Indian School Road. The two redevelopment projects sold for a combined $6.155 million.

Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. Hollenbeck stated, “We always enjoy the opportunity to work with such capable developers like Joshua Simon and SimonCRE. They are true professionals when dealing with all facets of retail development.”

The two retail properties totaling 19,590 square feet (sf) were 100% occupied at the time of sale. Totaling 14,477 sf, the O’Reilly Auto Parts/Rent-A-Center was purchased by Gilles R. Roy and Angele Roy for $2.986 million. The Pet Club is 5,113 sf and was purchased by Oak Sapling Partners, LLC for $3.168 million.

SimonCRE purchased the 1928 W Buckeye Road property in October 2017 and signed O’Reilly Auto Parts to a 15-year lease. Redevelopment was completed in November 2018. The property at 3545 E. Indian School was purchased by SimonCRE in June 2017 and signed The Pet Club to a new 15-year lease. Redevelopment was completed in early 2018.

“Both of these projects were exciting opportunities to revitalize and re-tenant existing buildings,” said Joshua Simon, Founder and CEO of SimonCRE. “We also saw both properties as excellent investment opportunities and Chris did a tremendous job bringing these transactions to fruition.”

New facility will help increase high-tech industry within Pima County

PIMA COUNTY – The Pima County Board of Supervisors June 4 unanimously approved an intergovernmental agreement with the Town of Oro Valley in support of a biotech industry incubator facility.

The planned biotech incubator will be built in Innovation Park in Oro Valley and operated by the nonprofit Oro Valley Innovation Labs. The Board action allows Pima County to allocate up to $60,000 for development of a planned 4,000-square foot incubator space. The allocation matches what the Town of Oro Valley has already pledged. The County will provide funding over the current and following fiscal years.

Support for the biotechnology and bioscience industries is an important part of the County’s Economic Development Plan and the goals set forth therein. These industries develop medical treatments, pharmaceutical products, and agricultural technologies, among other important technological advances that benefit the health and welfare of the public. In addition, biotechnology and bioscience companies provide the highest average annual wage employment opportunities in the state.

“There is a critical need in our region for accelerators to take innovative companies to the next level of growth,” said John Moffatt, director of the Pima County Economic Development Office. “Oro Valley is already recognized as a hub for the Life Sciences and we’re really pleased to be working with Oro Valley, the University of Arizona and the Bioscience community to help spur high-wage job creation in Pima County.”

The biotech incubator is intended to add to the growing high-tech industry in Pima County by providing space for nascent businesses to conduct research and product development. A major operating partner of the facility will be the University of Arizona’s Campus Research Corporation, which operates the successful Arizona Tech Park on South Rita Road. Other partners include Venture West, Roche-Ventana and Icogen.

Phoenix, Arizona — CBRE negotiated the sale of four ideally located Phoenix multifamily communities totaling 12.8 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the buyer and seller in all four of the following transactions.

400 On Pasadena, a 28-unit contemporary boutique apartment community, located in a dynamic Central Phoenix location, sold to Wildwood Hills Home Community Trust for $4.25 million. The seller was Clear Sky Capital Partner IX, LLC. Recently renovated and repositioned with premium finishes, the property is comprised of studio, one- and two-bedroom floorplans that range from 500 to 800 square feet. Submarket rents increased 19 percent year over year ending in the fourth quarter of 2018, according to CBRE research.

CBRE represented the seller, Level on 17^th, LLC and the buyer, Mid-Century Apartments in the sale of Level on 17^th. Located at 6725 N. 17^th Ave. in Phoenix, the property commanded a sale price of $4.15 million. The 29-unit single-story community was repositioned in 2016 and offers one- and two-bedroom floor plans averaging 925 square feet.

Cosmo, a 16-unit apartment community located at 6542 N. 17^th Ave. in Phoenix, sold for $2.3 million to Mid-Century Apartments. Investapath Group, LLC was the seller of the garden-style community that features one, two- and three-bedroom floor plans ranging from 780 to 1,440 square feet.

Flow Investments, LLC acquired Sunshine 12, a 12-unit apartment community located at 2737 E. Glenrosa in Phoenix for $2.1 million from Revival Midtown LLLP for $2.1 million. The seller recently renovated 30 percent of the units interiors with premium finishes and updated the exterior. The buyer plans to continue the renovation and complete the remaining 70 percent of the unit remodels.