SCOTTSDALE, ARIZONA – Christina Grimme, vice president of Northmarq’s Cincinnati office, arranged acquisition financing of $25.5 million for Gainey Ranch Town Center I & II. The two-building, 126,516 sq. ft. 3-story class A suburban office properties are located at 7702 & 7600 E Doubletree Ranch Road in Scottsdale, Arizona. The transaction was structured with a 10-year term with 3-years of interest only followed by a 30-year amortization schedule. Northmarq secured the financing for the borrower, Alturas Capital Partners, through its relationship with a credit union.

“This is a repeat lender relationship for the client which was huge in getting this across the finish line,” said Grimme. “Especially with all the volatility in the market right now, we’ve seen acquisitions fall apart just because interest rates have been rising so quickly.  Having a prior connection between borrower and lender facilitated by Northmarq provided certainty of execution. The lender was one of the few groups willing to go up to 75 percent loan to value.”

The property boasts strong fundamentals and leasing activity thanks to growing net migration numbers in the Phoenix and surrounding areas. Phoenix has maintained its ranking as the top metropolitan area in the nation for net migration for a third consecutive year, according to the latest data from the U.S. Census Bureau. Last year, Phoenix’s population grew by 106,008, outpacing the market’s 10-year average of 85,562 people.

While CoStar notes that the office sector struggled during the pandemic, announcements for office property closings has continued in the area, thanks to the expanding labor pool. “Financing for other office properties in other markets presents numerous challenges, but with more people moving to the Scottsdale/Phoenix area everyday, Gainey Ranch Town Center was very attractive for all parties involved.”

Amenities on the property include: Atrium, controlled access, energy star labeled, LEED certification. The property features 45 surface parking spaces, 85 covered parking spaces and reserved parking. Tenants of the property have shopping, dining, and banking all within walking distance.

The property is part of a portfolio of assets in the towns of Camp Verde and Clarkdale, Arizona; Land Advisors Organization’s Prescott office facilitates deal.

Scottsdale, Ariz. – Land Advisors Organization’s Prescott, Arizona, office represented the seller in the $2.3 million disposition of 25 acres in Camp Verde, Arizona. The buyer plans to construct a manufacturing plant for trusses and wall systems in the Yavapai County municipality.

Capri Barney, who focuses on the rapidly developing Yavapai, Coconino, Mohave, Gila, and Navajo county markets, represented Verde Valley Professional Center Partners LLC (Kelly Sands Principal). The property, which is located at 3425 W. State Route 260 in Camp Verde, fetched the sale price of $92,356 per acre.

The site is part of a portfolio of assets located in the towns of Camp Verde and Clarkdale and owned by Verde Valley Holding Co. There are additional land offerings located in the area’s Opportunity Zone, which also include land for residential development.

“The Town of Camp Verde was supportive of the buyer’s intended use which also conformed to the existing zoning. As a result, the buyer was able to complete its due diligence quickly and the transaction closed escrow ahead of schedule,” Barney said.

The buyer, Purple Acorn LLC, was represented by Terry Brock at Russ Lyon Sotheby’s International.

PHOENIX, ARIZONA – SVN Desert Commercial Advisors’ Eddie Gonzalez represented BatchService in the purchase of 4625 S Wendler Dr in Tempe, AZ for $8,800,000. The property is a two-story office building with just over 44,000 SF of useable space built in 1985 and renovated in 2016.

Prior to starting BatchService, the business owners started as home flippers. With no procedure or platform in place, they created their own using their experience to design software to help professionals in residential real estate. Thus BatchService was born; developing into a software company that provides an all-in-one prospecting platform for residential real estate investors, agents, and brokers.

The buyers had been looking for a building for almost a year before they reached out to SVN’s Eddie Gonzalez to help. In less than three months the buyer and Gonzalez identified three potential sites however, “4625 S Wendler Dr. ended up being the winner due to its size and central location for valley-wide employees,” says Gonzalez. BatchService owner comments, “Our team is super excited to make this our home! This is going to be the place where we become market leaders.” Already having expanded into five leading platforms with 200 employees, BatchService is growing daily.

Gonzalez received glowing reviews from the buyer stating, “We at BatchService could not be happier! None of this would have been possible without Eddie! It has been an incredible experience having his support and advice during the purchase of our new headquarters. Thank you to our broker and friend for helping us along the way!”

The building is currently being built out with additional offices, new paint, and flooring. Gonzalez is excited to see what the future hold for this company, mentioning there is a top-secret project that employees can’t know about just yet. “I am really excited for the entire Batch team. The company culture at BatchService is something we can all learn from. They have a very bright future,” says Gonzalez.