TUCSON, ARIZONA – Torch Properties, through a related entity, acquired a multi-tenant industrial building located at 2102 N Forbes Blvd in the Broadbent Business Park.  Torch Properties (Brandon Rodgers, manager) is a local commercial property investment group specializing in industrial real estate was in a 1031 exchange when buying the property.

The asset sold for $1 million ($84 PSF) located in the desirable Broadbent Business Park near Grant/I-10

The flex industrial property consists of an 11,900 square-foot, multi-tenant light industrial building constructed in 1980 of concrete-tilt construction with 4 grade level roll up doors and 14-foot ceiling height.

The seller was East Park VI Holding Company of Brooklyn, NY.

Tenants of the property include:

•  Stage Tucson, a successful interior design company that has been staging homes since 2006. Stage Tucson has managed countless of hours of home renovation projects and transformed thousands of spaces.
• Mettler-Toledo, Inc, a multinational manufacturer of scales and analytical instruments. It is the largest provider of weighing instruments for use in laboratory, industrial, and food retailing applications.
• Everest Infrared, a manufacturer of infrared thermometers & sensors, temperature transducers, embedded data acquisition instrumentation, and infrared thermometer calibrators.

Rob Glaser with Cushman & Wakefield | PICOR represented the seller in the transaction. Brandon Rodgers of Torch Properties was self-represented.

For more information, Glaser can be reached at 520.546.2707 and Rodgers is at 520.612.7962.

To learn more, see RED Comp #10070.

PHOENIX, ARIZONA – SVN Desert Commercial Advisors Jonathan Levy, Justin Horwitz, and Paul Borgesen complete the sale of 2833 N. 3rd Street, Phoenix, AZ 85004 for $1,250,000 ($121 PSF).

The freestanding 10,300 SF office building is located in a desirable Midtown Phoenix location with walkable amenities, including the Light Rail, Park Central Mall, and Phoenix Country Club. Due to long-term vacancy, deferred maintenance, and building obsolescence, the property was sold as an adaptive reuse project. With R-5 zoning, this 0.75 AC property made is suitable for another office or redevelopment into apartments. “This will make for a great new development in the area and ultimately the community immediately surrounding this building will be the beneficiaries of a vacant building replaced by a vibrant new development to the neighborhood,” says Justin Horwitz.

Jonathan Levy, Justin Horwitz, and Paul Borgesen, were thrilled to get this property sold after years of working on this assignment looking for the right buyer to usher this property into its next phase. Jonathan Levy comments on the team’s efforts to ensure a win for everyone involved, stating, “Our team’s marketing capabilities, along with the knowledge and expertise of the surrounding submarket, investors, and businesses in the area, propelled us to close this transaction.”

Concludes the Seller, “After dedicating numerous hours from their marketing efforts, SVN hung in there to close this sale. I’m truly appreciative of their efforts as they went above and beyond the call of duty.”

PHOENIX, ARIZONA – NAI Horizon represented the seller and the buyer in the $3.95 million disposition and acquisition of a popular and well-maintained retail center on bustling 43rd Avenue in Glendale, Arizona.

NAI Horizon Managing Director Matt Harper, CCIM, facilitated the deal for Olive Crossing, 9250 N. 43rd Ave., in Glendale.

The seller was 43rd Ave LLC; the buyer was Arizona MSK LLC and Gavin Holdings LLC.

“This is the first time the property was available and offered for sale on the market in more than 30 years,” Harper said. “I have worked with the seller on the property leasing since 2016. The buyer was another long-time client that was in a 1031 Exchange. I have worked on leasing the buyer’s properties since 2015.”

Olive Crossing features visible location with strong traffic counts, large end-cap fronting 43rd Avenue, monument signage, and covered parking for tenants. The retail center totals 30,040 SF.

Tenants include Cardenal Stereo, State Farm Insurance, Glendale Pawn, and Joni’s Hair.