Oregano’s Pizza Bistro Ground Lease at The Landing Sells For $1.67 Million

Oregano’s Pizza Bistro, 4884 S Landing Way, Tucson, AZ

TUCSON, ARIZONA – The ground lease for Oregano’s Pizza Bistro at 4884 S Landing Way at the Irvington and I-19 Commercial Center, Tucson’s The Landing Shopping Center sold for $1.67 million ($53.40 PSF).  The 31,275-square-foot pad sold in this transaction. Built in 2017, the 3,520-square-foot building was already owned by the buyer, Lloyd Thompson of Medford, Oregon and the lease with Oregano staying in place.

Developer of The Landing is an affiliate of Bourn Companies, Irvington Interstate Partners, LLC (Don Bourn, Manager).

Jamie Medress with Marcus & Millichap of Phoenix handled the ground lease sale for the seller.

Other new construction activity at The Landing include a new 5,500-square-foot Red Robin restaurant scheduled to open on September 3, 2018.

There will soon be two new anchors opening at The Landing; Planet Fitness and Hobby Lobby both freestanding buildings are under construction.

Brigham “Brig” Stevens, Asset Manager at Bourn Cos. told us The Landing has attracted several other tenants announced last year by Bourn Cos., including T-Mobile, Jersey Mike’s Subs, Southern Arizona Urgent Care, Long Realty, Chipotle and Taco Bell.

For more information on opportunities at The Landing, Medress should be contacted at 602.687.6700 and Stevens can be reached at 520.318.6717.

To learn more, see RED Comp #6068

 




SVN’s Downtown Experts Close $1.6 million in Phoenix

Phoenix, Arizona – With the Arizona sun, sports arenas, shopping, dining, entertainment and the Roosevelt Row arts district, no wonder why Downtown Phoenix is booming.  New and established companies are flocking to grow and expand their businesses into the trending corridor where plush hotels and educational facilities surround the buildings alike. SVN Desert Commercial Advisors, Justin Horwitz and Paul Borgesen III are two brokers in the downtown Phoenix area that are integral part of the growth.

714 N. 3rd St., Phoenix

Just recently, the dynamic downtown expert team closed on two properties within a few miles of each other from downtown Phoenix to the central Phoenix corridor.  The 7,156-square-foot property located at 714 N. 3rd Street sold for $800,000 just south of the Roosevelt Row Arts District in downtown.  SVN represented the sellers in the transaction.  After owning this and many other properties in the downtown area for generations, the Matz family elected to begin the process of liquidating its holdings.  Horwitz stated, “We are so excited to see this building particularly sell to such a solid buyer.”  Local business owner, Mike Little worked hand in hand with the seller to acquire the property.  Little plans to move his own business into the building while also continuing to offer rental space to the community.  “It’s nice to know it’s in equally as good of hands moving forward,” said Horwitz.

3130 N. 3rd Ave., Phoenix

Just right up the street off 3rd Ave, is another sale for $860,000.  The property is located at 3130 N. 3rd Ave. in Phoenix right on the backside of Park Central Mall.  Horwitz and Borgesen III also represented the seller in the sale transaction.  Seller 3130 North Third Ave, a joint venture and the buyer, Nogachi, LLC is excited to come in and make some immediate changes.  The husband and wife team owns a CPA and law firm respectively. Ruger and Magaly Fontes plans to renovate the 8,668-square-foot building and occupy a portion while leasing back a small portion of the building to the seller who also has an existing law firm.

Horwitz stated, “We are really looking forward to seeing this building post renovation and to watch that immediate area blossom with everything planned at Park Central Mall across the street.”  Park Central Mall was once a retail jewel in the desert and in the process of a $57 million project to revitalize the property.  With all the mixed-use projects with restaurants, office and other amenities, this will location will add value to the development in the area.




July 2018 Tucson Housing Statistics Released

Below are some highlights from the Tucson Association of Realtors / MLS July Residential Sales Statistics:

  • Total Sales Volume of $347,114,173 is down 15.91% from June’s number of $412,805,427 but is up 16.84% from last year.
  • The Average Sales Price of $253,924 is a decrease of .2.01% from $259,137 in June.
  • Average List Price of $260,279 is a decrease of 1.53% from last month’s number of $264,328.
  • Total Under Contract of 1,776 is a decrease of 4.31% since June’s number of 1,856.
  • Total Unit Sales of 1,367 is a decrease of 14.19% since last month’s number of 1,593 but up 6.13% since July 2017.
  • The Median Sales Price of $215,000 is an increase of 1.42% from $212,000 in June and up 10.26% from last year’s number of $195,000.
  • New Listings of 1,784 are a decrease of 5.46% from 1,887 in June.
  • Total Active Listings of 2,967 are a slight decrease from 2,974 in June.
  • Average Days on Market increased to 43 this month from 39 last month.
  • Conventional loan sales of 46.2% exceeded Cash Sales of 21.7%.

More detailed information is available on our website, TAR Housing Statistics.

July 2018 MLSSAZ Residential Sales Statistics Click Here

July 2018 MLSSAZ Rental Statistics Click Here

 

 




McDonald’s and Franchisees Investing Approximately $120 Million in Arizona To Modernize More Than 200 Local Restaurants in 2018 & 2019

McDonald’s locations will be updated with digital self-order kiosks during the modernization and remodel of 200+ Arizona restaurants.
(Courtesy photo McDonald’s)

Remodeled restaurants offer new technology and a more fun, modern experience

PHOENIX, Arizona — Tuesday, McDonald’s announced that the company and its franchisees are investing approximately $120 million in Arizona throughout 2018 and 2019 on the construction and modernization of more than 200 McDonald’s restaurants, transforming the customer experience inside and outside the restaurant. In total, McDonald’s and franchisees are investing $6 billion to modernize most U.S. restaurants by 2020, including most restaurants in Arizona.

With this significant construction investment, the transformed restaurants will feature:

  • Modernized dining rooms with globally and locally inspired décor, new furniture and refreshed exterior designs
  • Enhanced customer experience with digital self-order kiosks that make ordering and paying for a meal easier. Kiosks empower guests to browse the menu, find options and tailor their meal just the way they want.
  • Remodeled counters allow for new table service that offers guests the opportunity to relax while their food is being made
  • Bright and easy to read digital menu boards inside and at the drive through
  • New designated parking spots for curbside pick-up through mobile order and pay
  • Expanded McCafé counters and larger display cases

“Nearly 50 years ago, back in 1975, Arizona became home to McDonald’s first drive-thru in the country,” Arizona Governor Doug Ducey said. “We’ve experienced massive growth since then and our communities and economy are thriving and we’re glad McDonald’s and its franchisees are continuing to invest in Arizona.”

“This is an exciting time for McDonald’s and we’re proud to be making significant investments in our neighborhoods to provide a new experience for our guests in Arizona,” said Michelle Slayton, McDonald’s Owner Operator. “We remain committed to supporting our communities and are proud to support local architecture, engineering and construction jobs across Arizona.”

In addition to the investments to modernize the restaurant, McDonald’s has also introduced McDelivery with Uber Eats at more than 5,000 US restaurants.

 




Nick Potter Joins Barker Pacific Group

Nick Potter, Capital Markets at Barker Pacific Group

Former Managing Director of CIT Joins LA-Based Real Estate Firm

Los Angeles, CA – Barker Pacific Group is pleased to announce that Nick Potter has joined the firm as Partner in charge of Capital Markets. Based in BPG’s Los Angeles headquarters office, Mr. Potter will oversee all capital raising requirements and financial structuring for the organization across its various real estate investment platforms. He will also head up company communications and reporting with shareholders and investors. Mr. Potter brings a deep understanding of corporate finance, investment, and strategy, and BPG is excited to have his talents and experience added to its arsenal.

Prior to joining the BPG team, Potter acted as Managing Director in the Real Estate Group at CIT, where he led a loan origination team, having originated over $615M in loans. He also managed a portfolio that exceeded $735M. He formerly served as Vice President in the Commercial Real Estate Group at OneWest Bank, where he was responsible for portfolio management and new loan origination underwriting.

Mr. Potter has an MBA and Master of Real Estate Development from the University of Southern California. He received his BS in Finance from Cal Poly San Luis Obispo.

Barker Pacific Group, Inc., (BPG) is a firm of experienced real estate professionals active in the acquisition, development, construction management, and asset management of major commercial projects. Founded in 1983, it has developed and owned first-class properties located in San Francisco, Los Angeles, San Diego, and Roseville in California; Houston; Phoenix; and South Florida. Michael Barker serves as the Managing Director of the firm, which maintains offices in Los Angeles, San Francisco, Walnut Creek, and Phoenix. For more information, please visit https://barkerpacific.com/

 




Arizona’s Sundt Construction Ranks No. 68 on America’s Largest Employee-Owned Companies List

TEMPE, Ariz. – Sundt Construction, Inc. (www.sundt.com) ranks No. 68 on the National Center for Employee Ownership’s Top 100 largest majority employee-owned company list.

In 1972, Sundt established an Employee Stock Ownership Plan (ESOP) and today, the company is 100 percent employee-owned. An ESOP company is different from traditional types of corporate ownership in that it is owned in whole or in part by its employees through its ESOP trust, and each employee-owner shares in the profits and success of the company. At Sundt, all employees are generally eligible for participation after 1,000 hours of credited service during the initial full 12 months of employment.

“Sundt is honored to be recognized as one of the country’s largest employee-owned companies,” Sundt’s Corporate Director of Human Resources Nicole Calamaio said. “Our ESOP program is a way to bring a heightened sense of dedication and commitment among all our employee-owners.”

To earn a spot on the list companies must be at least 50 percent owned by an ESOP or other qualified plan or by one or more other kinds of plans in which at least 50 percent of full-time employees are eligible to participate.

Sundt Construction, Inc. (www.sundt.com) is one of the country’s largest and most respected general contractors. The 128-year-old firm specializes in transportation, industrial, building and concrete work and is known for its commitment to quality and innovative approach to construction services. Sundt has 11 offices throughout Arizona, California, Texas and Utah and is 100 percent owned by its approximately 2,000 employees. Sundt currently is ranked the 65th largest construction company in the United States by ENR, the industry’s principal trade magazine. The company is consistently ranked among the Best Places to Work by business publications in multiple cities and it was named the nation’s safest construction company by the Associated General Contractors of America twice in a decade – an honor no other contractor can claim. Sundt’s charitable arm, the Sundt Foundation, recently crossed the $8.6 million mark in donations made to hundreds of nonprofit organizations across the country.




Canadian Investor Closes Complex Purchase of Midtown Office Space

3033 N. Central Ave., Phoenix, AZ

Popular “Live Work Play” Lifestyle of Midtown Attracts Buyers

Phoenix, Arizona – A portion of the office building at 3033 N. Central Ave. and its adjacent parking garage has been sold to a Canadian investor as its first Midtown Phoenix acquisition.  The buyer was attracted to the property because of its proximity within the increasingly popular “Live Work Play” Central Phoenix corridor.

“This complex transaction involved the sale of a portion of a nine-story mid-rise tower on Central Avenue,” says Mindy Korth, executive vice president with Colliers International in Greater Phoenix.  “Years ago, the tower had been converted to office condos and a real estate cycle downturn halted the unit sales to owner/occupants.  This left the tower with a portion of its square footage still landlord-controlled for multi-tenant leasing.  That status provided a unique opportunity for the buyer to gain a significant position on Central Avenue with a cost-effective investment.  The transaction presented a high level of complexity because the asset is involved in a condominium regime, owners’ association agreements and sharing of infrastructure services with the adjacent high-rise building.”

Korth, Charles Miscio and Kirk Kuller of Colliers International in Greater Phoenix represented the seller in the transaction.  Jim Bayless, Kate Morris and Vince Femiano of CBRE represented the buyer.

Phoenix Central Park Medical LP purchased the property from an entity represented by The Krausz Companies, a San Francisco based real estate company.

The post-modern design building was originally built in 1960 as a part of the class A Prudential Plaza that also includes a 25-story high-rise. It was extensively remodeled in 2005, when the condominium regime was established.  Located on 2.68 acres of land directly across from Park Central Mall it is in the heart of Midtown.

The sale included 80,230-square-feet of multi-tenant office space, which was 30 percent leased at the time of the sale.  The overall building area totals approximately 134,164-square-feet.  The Buyer came to the transaction with a sizable prospective tenant that is poised to lease approximately 38,000-square-feet of the tower’s vacant space.

“This asset offered tremendous upside at a fraction of replacement cost,” says Korth.  “Central Phoenix is attracting a wide range of employers and new residents and has become a 24/7 community. The Midtown submarket is poised for dynamic recovery and the buyer will benefit from the timing of their purchase.”

The Krausz Companies specialize in the acquisition, development and management of high quality, well-located retail, office, industrial and mixed-use properties throughout the United States.  www.krauszcompanies.com




Pima County prevails in World View incentive agreement lawsuit

World View Balloon Launch (Photo Pima County)

PIMA COUNTY – Pima County Superior Court Judge Catherine Woods Monday ruled in Pima County’s favor in a lawsuit brought by the Goldwater Institute that alleged the county failed to follow various state laws when it entered into an economic development incentive agreement with World View, a near-space technology company that uses high-altitude balloons.

Woods granted the county’s request for “partial summary judgment” with respect to one of the claims in Goldwater’s complaint, writing that the county did not violate any state laws when it entered into contracts with local architect and construction firms without a competitive solicitation. State law allows counties to forgo standard competition requirements in circumstances in which compliance is “impracticable, unnecessary or contrary to the public interest.” Woods ruled that the circumstances involving the World View agreement met the conditions of the exception.

During 2015, Pima County was one of three locations across the country that World View was considering for a headquarters and manufacturing facility for its disruptive near-space technology. The company needed to be in a facility and manufacturing balloons by the end of 2016 in order to meet contractual deadlines for its clients. The county, in the later part of 2015, put together an incentive package to retain the growing company and its high-wage jobs.

From Superior Court Judge Catherine Woods’ ruling:

“The record before the Court establishes that Pima County determined that it was within the public interest to secure the World View contract as a means of economic development. The record also supports a reasonable inference that Pima County was concerned that it would lose the World View opportunity if it did not agree to World View’s accelerated time frame.”

“Concerning [Goldwater Institute’s] argument that the ‘impracticability’ of competitive bidding was a problem of Pima County’s own making, the Court is not persuaded. It is true that [County Administrator Chuck] Huckelberry learned of World View’s probable accelerated time frame during the Fall of 2015. However, during the Fall of 2015, Mr. Huckelberry also knew that World View was touring potential sites in New Mexico and Florida. It was far from clear during the Fall of 2015 that World View ultimately would choose Pima County. In late November 2015, World View intimated that it probably would accept Pima County’s offer. World View formally accepted Pima County’s proposal on December 23, 2015, and conditioned that acceptance on an accelerated occupancy deadline of ‘approximately November 2016.’ The Pima County Board of Supervisors, the County’s ‘agent,’ received the details of the proposed deal in mid-January 2016. Under these specific and unique circumstances, the Court is unable to find that the ’impracticability’ of competitive bidding was the product of Pima County’s own making.”

The County previously prevailed on appeal on another part of Goldwater’s lawsuit, in which the conservative Phoenix-based think tank alleged the County’s violated certain State-law requirements applicable to leases of county-owned property. The Arizona Court of Appeals, in a unanimous ruling, agreed with Pima County that state statutes grant counties the ability to lease or sell real property for the purposes of economic development without following the usual leasing process.

“I hope this ends Goldwater’s politically inspired assault on job creation in Pima County,” said County Administrator Chuck Huckelberry. “The county is always diligent about compliance with state laws, including when it comes to economic development. These successive court victories bear that out.”

World View is an innovative space technology company developing high altitude balloons capable of lifting various types of payloads to the stratosphere. World View’s clients include numerous companies and agencies, including NASA, defense contractor Northrop Grumman and several universities.

Pima County entered into the economic development agreement with World View to bring hundreds of high-paying jobs to the region. World View now has 90 full-time employees with average annual salaries greater than $78,000. The company expects to eventually have about 400 employees.

While the county spent about $15 million building the 135,000 square-foot administrative and manufacturing headquarters to lease to World View, taxpayers will receive more than $24.8 million in lease payments over the course of the agreement, making a profit of more than $9 million.

In addition, Phoenix-based Applied Economics Inc. in 2015 conducted an economic impact study of World View’s proposed operation and estimated the company could have a $3.5 billion direct and indirect impact on the local economy over the next 20 years.

To learn more, County Administrator’s memo with court ruling here. Appellate court ruling Press Release from December here.

 




CBRE Arranges Sale of Mid-Century Apartment Community in Phoenix for $12.07 Million

PHOENIX Arizona –  CBRE arranged the sale of a 156-unit apartment complex located at 3130 N. 7th Ave in Phoenix, Ariz. The property, formerly a 1960s-era hotel, was sold by San Francisco, California-based FPA5 El Cortez, LLC, to Austin, Texas-based PB Acquisitions for $12.07 million.

Brian Smuckler, Jeff Seaman, Bryson Fricke and Bert Kempfert with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

Originally constructed as a resort in 1964, the Art Linkletter-designed property was renovated by the seller in 2016. The mid-century community is comprised entirely of studio floor plans averaging 407 square feet complete with floor-to-ceiling windows and private patios or balconies. Upgraded units feature new flooring, modern appliances and resurfaced countertops. Resident amenities include a swimming pool, three on-site laundry facilities, gated access and remote fobs for building entry.

“El Cortez benefits from a popular midtown location that is experiencing an increase in new development, walkable amenities and convenient access to downtown Phoenix,” said CBRE’s Smuckler.

The apartment community is located near St. Joseph’s Hospital and Medical Center and is within walking distance to the Central Avenue Corridor. Located directly north of El Cortez, a new Sprouts-anchored mixed-use development is currently under construction at the corner of 7th Avenue and Osborn Road.

 

 




NAIOP AZ Developing Leaders Young Professionals Group Caps Year with Class of 2017-2018 Team Competition

PHOENIX, ARIZONA – It was an evening of celebration this summer as the NAIOP Arizona Developing Leaders Young Professional Group (YPG) Mentor Program hosted graduation for the 2017-2018 class at Arizona Country Club.

Mentors and protégés gathered in a private dining room for a reception, presentations, and a dinner. The 15 protégés, grouped into four teams, pitched development proposals on Packard Stadium, the SWC of Rural Road and Rio Salado Parkway in the North Tempe submarket.

Teams were matched (three mentees and one mentor) throughout the 9-month program. Teams created a development and business plan for the site. The program culminated with project presentations to equity sources, pitching them to invest in their respective deals. 

JMJ Development and its Packard North deal took home first-place honors. The winning project called for 300,000 SF of Class A office with future phases for multifamily and retail.

Team members were Mollie Zemer, Barclay Group; Josh Tracy, Ryan Companies US; and James McDonald of Cresa. Their mentor was Keith Earnest of VanTrust Real Estate.

The other mentors were Molly Carson, Ryan Companies US; Cathy Thuringer, Trammell Crow Company; and Jim Wentworth, Wentworth Property Company. Event judges were Brian Kearney, Catellus Development Corp.; Ben Geelan, Holliday Fenoglio Fowler, L.P. (HFF); and Ben Baumes, Catellus Development Corp.

“This program offers a great educational opportunity for the YPG protégés through introduction to and participation in various aspects of real estate development,” Thuringer said. “Having served as a mentor for the past three years, I am a huge proponent of the program for the knowledge and exposure it affords the young professional to the complicated world of development.”

“The YPG program continues to offer one of the most practical real estate immersion programs for young professionals in the Valley,” Billy Cundiff with Hines said. “They are able to get first-hand experience and education through the case study by some of the most well-known leaders in the real estate community.”

Cundiff chaired this year’s program. The other protégés were Matt Avila, Atmosphere Commercial Interiors; Chris Beal, JLL; James Cohn, CBRE; Shane Essert, HFF; Shelby Guddeck, DLR Group; Nicole Iglehart, Newmark Knight Frank; Chelsea Porter, The Renaissance Companies; Bryan Smith, GPEC; and Brian Zurek, Transwestern.

The YPG program provides participants with access to industry leaders while taking a hands-on educational approach via case-based learning, said YPG Co-Chair Cullen Mahoney of Trammell Crow Company.

“The program is well-suited for young real estate professionals looking to strategically grow their networks while learning the development business,” Mahoney said.

Applications for the 2018-2019 NAIOP YPG Mentor Program will be available in September. All NAIOP members who are age 35 or under qualify to participate in the Developing Leaders program, whether they joined through the DL membership category or as part of a corporate membership.

 




Tucson Lease Report August 6-10, 2018

Tucson Lease Report Aug. 6-10, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from Aug. 6 thru 10, 2018.

INDUSTRIAL – 3133 S. DODGE BLVD., TUCSON
Bay Insulation of Arizona leased 8,600 square feet of industrial space from Dodge Properties, LLC. The property is located at 3133 South Dodge Boulevard. The landlord was represented by Gary Emerson of GRE Partners, LLC and the tenant was represented by Tim Healy Jr. of CBRE’s Tucson Office and Bill Bayless of CBRE’s Phoenix Office.

RETAIL AT THE CROSSING AT SAHUARITA
Starbucks recently finalized a lease of 2,400-square-feet at The Crossing at Sahuarita. The Sprouts anchored project is located at the southeast corner of Nogales Highway and Abrego Drive in Sahuarita, Arizona.  The center is leased by Brian Gast and Dave Cheatham of Velocity Retail Group, with Brenna Lacey of The Volk Company in Tucson as co-listing agents.  Greg Furrier with Cushman & Wakefield / PICOR represented the tenant in the transaction.  The landlord ownership group is a partnership between Wadsworth Development Group and Accelerated Development Services.

RETAIL – SHOPPES AT CONTINENTAL RANCH, MARANA
Brian Gast and Bonnie Arlia of Velocity Retail recently negotiated a lease for a 2,200-square-foot Go Wireless – Verizon store in the Shoppes at Continental Ranch in Marana, Arizona.  The Safeway anchored center is located at the southeast corner of Twin Peaks and Silverbell Roads.  The store will be located in a newly constructed building along Silverbell at the entrance to the shopping center.  Craig Finfrock of Commercial Retail Advisors in Tucson represented the Landlord in the transaction.  This is the 6th new location the team has completed for this tenant in the last year.

RETAIL – 9040 E. VALENCIA RD., TUCSON
Solee Enterprises, a chicken wing concept restaurant, leased 1,750 square feet at Rita Ranch Shopping Center located at 9040 E. Valencia Road, Tucson, AZ.  Dave Dutson with NAI Horizon represented the landlord in this transaction.

Login in to learn more and submit sales and leases to REDailyNews@Outlook.com




Velocity Retail Group Completes 4.5 Million SF Recently

Phoenix, Arizona  Velocity Retail Group recently completed dozens transactions totaling over 4.5 million square feet of retail, land and big boxes.  The team leases and sells more big box transactions than any other local firm, with big box sales and leasing accounting for twenty-five percent of these transactions.  Following are a few highlights of the new transactions, see also the Tucson Lease Report:

Ashley HomeStore to Open in Prescott
Ashley HomeStore has signed a lease for a new location of 31,689-square-feet at 3090 Gateway Boulevard in Prescott, Arizona.  The location is immediately adjacent to Prescott Gateway, the area’s only enclosed regional mall, in a location formerly occupied by The Roomstore.  Darren Pitts of Velocity Retail Group and Aaron Hodgdon of Hodgdon Group Realty represented the tenant in the transaction.  Ryan Desmond from Western Retail Advisors represented the Landlord, STORE Capital.  The store is expected to open in the 1st quarter of 2019.

Circle K Expands Location in Phoenix
Brian Gast represented Circle K in a 52,231-square-foot ground lease at the southeast corner of Elliot Road and 51st Street in Phoenix.  Circle K currently operates a smaller store on the hard corner.  The adjacent former Burger King will be razed to rebuild a new prototypical Circle K on the larger site.  Anticipated opening date of the new store is 4th quarter of 2018.

Cave Creek Parcel Sold for Self Storage
Dean Ingram and Brian Gast represented the Owner, Carefree and Cave Creek LLC, an entity controlled by Pacific West Land in Washington state, for the sale of a 2.8-acre parcel at the northwest corner of Carefree Highway and Cave Creek Road.  The parcel is located just north of the Lowe’s Home Improvement store.   The buyer, William Warren Group out of California.  The company has plans to develop a self-storage facility on the property.  The land sold for $1.1 million ($8.20 PSF).

Old Navy Expands at Superstition Gateway
Dave Cheatham, Darren Pitts and Bonnie Arlia recently finalized a lease of 12,500-square-feet on behalf of Old Navy.  The new store will be located at the southwest corner of the US 60 Freeway and Signal Butte Road.  They will occupy part of the former Staples space.  Brian Gast of Velocity Retail Group represented the Landlord, DTL-SGW, LLC and DTR1C-SGW, LLC in the transaction.  This will be the 19th Old Navy store in the Arizona market. The store is expected to open in August of this year.

Old Navy Expands in Queen Creek
Dave Cheatham, Darren Pitts and Bonnie Arlia recently finalized a lease of 12,500-square-feet on behalf of Old Navy.  The new store will be located in the Queen Creek Marketplace shopping center located at the southwest corner of Rittenhouse Road and Ellsworth Road in Queen Creek.  They will occupy part of the former Cost Plus World Market space.  The Landlord is Vestar QCM, LLC, and was represented by Matt Milinovich of Strategic Retail Advisors.  When the store opens in August of 2019 it will be the 20th Old Navy store in the Arizona market.

Iora Primary Care to Open new Clinic in Mesa
Brian Gast represented the Landlord, in a 7,923-square-foot lease to Iora Primary Care, a division of Humana, Inc.  The new clinic will be located at the northwest corner of McKellips and Recker Roads in Mesa.  The tenant was represented by Cushman & Wakefield’s, Dev Gupta.  The clinic is expected to open in October of this year.

Former Bank Branch at Guadalupe and Gilbert Roads Sells
Brian Gast of Velocity Retail represented the Buyer, F & S Management IV, LLC in the purchase of an approximate 1-acre parcel with a 6,981-square-foot former bank building at the southeast corner of Guadalupe and Gilbert Roads in Gilbert, Arizona.  The buyer has also engaged Brian Gast of Velocity Retail Group to lease the building.  Tyson Switzenberg of JLL represented the Seller in the transaction.

Prime Sleep to Add 4th Store in the Market
Darren Pitts and Dave Cheatham with Velocity Retail along with Bryan Cornelius from Venture Commercial in Dallas completed the fourth Prime Sleep location for the Phoenix area.  The 4,500-square-foot store will be located at the southwest corner of Williams Field Road and San Tan Village Parkway in the San Tan Pavilions Shopping Center.  The Landlord is San Tan AZ, LLC, represented by Jason Hersker and Stephen Herman of Capital Asset Management.  Opening is slated for early 2019.

Vantage West Credit Union in Gilbert
Brian Gast represented the Landlord, in a 4,000-square-foot lease to Vantage West Credit Union.   The new branch will be located in a free-standing former Chase Bank building at the southeast corner of Ray and Cooper Roads in Gilbert, Arizona.  The tenant was represented by Chris Evjen of Diversified Partners. Vantage West is expected to open by the end of 2018.

Remedy Pilates & Barre Expands
Bret Olson, and Darren Pitts of Velocity Retail negotiated a 2,065-square-foot lease with Remedy Pilates & Barre at the southeast corner of Indian School and 36th Street in the Gaslight Square shopping plaza.  This will be the second location for the tenant.  They are expected to open in September of 2018.  Jared Lively of Rein & Grossoehme represented the Landlord in the transaction.

Mountainside Wellness Center Purchases Medical Building
Brian Harpel represented the Mettham Family Trust in purchasing a 1,873-square-foot medical building in Foothills Professional Village at 16515 S. 40th Street, #129 in Phoenix.  The practice has been in business for over 17 years at their Chandler Boulevard location and has now relocated to the new building.  Velocity Retail Group’s Dave Cheatham placed the tenant in their original location in 2001.

Ray & Power Shops Gains New Tenant
Brian Gast represented the Landlord’s in a new lease for the shops at the southeast corner of Ray Road and Power Road in Gilbert.  Shiphaus Express leased 1,325-square-feet of space.  They are expected to open in the 4th quarter of 2018.

Nitro Live Icreamery and Pilot Mortgage to Open in Gilbert
Brian Gast represented the Landlord, Cooper Square Shops, LLC on two new lease transactions. Nitro Live Icecreamery leased 1,312-square-feet, and is expected to open in January 2019. Pilot Mortgage leased 1,002-square-feet and is expected to open in the 4th quarter this year.

Bayshore Plaza Sells at Warner and Cooper Roads in Gilbert
Velocity Retail’s Brian Gast, and CBRE’s Greg Abbott worked together to sell Bayshore Plaza shopping center at 730 S. Cooper Road in Gilbert, Arizona.  Greenstone Partners out of Chicago Illinois represented the Buyer, Bunge Bradley, LLC in the investment sale transaction.