KB Home Closed on 60 Lots in Two Infill Projects for $1.023 Million

TUCSON, ARIZONA — KB Home Tucson purchased 28 platted lots in northwest Tucson for $758,800 ($27,100 per lot) and a second infill project at Irvington and Cardinal 32 platted for 32-lots in West Tucson for $264,000 ($8,250 per lot).

The property in the northwest is located south of Orange Grove at Oracle and Lavery Lane and is 6.3 acres platted for 35’x105’ lots.

The seller was JRC Fiesta Lavery LLC, an affiliate of Broadway Realty & Trust (Joseph and Larry Cesare, managers) and were self-represented. KB Home, the buyer was represented in house by Aaron Mendenhall.

The second property at Cardinal & Irvington consists of 14.43 acres and was platted for 32-lots. The buyer reported that there are high development costs associated with this property that account for the sales price.

Ben and Adam Becker with  CBRE represented the seller and Aaron Mendenhall with KB Home represented the buyer.

For more information, Ben Becker can be contacted at 520.323.5149 and Adam Becker is at 520.323.5188. Larry Cesare should be reached at 520.747.5700 and Aaron Mendenhall at KB Home is at 520.668.8640.

To learn more, see RED Comp #6360 and #6363.

 




Greystar Purchases River Ranch in Chandler, AZ for $32 Million

Cushman & Wakefield Negotiates Sale of 188-Unit Multifamily Community

PHOENIX, Arizona – Cushman & Wakefield completed the sale of River Ranch, located at 6152 W. Oakland Street in Chandler, Ariz. Greystar GP II, LLC, an entity formed by Greystar of Charleston, S.C., purchased the 188-unit multifamily community from PHX Oakland 2010, LLC, a company formed by Acacia Capital Corporation of San Mateo, Calif., for $32 million ($170,213 per unit).

Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

River Ranch is a two-story, eleven building, garden-style complex which offers one- and two-bedroom floor plan options averaging 742 square feet. Built in 1986, the property has gone through various capital improvements totaling $2.5 million over the last seven years including washers/dryers installed in all units, roof replacement, exterior paint, and new black appliance packages in 31 units.

Unit interiors include washer/dryer, private balcony or patio, spacious pantry closets, wood style flooring, internet/cable ready, individual hot water heaters and walk-in closets. Common area amenities include two sparkling swimming pools and spas, pet friendly, playground area, fitness center, picnic areas and barbecue grills, covered parking and parcel storage center.

“This sale represented a win/win scenario for both the buyer and seller. The seller was able to monetize significant gains in their investment fund due to the long term ownership of the asset. The buyer saw additional upside in the renovation potential of the unit interiors in the Chandler submarket, one of the fastest growing areas of Phoenix,” said Crews.




Velocity Retail Group Sells Shopping Center for $8.3 Million

Phoenix, Arizona — Velocity Retail Group’s Brian Gast, Senior Vice President represented the buyer in the $8.3MM investment sale of Mountain View Marketplace, located at 3131 E. Thunderbird Road in Phoenix. Fortis Development, LLC of Arizona purchased the center which totals approximately 172,000 square feet.   The Seller was Mountain View Shopping Plaza, L.P. a California limited partnership.

The shopping center included a vacant Safeway store, which Velocity Retail recently leased to VASA Fitness.  Other tenants include a Walgreens and a host of restaurants and service related businesses serving the surrounding community.  VASA Fitness will be 55,000 square feet and is expected to open in October 2019.

“The new owners have plans to redevelop and refresh the center with a new color scheme, signage, parking lot and lighting as well as updated architectural features,” said Gast.




NAI Horizon negotiates sale of $1.4M Mesa retail building

PHOENIX, ARIZONA– NAI Horizon Senior Vice President Jeff Adams represented the buyer and the seller in the $1.4 million acquisition of a freestanding retail building at 460 N. Country Club in Mesa, Arizona.

Adams represented AZIZ, LLC, an Arizona limited liability company of Tempe, Arizona, in its purchase of the 32,400-square-foot property. Adams also represented the seller, Shield of Faith Christian Center, an Arizona non-profit corporation of Gilbert, Arizona.

“This transaction was a win for both sides,” Adams said. “The buyer was able to complete his acquisition of the entire arterial corner consisting of nearly 77,000-square-feet on roughly 7.53 acres, increasing his future flexibility. The seller is moving into a new space that better fits its needs. This was a smooth transaction with two cooperative, willing parties.”

The buyer plans to run an import business out of the building, which sits on 2.33 acres. The building also will serve as a storage facility. It features 100 percent improved HVAC system and is an arterial corner facility in Mesa.




Strong Industrial Future Spurs New Phoenix Commercial Real Estate Firm

Industry veteran announces formation of Citywide Commercial

PHOENIX, Arizona – Supported by the long-term positive outlook for the Phoenix commercial real estate industrial market, industry veteran Todd Hamilton has announced the formation of Citywide Commercial. The new boutique brokerage firm specializes in industrial properties of all types and sizes, in submarkets across metro Phoenix.

“We’re bringing a 23-year book of business under a new umbrella, where we’ll provide everything you would expect from a modern, boutique brokerage firm,” said Hamilton, Citywide Commercial Managing Principal. “That includes a deep understanding of the Phoenix market, a commitment to personal relationships and a fresh, unencumbered approach to the commercial real estate process.”

Services provided by Citywide include property and site evaluations, investment strategies, building acquisitions and dispositions, lease review and negotiations for both tenants and landlords, and marketing strategies.

“Our strategic geographic location and the benefits we provide within the product supply chain have given Phoenix a tremendous leg up in its economic development,” said Hamilton. “We’re excited to help clients capitalize on those fundamentals, which from where we stand are bright not only for the Valley but for the entire industrial landscape.”

Citywide is directed by Hamilton, a 23-year commercial real estate industry expert holding designations as both a Certified Commercial Investment (CCIM) and Society of Industrial and Office Realtors (SIOR) member. Hamilton has completed more than 25 million square feet of deals in metro Phoenix, focusing largely in industrial sale, lease and investment transactions. He has also been recognized as a CoStar Power Broker for 15 years, was a CCIM Arizona Chapter Board Member for three years and the president of Arizona Commercial Brokers Association (ACBA) for two terms. Hamilton holds a bachelor’s degree in finance from Arizona State University.

Hamilton is joined by Citywide Principal and Designated Broker Adam Shteir and Citywide Principal Chad Kirkorsky, creating a team that together over the past three years has been involved in more than 930 lease and sale transactions.

Shteir specializes in industrial sale and lease transactions, including a decade in property management that gives him a broad understanding of owner, landlord and tenant priorities. Prior to this, Shteir spent 16 years as a trader at the Chicago Board of Trade and Chicago Mercantile Exchange. He is a graduate of the Arizona School of Real Estate and Business and holds a Series 7 license.

As an Arizona native, Kirkorsky focuses on the sale and leasing of industrial and office warehouse space, including tenant relocations, expansions and investor acquisitions, and with an emphasis on technology-savvy marketing, site selection and leasing strategies. He holds a bachelor’s degree in Biology from the University of Arizona and is a graduate of the Arizona School of Real Estate and Business.

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




Commercial Retail Advisors Tucson Leases This Week

Tucson Lease Report Dec. 3-7, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from December 3 thru 7, 2018.

Tucson Braces signed a lease for 1,140-square-feet at 4955 N. Sabino Canyon Road, Suite 103, in Hidden Valley Inn Plaza located north of the northwest corner of Sabino Canyon Road and Snyder Road, Tucson, AZ. Tucson Braces is estimated to open in January 2019 and is owned by Dr. James Neal.

Benear Insurance Group, dba Allstate Insurance Agency, signed a lease for 750-square-feet at 6443 N. Oracle Road, in Orange Grove Village located at the northwest corner of Oracle Road and Orange Grove Road, Tucson, AZ. Allstate is relocating their River and Campbell office to Orange Grove Village. The new office is expected to be open in December 2018.

Craig Finfrock of Commercial Retail Advisors, LLC represented the landlords in both transactions, Orange Grove Village LLC and HVIP LLC, and the tenant, Allstate, was represented by Jeramy Price, of Volk Company. Commercial Retail Advisors, founded in 2001, specializes in the leasing and sales of shopping centers and retailer tenant representation throughout southern Arizona. For more information, please contact Craig Finfrock of Commercial Retail Advisors at (520) 290-3200 or visit their website at www.cradvisorsllc.com.

Submit sales and lease to REDailyNews@outlook.com




Cascade Financial Services Signs 52,608 SF Lease at The Hub in Chandler

PHOENIX, Arizona CBRE has negotiated a 52,608-square-foot lease at The Hub, a 298,000-square-foot, two-story creative office building in Chandler, Ariz., on behalf of Clarius Partners. Cascade Financial Services, a specialized finance company serving Manufactured Home Buyers in the affordable housing space, will relocate its headquarters to The Hub from its Gilbert, Ariz. location to accommodate future growth.

 ”Cascade’s focus on serving the American dream through affordable home ownership has resulted in substantial growth.  We look forward to continuing this growth at the HUB and providing our borrowers with affordable options for home ownership.  It has been a pleasure to work with Clarius Partners throughout the process,” said George Dover, President and Co-Founder of Cascade. 

Corey Hawley and Jimmy Cornish with CBRE in Phoenix represented Clarius Partners in the lease negotiations. Tyson Breinholt with Commercial Properties, Inc. represented Cascade Financial Services.

“Clarius Partners and Walton Street Capital are excited to welcome Cascade Financial Services to The Hub as our first anchor tenant,” said Mark Balcius, Vice President at Clarius Partners. “We look forward to a successful, long-lasting relationship over the coming years.”

The Hub, which is situated on 76 acres at 2701 E. Ryan Road in Chandler, was recently repositioned from a R&D facility to a creative office building with modern finishes. The property features a light and airy lobby with collaboration and lounge areas, balconies and a rooftop patio, a full-service cafeteria, a state-of-the-art 100-seat training facility, outdoor shaded seating and BBQs.

The Hub is located in metro Phoenix’s East Valley submarket, which is home to approximately one-third of the metro’s population, and its population over the next five years is projected to grow at twice the national average.

 “The City of Chandler is grateful for the investment that Clarius Partners and Walton Street Capital have made to repurpose The Hub into office space,” said Mayor Jay Tibshraeny. “We congratulate them on securing a lease with Cascade Financial Services, which further adds to Chandler’s solid financial services position. We wish the company success in their new Chandler home.”




Snoozean A.M. Eatery Signs Lease at The Stewart

PHOENIX, Arizona – Cushman & Wakefield and Aspirant Development, a Scottsdale-based residential and commercial real estate developer, announced today that Denver-based Snooze an A.M Eatery will join The Stewart, a new mixed-use development located at 800 N. Central Ave. in Downtown Phoenix.

Cushman & Wakefield’s Brent Mallonee is exclusively marketing the retail and restaurant space. He says, “Snooze is the perfect fit for the next life of this historic and iconic property as it transforms into The Stewart. This validates the continued successful evolution of Downtown Phoenix as urban, mixed-use projects attract top tier tenants like Snooze.”

Originally launched in Denver in 2006, this will be Snooze’s sixth location in the Valley. The creative, casual breakfast eatery will occupy 4,000+ square feet (sf) of space including use of the historic mezzanine structure. Snooze will be opening second quarter of 2019. Chip Thor with Echelon Realty Advisors represented the tenant in the transaction. 

“We couldn’t be more excited to have such a well-known, quality brand join this exciting new project.  Having Snooze on site will not only be a fantastic amenity for the residents at The Stewart, but a great addition to the rapidly growing number of dining options in Downtown Phoenix and the Roosevelt neighborhood, in particular,” says Geoffrey Jacobs, Principal at Aspirant Development.

Delivering in early 2019, The Stewart is a 19-story luxury high-rise apartment community with mid-century appeal. Located in the heart of the Roosevelt Row district, the mixed-use development will total 325,000 sf including 6,300 sf of restaurant and retail space.

The Stewart will offer 312 luxury apartment units ranging from modern studio, one- and two-bedroom floor plan layouts. Units will include expansive personal balconies, 9-11 foot ceilings, energy-efficient windows, smart thermostats, gourmet kitchens with upgraded stainless-steel appliance packages, front-loading washers/dryers, quartz countertops and custom-wood cabinetry. The development’s amenity set will include a rooftop pool and spa, eighth floor fitness center with open air sanctuary, bicycle storage and rentals, on-site concierge, parking garage, gas barbeques, clubroom lounge and entertainment kitchen. 

For more information on The Stewart, visit www.liveatthestewart.com and follow on Instagram @live_at_the_stewart and Facebook @liveatthestewart.




Office Condo Sale at Promenade Commons converting to new Surgicenter in Chandler

Phoenix, Arizona – SVN Desert Commercial Advisors in Phoenix closes on another office condo sale in the Valley.   The deal was co-brokered with a second SVN office located in Bellevue, Washington.  Collaboration between SVN franchises across the country makes it possible for advisors to offer seamless service to any of their clients in any State.

SVN’s Master Landlord and Tenant Representation Broker, Jennifer Hill had the opportunity to work with Leigh Wang from SVN | Raven in Bellevue, Washington.  It was Wang’s client relationship that sought assistance from a savvy Arizona broker and Hill was able to close an ideal Owner/User for the property.  “When we work with other SVN brokers, we set ourselves up for a collaborative, highly professional process,” said the senior advisor Hill.  “Leigh and I are looking forward to working on our next deal together.”  The buyer, Dr. Hammad Amer with American Vascular Specialists, LLC is a cardiologist who will be converting the property into a new Surgicenter in Chandler, AZ.

Jennifer Hill represented the seller in the transaction, Xuejun Feng. The property is located at 4921 S. Alma School Rd. at Promenade Commons at Fulton Ranch.  The 5,470 square-foot building sold for $1.2 million and is an owner/user property. SVN’s Raven advisor, Wang stated, “My clients are very pleased and are discussing having us find them additional real estate investments in Arizona.”

 

 




Heslin Holding Continues Tucson Buying Spree with Babies ‘R” Us for $3.4M

Commercial Real Estate Firm to Invest $75 Million in Next 12 Months

TUCSON, ARIZONA — Heslin Holdings, Inc. a privately owned commercial real estate investment and development firm, purchased a second big box for redevelopment recently in Tucson. In October, we reported Helsin acquired the 35,000-square-feet former Safeway building at 5548 E Grant Road in Tucson.

The following month, Heslin purchased a second big box store, the former Babies“R” Us at 4619 N Oracle in Tucson for $3.4 million ($92.48 PSF).  The 36,763-square-foot property on 2.59 acres was sold by Wells Fargo Commercial Mortgage Service that bought it out of bankruptcy for $2,631,644.

The retail space at 4619 N Oracle is located across from the Tucson Mall and a 211,152-square-foot, single-tenant office building occupied by Comcast in a high density retail area.

The acquisitions were part of a larger plan by Heslin to invest $75 million in retail properties over the next 12 months.

“Heslin Holdings is aggressively looking for retail acquisitions, such as this one, in key metro markets in the western United States,” said Casey McKeon, vice president of acquisitions for Heslin Holdings said regarding the purchase of the Safeway. “Shifts in the retail marketplace continue to open up opportunities to reposition quality older assets for increased ROI.”

“Our firm has re-worked a number of similar spaces and been successful at attracting quality tenants back into these properties, to the benefit of the local community,” said Matthew Heslin, principal and CEO with Heslin Holdings. “With so many larger retailers going out of business, or reducing many of their physical real estate locations, there’s a heightened need to reimagine these assets.”

The firm continues to pursue additional value-add commercial property opportunities throughout the country, with an emphasis on the Western U.S. growth regions where market fundamentals such as positive employment, housing and retail indicators support the firm’s value-add investment strategy.

To learn more, see RED Comp #6357.




Vestis Group Completes Two Off-Market Sales in Midtown for $2.4 Million

243 W Turney Ave, Phoenix

Phoenix, Arizona – Vestis Group, a multifamily brokerage and investment firm, closed on two multifamily sales, Turney at Midtown Apartments, an 8-unit apartment community, located at 243 West Turney Avenue in Midtown Phoenix, for $1,325,000 or $165,625 per unit and Highland at Midtown, a 6-unit apartment community, located at 315 & 319 West Highland Avenue in Central Phoenix, for $1,075,000 or $179,167 per unit

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transactions on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Phoenix, Arizona, did not utilize third party representation.

315-319 W Highland Ave., Phoenix

Highland at Midtown, aka MODE @ Highland, is a boutique, 6-unit, one-story, triplex, apartment community located in Midtown Phoenix  and Turney at Midtown, aka MODE @ Turney, is a boutique, 8-unit, one and two-story, apartment community both located in Midtown Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as Lux Coffee, Clever Koi, Pane Bianco, Ocotillo, Postino Wine Cafe, Federal Pizza, Joyride Taco House, Windsor, Churn, Lou Malnati’s, Flower Child, AJ’s Fine Foods, and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.

The Central Avenue Corridor is less than half a mile from the subject properties and serves as the main connection between Uptown/Midtown and Downtown Phoenix. It is one of Phoenix’ s most vital and heavily trafficked stretches of roadway with nearly 60,000 cars daily. It is also the region’ s largest employment corridor with over 18-million-square-feet of office space accommodating more than 120,000 employees and is home to prominent employers including The City of Phoenix, Wells Fargo, JPMorgan Chase, Freeport McMoRan, Bank of America, and United Healthcare.




Take a holiday trot at Antique Toy Horse Display at Canoa Ranch

Canoa Ranch HQ

GREEN VALLEY, ARIZONA — A unique set of children’s toy horses will be on display Dec. 8-Jan. 5 at Historic Canoa Ranch, 5375 S. I-19 Frontage Road in Green Valley.

On display for the first time, the collection is courtesy of Cheri Raftery, part of a fourth- generation ranching family that breeds, raises and trains cutting horses at the equestrian center at Canoa Ranch, which is managed by the Pima County Natural Resources, Parks and Recreation Department.

The antique rocking horses and mechanical horses range from pre-Civil War era to the 1960s. The horses come from different areas of the country, though some may have originated in Europe. Their styles vary greatly. Depression-era horses are crudely and simply made; however, the classic rocking horse has remained the same for generations.

The collection features the different type of mechanisms of motion used on a child’s toy horse. One is made from a model T spring, others have real horse hair manes or tails.

Exhibit hours are 10 a.m.-2 p.m., Tuesday through Saturday (closed Dec. 25 and Jan. 1). After viewing the collection, visitors can tour the Manning Jr./Schnaufer House. There is a $10 donation per person to view the exhibits.

The entry gate to Historic Canoa Ranch is open seven days a week from 7 a.m. to 4 p.m. for access to the newly restored Canoa Lake and the Anza Trail. Guided tours of the historic site are conducted Tuesdays and Saturdays at 10 and 11 a.m. Visit www.pima.gov/canoaranch for more info on programs and other guided tours.

In 2001, Pima County purchased and began to restore the 4,800-acre Canoa Ranch complex with voter-approved 1997 and 2004 bond funds. Pima County opened the ranch headquarters to the public in March 2013.