Additions will grow company’s geographic presence and bandwidth

PHOENIX, Arizona – Less than a year after its formation, boutique metro Phoenix brokerage firm Citywide Commercial has expanded with six new brokerage team members. The additions allow the company, which specializes in commercial real estate properties of all types and sizes, to expand by geographic presence and bandwidth.

“Our goal for now is to double in size on an annual basis,” said Citywide Commercial Founder and Managing Principal Todd Hamilton. “Strong market projections have made this not only a realistic goal but also a gratifying one to achieve, particularly when it means adding such knowledgeable and well-respected brokers to our team. They share the same passion for customer service, and have come on board ready to expand our collective presence in the Valley.”

The new members of the Citywide Commercial team are:

Bo Sederstrom, Senior Sales & Leasing Agent. A 30-year industry veteran, Sederstrom specializes in tenant and landlord representation, most recently including negotiations for an almost $50 million life science lease in metro Phoenix. He is a member of the ASU WP Carey College of Business Alumni Board of Directors, ASU Presidents Club and Sigma Alpha Epsilon Phoenix Alumni Association Board of Directors, and is Past President of the City of Phoenix Industrial Development Authority.

Jack Scanlan, Associate Broker. Scanlan offers more than 42 years of corporate ownership and sales expertise. He specializes in industrial warehouse leasing and provides professional representation for commercial building owners. Scanlan’s primary focus is the metro Phoenix West Valley.

Scott Wiley, Associate Broker. Wiley’s career spans 17 years and more than $500 million in transactions, with a specialty focus on industrial properties. He holds a bachelor’s degree in computer systems and is a U.S. Army veteran, with service as a Battlefield Control Communication Specialist.

Scott Craig, Sales & Leasing Agent. Specializing in the Northeast Valley with a focus on the Scottsdale Airpark, Craig applies more than 20 years of small- and mid-size business expertise to locate companies in well-matched office, retail and industrial space. He holds a bachelor’s degree in Science in Information Systems and a master’s degree in management information systems.

Garrette Golding, Sales & Leasing Agent. Golding has been leasing and selling commercial real estate since 2017. Prior to this, he worked for a large financial services company where he supported independent advisory firms with $5 billion in assets under management. He holds Series 7, Series 66 and Series 9 licenses.

Ken Schawl, Sales & Leasing Agent. Ken specializes in industrial sales and leasing for tenants and landlords, with a focus on the Southwest Valley submarket including Avondale, Glendale, Goodyear, Tolleson and West Phoenix. Prior to joining Citywide, Ken served as a broker for Phoenix West Commercial.

Citywide Commercial Real Estate is located in the heart of the Camelback Corridor at 2122 E. Highland Ave., Suite 335, in Phoenix. For additional information, contact the company at 602.313.1000 or www.citywidecre.com.

Marana, Arizona – The CVS store at 7740 North Cortaro in Marana sold in a net lease sale for $5.8 million ($403 PSF). Marana Zero I, II and III of Woburn, MA were the sellers and LSD Enterprises of San Francisco was the buyer.

The 14,375-square-foot CVS Pharmacy was built in 2003 on 2 acres at the southeast corner of Cortaro and Silverbell Roads in Marana.

CVS Pharmacy is currently the second largest retail pharmacy in the US, behind Walgreens and continues to deliver new net lease properties to the market. CVS also now boasts a higher credit rating than Walgreens (historically CVS had a lower credit rating than Walgreens) and is considered investment grade with a stable outlook, which improves the value and marketability of corporate guaranteed net lease properties.

Traditionally, CVS leases featured a flat rental structure, however, recently prime locations have been able to demand rental bumps during options – making these properties highly sought after by the net lease investor. The attraction to the investor is likely due to the stability and profitability of the Pharmacy segment as well as the investment grade credit of CVS. The real estate also plays an important driver in these assets, as they are almost exclusively hard corner locations with premiere visibility, and generous access on 1.00 – 2.00 acres of land.

CVS Health Corporation is a publicly traded company on the New York Stock Exchange and has been in business for more than 50 years with the start of first store in Lowell, Massachusetts.

CVS Health Corporation includes CVS Pharmacy which approximately has 9,700 retail pharmacies, CVS MinuteClinic with more than 1,100 walk-in health care clinics, CVS Caremark, a leading pharmacy benefits manager with more than 90 million plan members, and CVS Specialty, a dedicated senior pharmacy care business serving more than one million patients per year, and expanding specialty pharmacy services.

Ryan Sarbinoff with Marcus & Millichap in Phoenix and Zev Forrest with Marchus & Millichip in Encino handled the transaction.

For more information, Sarbinoff can be reached at 602.687.6750 and Forrest is at 818.212.2413.

To learn more, see RED Comp #6988.

Canvas Capital purchases high-demand medical office space for $11.17M

PHOENIX, Arizona – The Phoenix office of JLL has completed the sale of two medical office buildings owned by SKI Properties. Together, the buildings total 31,425 square feet and are 100 percent leased by Southwest Kidney Institute (SKI) and a partnership between SKI and DaVita dialysis services (NYSE:DVA).

The two-building sale achieved a cumulative price of $11.17 million. JLL Executive Vice President Brian Ackerman facilitated the transaction as an off-market, sale leaseback on behalf of SKI Properties. The buyer is Canvass Capital, representing a large family office.

The buildings are located at 8410 W. Thomas Rd. in Phoenix and 2149 E. Warner Rd. in Tempe and total 21,483 and 9,942 square feet, respectively.

“Both of these buildings reflect key attributes that investors look for in medical office space,” said Ackerman. “That includes strategic locations next to a major hospital and credit tenants who are likely to remain in place because of area demographics and high-end build-outs.”

The Thomas Road building sits near the intersection of 83^rd Avenue and is minutes from Banner Estrella Medical Center. The Warner Road building is near the Loop 101 freeway, Chandler Regional Medical Center, Banner Gateway Medical Center and Chandler Fashion Center. It also sits just south of ASU Research Park.