Recent Residential Development Sales in Metro Tucson Total $6.27 Million
Meritage Homes of Arizona purchased 26.72 acres block platted land at Silverhawke North subdivision in Oro Valley, in the northwest submarket of Tucson, for $3,489,575. Zoning for the block is R1-7 but the number of lots was undetermined. The seller, Capri Company of Tucson (Herb Kai, manager) was represented by Greg Wexler and James Kai of Wexler and Associates in Tucson.
Pepper Viner bought 51 finished lots in the Silverbell Residential subdivision, located in the western submarket of Tucson, near Silverbell and Goret, for $1.581 million ($31,000 per lot). The seller, Rancho Bridge, LLC (Greg Anderson, manager) purchased the lots in 2013 for $700,000. Dan Feig with Chapman Lindsey Commercial Rea Estate Services handled the transaction for the seller.
KB Homes owns 35 lots near this property at La Cholla & Oracle Jayne Station, and purchased an additional 10-SFR lots as an extension to that project about 1.2 mile away for $675,000 ($67,500 per lot). Property consists of 10 finished lots with random dimensions, approximately 8,000-square-foot lots. Buyer plans a new 25′ with 2-story product for these lots. Subdivision may be renamed The Station at La Cholla or The Station at San Joaquin. Jim Vincent of the Carlier Company represented the seller, Catland Properties, LLC of Tucson and Aaaron Mendenhall with KB Home Tucson represented the buyer.
As part of a rolling option, Richmond American Homes of Arizona, Inc. purchased six finished lots from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The purchase price was $300,000 ($50,000 per lot) for the sale. The seller was represented by Randy Emerson of GRE Partners, LLC.
As part of a rolling option, Miramonte Homes purchased 4 townhome lots at La Reserve Villas for $220,000 ($55,000 per lot). The builder is constructing 49 townhome lots in La Reserve Villas in Oro Valley in the northwest submarket. The seller is Pusch Ridge Properties, LLC of Pilot Hill, CA.
Sale of Dobson Center in Chandler, Ariz. completed for $13.9 Million
Phoenix, Arizona –CBRE has completed the sale of Dobson Center, a mixed-use retail and medical office development located on the southwest corner of Frye Road and Dobson Road in Chandler, Arizona. Dobson Center encompasses ±41,546 square feet and is comprised of a freestanding Starbucks Coffee, a ±12,842 square foot hard corner retail center and a ±26,704 square foot, two-story medical office building.
The property commanded several offers and a sale price of $13.923 million, or approximately $335 per square foot.
Andrew K. Fosberg, Chris Ackel and Dylan A. Brown with CBRE’s Phoenix office represented the seller, Dobson Center, LLC, an entity formed by ZDI, LLC (Bill Kostrivas, principal) of Scottsdale, Ariz.
Developed in 2009, Dobson Center is prominently positioned directly across the street from Dignity Health Chandler Regional Medical Center and is ±97% leased to a complementary mix of national, regional and local tenants including: Starbucks, MomDoc, Sonora Quest, East Valley Internal Medicine, Pure Barre and Solis Mammography, among others.
“Dobson Center is an excellent example of a quality, mixed-use development in one of the fastest growing trade areas in Arizona,” said Fosberg. “The property drove significant investor interest and was sold at list price to a private California investor completing a 1031 exchange.”
“Medical office is a resilient sector, able to weather economic downturns and the major political and technological changes that have shaken up the health care industry in recent years. The seller did an excellent job of finding a complementary mix of medical and retail tenants, drawing off the property’s close freeway access and adjacent hospital exposure,” continued Fosberg.
Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip T. Landry and Donna L. Landry Family Trust of Westlake Village, Calif.
Nominations Sought for Pima County Small Business of the Year Awards
PIMA COUNTY – The Pima County Small Business Commission is accepting nominations for 2017 Small Business of the Year Awards.
Urban small business and a rural small business are eligible for the awards as are Pima County-based nonprofit corporations that are exempt from federal income taxes.
Nominees for the urban small business winner must be from within the Tucson city limits. Nonprofit nominees must provide assistance to small businesses through employment training, workforce development, job placement, counseling and referrals.
Nominees for the rural small business must be from a rural or small community, or any municipality outside the city of Tucson.
Award winners will be recognized during a Pima County Board of Supervisors meeting in early 2018. The date of the meeting will be determined later.
Each winner will receive a $500 prize. Nominees must:
Be located in Pima County (may be a branch or division of a larger company)
Have manager or owner who lives in Pima County
Employ fewer than 100 employees
Have been in operation for two or more years
Nomination forms can be downloaded from the county’s Small Business Commission webpage. Completed nomination forms and support material must be submitted by mail, fax or email by 5 p.m. Jan. 12, 2018 to:
Aurora Hernandez, Project Assistant
Pima County Small Business Commission
130 W. Congress, Suite 505
Tucson, AZ 85701
CBRE Completes Sale of Freddy’s Frozen Custard and Steakburgers in Yuma, Arizona
YUMA, Arizona – CBRE has completed the sale of a single-tenant, 3,200-square-foot Freddy’s Frozen Custard and Steakburgers located at 1785 East 16th Street in Yuma, Arizona. The Property commanded a sale price of $3 million.
Joseph R. Compagno and Ryan Eustice with CBRE’s Phoenix office represented the Seller, Barclay Holdings LXVIII, LLC; an affiliate of Arizona-based Barclay Group. Chris Monson and Brandon Goodman from Mountain West Retail/Investment Commercial Real Estate represented the Buyer, Utah-based Landen Properties II, LLC.
“Freddy’s is actively expanding throughout Arizona and is a very well-known tenant nationally.” Said CBRE’s Compagno. “The buyer that our team sourced was a Utah-based 1031 exchange investor who placed new financing on the property through CBRE.”
Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. Freddy’s has over 250 restaurants operating nationwide.
Nick Nudo Joins Cushman & Wakefield from Lee & Associates
Larry Downey Adding to Tenant Advisory Team Roster
PHOENIX, Arizona – Cushman & Wakefield announced that Nick Nudo has joined the firm’s Phoenix office as an Associate for the tenant advisory team of Vice Chairman Larry Downey and Associate Brett Thompson.
As a member of the team, Nick will be involved in all aspects of tenant representation, leasing and transaction management. Using his research background, he will also track current market trends, conditions and maintain an inventory of active users in the market.
“Nick is a great addition to our office as we continue to grow our Phoenix operations with bright, young talent this industry has to offer,” said Bryon Carney, Market Leader for Cushman & Wakefield’s Phoenix office.
Prior to joining Cushman & Wakefield, Nick was a Junior Partner/Associate at Lee & Associates of Arizona. In 2016, he and his team competed 71 transactions, leased or sold 1.4 million square feet and $110 million in combined consideration.
“We are excited to bring Nick onto the team. His unique skillset, work-ethic and integrity will further enhance the overall production for our team and our clients,” said Larry Downey.
Pioneer Title Agency Buys Tucson Building for $1+ million
TUCSON, ARIZONA — Keith Newlon of Pioneer Title Agency purchased a 5,940-square-foot office property at 1889 N. Kolb Road in Tucson for $1,069,200 ($180 PSF) for its newest Tucson location. Built in 2003, the building is located in La Playa Caliente Office Park.
Pioneer Title Agency is a full-service company providing title insurance, escrow, account servicing, trustee sales, as well as builder-related trust services. It is a family-owned business with strong local ties. The Newlon family, Bob and his wife Betty, son Keith and his wife Cindy, founded Pioneer Title in Sierra Vista in 1985. However, their foothold into the title business began much earlier. Bob, a life member of the Land Title Association of Arizona, has called Arizona home since 1935 and worked in the industry since 1958. Keith, a 2010 inductee into the Northern Arizona University College of Business Hall of Fame, got his start in the title industry in 1979.
Pioneer has been, up until recently, a rural title agency in Arizona but is now quickly growing into urban areas in metro Phoenix, Tucson and Flagstaff. Last March, Pioneer acquired Metro Title Agency and made its entry into metro Tucson with four new branches –Tucson Ajo, Tucson River, Tucson Sunrise and Green Valley
With 66 offices throughout the state, the people in each of these offices are committed to servicing customer needs as well as being of service in the communities where they live and work.
For example, this year’s company philanthropy project is to give back to schools and in so doing Pioneer has given each of its 550 employees $100 and an extra paid day off in the year to help at the school of their choice.
Pioneer was represented by Frank Arrotta of Tucson Realty & Trust Co. in the acquisition of the new building. Buzz Isaacson and Jeff Casper of CBRE represented the seller, 1889 N. Kolb Road Company LLC, in the transaction.
For more information, Isaacson can be reached at 520.323.5151 and Casper is at 520.323.5181. Arrotta should be contacted at 520.577.7000.
Lee & Associates Arizona exceeds Parc 17 occupancy goal in less than one year
PHOENIX, Arizona – The Koss | Louer Team of Lee & Associates Arizona has successfully negotiated two leases resulting in an increased occupancy of Parc 17. The 177,770-square-foot industrial project went from 24 percent occupied to 75 percent occupied in just seven months after close of escrow.
In April 2017, Principals Stein Koss and Tom Louer sold Parc 17 to Colony NorthStar, Inc. (NYSE:CLNS), a leading global real estate and investment management firm, for $16 million. Colony projected that the property would be 60 percent leased after one year.
In September, Koss and Louer leased 52,845-square-feet to Peterson Aluminum, and in early November, Polyloom leased 31,871-square-feet. These leases put the team 15 percent above their target goal.
“Colony is a pleasure to work with,” said Koss. “They respond quickly and are in the business of satisfying tenant industrial needs. In addition, Parc 17 is a well-designed project in the center of Phoenix with great proximity to Interstate 17.”
Tarah Hamman joins Iconic Design Studio
PHOENIX, ARIZ. – Iconic Design Studio, a full-service, woman-owned interior design firm, has announced the addition of a new team member. Tarah Hamman joins IDS as a senior interior designer/project manager consultant, according to CEO/Principal Kelli Berry.
Hamman will be responsible for space planning; furniture and fixtures specification; and design document/construction document development.
“Tarah brings the experience of professional level construction document execution and exceptional design application,” Berry said. “I am thrilled she is joining our team.”
Hamman has worked as an interior designer in both residential and commercial interiors as well as in commercial architecture as a project manager. She has successfully completed more than 500 retail projects and more than 100 construction documents for permit, including restaurants, hotels, healthcare facilities, commercial office spaces, and multi-use facilities.
A native of Phoenix, Hamman attended the Art Institute of Phoenix. She holds a BS and Council for Interior Design Accreditation in interior design.
Hamman is actively involved with industry groups IIDA, USGBC, and SMPS Arizona. She is a LEED Green Associate.
Tucson Lease Report Nov. 13-17, 2017
The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from Nov 13 thru 17, 2017.
OFFICE – 2945 W. INA ROAD, TUCSON
The Department of Veteran Affairs renewed their 11,200-square-feet office lease at 2945 West Ina Road in the Russell Plaza. David Volk and Bruce Suppes of CBRE represented the landlord, 2945 West Ina Road LLC, in the transaction.
MEDICAL RETAIL – 5655 E RIVER ROAD, TUCSON
Tucson Physician Group Holdings leased 7,068-square-feet of medical retail space at 5655 E. River Road in the River Center. David Montijo and Damian Wilkinson of CBRE represented the tenant. Jeff Casper, Pete Villaescusa and Jesse Peron of CBRE represented the landlord, GRI River Center, LLC, in the transaction.
OFFICE – 20928 N JOHN WAYNE PKWY., MARICOPA
A lease for 4,903-square-feet to Arizona Foundation for the Handicapped was recently consummated. The location of the property is 20928 N. John Wayne Parkway in Maricopa, AZ. The owner of the center is Duke Plaza, LLC. Kevin Roessler of Rein & Grossoehme represented the Tenant.
RETAIL – 5553 E. GRANT RD., TUCSON
Queen Sheba, LLC (Tenant) has leased 841-square-feet at 5553 E. Grant Road, from LLJ Holdings, LLLP (Landlord). Cameron Casey of Oxford Realty Advisors represented the Tenant and Cushman & Wakefield/PICOR represented the Landlord in the transaction. Queen Sheba, opening as a new Ethiopian restaurant.
Phoenix Lease Report Nov 13-17, 2017
The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from Oct. 13 thru 17, 2017.
RETAIL – 15569 W BELL RD., SURPRISE Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, JEG-FIT Bell & Reems Rd, LLC in a 120-month retail lease for 27,059-square-feet at 15569 West Bell Rd., Surprise, AZ. Brian Gast with Velocity Retail Group represented the landlord, 15601 Bell Road, LLC.
RETAIL – 3807 S GILBERT RD., GILBERT Brian & Tom Woods of Colliers International represented both Mor Furniture, the Tenant, and Vestar, the Landlord, on a ten-year lease at Crossroads Towne Center at 3807 S. Gilbert Road, Gilbert, AZ for 25,495-square-feet, a former Barnes & Noble space. Signed in November 2017.
RETAIL – 2456 E BASELINE RD., PHOENIX Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, PF South Mountain, LLC and the landlord, Vahik Sahakian & Sons, LLC, in a 240-month retail lease for 20,350-square-feet at 2456 E. Baseline Rd., Phoenix, AZ.
OFFICE – 4201 N 24TH ST., PHOENIX Laurel Lewis and Tom Bean, CCIM represented the landlord, State Bar of Arizona and the tenant, Arizona Foundation for Legal Services and Education in a 10-year office lease for 4,962-square-feet at 4201 N. 24th St., Phoenix, AZ.
OFFICE – 14823 W BELL RD., SURPRISE Tyler Smith represented the landlord, Sunrise Holdings, LLC in a 64-month office lease for 4,000-square-feet at 14823 W. Bell Rd., Surprise, AZ. Mark Anderson with My Home Group Real Estate, LLC represented the tenant, Driggs Title Agency.
OFFICE – 1626 N LITCHFIELD RD., GOODYEAR Tyler Smith represented the landlord, Pacifica Palm Valley Center, L.P. in a 64-month office lease for 3,879-square-feet at 1626 N. Litchfield Rd., Goodyear, AZ. Tim Whittemore represented the tenant, First American Title Insurance Company.
OFFICE – 14823 W BELL RD., PHOENIX Tyler Smith represented the tenant, Ottawa University and the landlord, Sunrise Holdings, LLC, in a 62-month office lease for 3,687-square-feet at 14823 W. Bell Rd.
INDUSTRIAL – 42302 N VISION WAY, PHOENIX Rick Foss represented the landlord, Friedman Anthem, LLC in a 38-month industrial lease for 3,400-square-feet at 42302 N. Vision Way, Phoenix, AZ. Arnold Hickey with Re/Max Professionals represented the tenant, DeZaio Productions, Inc.
OFFICE – 7400 E McCORMICK PKWY, SCOTTSDALE Tom Bean, CCIM represented the tenant, LyfeBeast in a 38-month office lease for 3,200-square-feet at 7400 E. McCormick Parkway, Scottsdale, AZ. Jonathan Leaman with The Mitchell Group/My Home Group represented the landlord, H&S International.
OFFICE – 4201 N 24TH ST., PHOENIX Laurel Lewis and Tom Bean, CCIM represented the landlord, State Bar of Arizona, in a 63-month office lease for 2,878-square-feet at 4201 N. 24th St., Phoenix, AZ. Jack Stone with JMS Commercial Real Estate Services represented the tenant, Weight Watchers of Arizona, Inc.
OFFICE – 840 E. McKELLIPS, MESA Laurel Lewis represented the landlord, Damfro, LLC in a 12-month office lease for 2,733-square-feet at 840 E. McKellips, Mesa, AZ. Luke Walker with CBRE represented the tenant, B + T Group.
OFFICE – 7500 N DREAMY DRAW DR, PHOENIX Laurel Lewis represented the tenant, Horizon Home Health Care, in a 40-month office lease renewal for 2,633-square-feet at 7500 N. Dreamy Draw Dr., Phoenix, AZ.
RETAIL – 9380 W WESTGATE BLVD., GLENDALE Matt Harper represented the tenant, SRX, LLC in a 75-month retail lease for 2,492-square-feet at 9380 W. Westgate Blvd., Glendale, AZ. Jeff Teetsel with Development Manager represented the landlord, The New Westgate, LLC.
RETAIL – MARCOS DE MIZA PLAZA, PHOENIX Jim Edwards of Rein & Grossoehme represented the tenant in a 1,820-square-foot lease in Marcos de Niza Plaza Shopping Center to Independent Wireless, LLC was recently consummated. The location of the property is the south west corner of Guadalupe and Rural in Tempe, AZ. Independent Wireless operates as an authorized Cricket Wireless dealer, and has 10 other locations.
RETAIL – 5806 W CAMELBACK RD., GLENDALE Jim Edwards of Rein & Grossoehme represented the tenant and Bret Olson of Velocity represented the landlord in a lease for 1,760-square-feet at Grandview Plaza Shopping Center to Independent Wireless, LLC was recently consummated. The location of the property is 5806 W. Camelback Rd, Glendale, AZ. Independent Wireless operates as an authorized Cricket Wireless dealer and has 10 other locations.
INDUSTRIAL – 1711 W UNIVERSITY DR., TEMPE Matt Harper represented the tenant, Bill’s Custom Frames, LLC, in a 63-month industrial lease for 1,650-square-feet at 1711 W. University Dr., Tempe, AZ. St John/Scott/Moroney with Cushman & Wakefield represented the landlord, Gateway PBP UNI I, LLC.
OFFICE – 12691 W SMOKEY DR., SURPRISE Tyler Smith represented the landlord, WAM Surprise Limited Partnership, in a 63-month office lease for 1,600-square-feet at 12691 W. Smokey Dr., Surprise, AZ. Aaron Kuhl with Medical Office Brokers represented the tenant, Rise Orthopedic and Sports Physical Therapy, LLC.
RETAIL – 4740 W GLENDALE AVE., GLENDALE Matt Harper represented the landlord, Robert and Arlene Thatcher, in a 13-month retail lease for 1,550-square-feet at 4740 W. Glendale Ave., Glendale, AZ.
RETAIL – 9501 W PEORIA AVE., PEORIA Matt Harper represented the landlord, Puchhi, Inc. in an 11-month retail lease for 1,240-square-feet at 9501 W. Peoria Ave., Peoria, AZ
OFFICE – 4480 W PEORIA AVE., GLENDALE Matt Harper represented the tenant, Right Ride, LLC in a 36-month office lease for 1,123-square-feet at 4480 W. Peoria Ave., Glendale, AZ. Greg Marek with Cobe Real Estate represented the landlord, Guglielmo Family Limited Partnership.
OFFICE – 12426-12456 N 28TH DR., PHOENIX Nic Chavira of Rein & Grossoehme represented the owner and Bill Cook of Plaza Companies represented the tenant in a lease for 1,106-square-feet in Metro Village Shopping Center to Paul Martin dba Farmers Insurance was recently consummated. The location of the property is 12426-12456 N 28th Dr in Phoenix, AZ.
OFFICE – 20022 N. 67TH AVE., SUITE A116, GLENDALE Brian & Tom Woods of Colliers International represented Sunbelt Investment Holdings Inc. as Landlord, on a five-year lease with Modern Acupuncture at Village at Arrowhead at 20022 N. 67th Avenue, Suite A116, Glendale, AZ for 1,100-square-feet. Mike Leonard of Catalyst Commercial Group represented the Tenant. Signed in November 2017.
RETAIL – 3601 W. CAMELBACK RD., PHOENIX Nic Chavira of Rein & Grossoehme Commercial Real Estate represented the owner and the tenant in a lease for 800-square-feet in GC Plaza to Aidee’s Hair Salon was recently consummated. The location of the property is 3601 W. Camelback Rd. in Phoenix, AZ. The owner of the center is JARM, LLC.
CBRE Tucson’s Sales Manager Moves to Brokerage
Alex Hardie joins industry veteran, Buzz Isaacson, in Advisory & Transaction Services as Associate
TUCSON, Arizona – CBRE announced today that Alex Hardie, Sales Manager for CBRE’s Tucson office, has transitioned into a brokerage position with CBRE Advisory & Transaction Services.
In her new role, Hardie will work closely with Buzz Isaacson, a local market expert with more than 35 years’ experience in the leasing and sale of office and medical properties.
“We are thrilled that Alex has taken an interest in brokerage and has joined Buzz serving the Tucson office market,” said Ike Isaacson, Managing Director for CBRE Advisory & Transaction Services in Arizona. “Her local market expertise, coupled with her background in finance and operations will undoubtedly lend to great outcomes for our clients. Additionally, Alex coming aboard Tucson’s Advisory & Transaction Services underscores CBRE’s commitment in continuing to diversify its team of leading real estate professionals.”
Hardie holds a degree in business management from Northern Arizona University and spent 11 years with multifamily housing company Trinity Management. Prior to joining CBRE in March 2017, she served as Director of Property Management for the company, overseeing the financial and operational performance of their 11-community portfolio.
Tempe Industrial Building Sells for $1.8 Million
Investor Sees Opportunity in Long-Term Tempe Growth
Phoenix, Arizona – Hearts and Smiles, LLC, an Arizona Limited Liability Company has purchased the industrial building located at 1445 S. McClintock Dr. in Tempe. The investor purchased the 38,400-square-foot building for $1.8 million ($46.88 PSF).
“The building is a unique asset because of the stable investment income and re-development opportunities later down the line,” says Philip Wurth, CCIM, executive vice president with Colliers International in Greater Phoenix. The owner sees value in investing in the long-term future of Tempe and redevelopment opportunities along Apache Boulevard and the light rail corridor.”
Hearts and Smiles, LLC purchased the building from Ronald L. Lewis and Lydia C. Lewis, Trustee. Wurth represented the seller in the transaction. Nishel Badiani of Kirans and Associates Realty represented the buyer.
The building, which was constructed in 1969, is fully occupied by All Book Covers. The company has been a tenant at the building for more than 25 years. All Book Covers is an industry leader in hospitality and awards recognition, including custom designed and made case and leather products.
The property is located close to the Loop 101, Arizona State University and Sky Harbor International Airport. The METRO light rail system and station is accessible on Apache Boulevard, just minutes from the building.