ViaWest Group buys 10-story Arizona Republic building in the heart of Downtown Phoenix, for $37.65 Million

PHOENIX, Arizona – ViaWest Group recently announced that it has closed on the purchase of a 10-story office building and semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St. respectively. The 240,0000 square-foot, Class A property was purchased from Phoenix Newspapers, Inc. for $37.65 million ($157 PSF). This acquisition is ViaWest’s sixth purchase in 2018 and its second purchase in downtown Phoenix.

Barry Gabel and Chris Marchildon, with CBRE’s Capital Markets Institutional Properties in Phoenix orchestrated the sale of this downtown asset through their representation of the seller, Phoenix Newspapers, Inc.

The Arizona Republic and azcentral.com will remain in the building as its primary tenants, occupying approximately 99,000 SF. KPNX-TV (Channel 12) and G/O Digital are two additional major tenants that will be staying on.

200 East Van Buren is surrounded by the Sheraton Grand Phoenix Hotel, Phoenix Convention Center and Arizona Center, a mixed-use office and retail development. With convenient access to Valley Metro light rail, the building is steps away from Arizona State University’s Downtown Phoenix campus, home to more than 17,000 students, five colleges and 84 degree programs. The site also includes an exclusive 8-level, 885-space parking garage located just north of the building.

“We are excited to add this building to our growing Downtown Phoenix portfolio,” said Steven Schwarz, Founding Partner at ViaWest Group. “We are believers in the transformation of Downtown and how this property will fit into it.  With four vacant full floors, an abundance of parking, and a premier location, we will be able to bring our vision for a new ecosystem and aesthetics to the property to position it as one of the most desired places to office in Downtown Phoenix.”




CBRE Brokers $100 Million Sale of 24th At Camelback

24th at Camelback, Phoenix, AZ

PHOENIX, Arizona CBRE has arranged the $100 million sale of 24th at Camelback, a 302,209-square-foot Class A trophy office tower in metro Phoenix’s Camelback Corridor. This high-profile transaction represents the largest office sale in metro Phoenix so far in 2018, both by dollar volume and price per square foot. At the time of sale, the property was 94 percent leased to a prominent tenant roster, that includes Greenberg Traurig, AAA, RSM, Cisco Systems, USI and Regus.

Barry Gabel, Will Mast and Chris Marchildon with CBRE Capital Markets, Institutional Properties in Phoenix represented the seller, an affiliate of Houston based Hines in the transaction. Jim Fijan, with Fijan Advisors, acted as an advisor to the Seller. New York Life Real Estate Investors acquired the property. Hines, who developed the property in 2000 and has managed the asset since it was delivered, will continue to manage the property under its new ownership.

“This sale is a testament to the strength of the Phoenix market and its position as a prime office investment market,” said CBRE’s Gabel. “There is a long runway for growth here in Phoenix for investors.”

24th at Camelback features sleek, contemporary architecture and has earned a LEED Gold Certification and Energy Star label. Additional features include an eight-story detached parking structure with two levels below grade and six levels above grade, providing an overall 3.7/1,000 parking ratio.

“24th at Camelback presented a unique opportunity for investors to purchase a class A, trophy asset of significant size in one of the Valley’s most highly coveted office submarkets,” said CBRE’s Mast.

Located at the premier intersection within the Camelback Corridor, 24th at Camelback features an exceptional on-site amenity base including Scramble – a Breakfast & Lunch Joint, which just recently opened in Spring 2018. Biltmore Fashion Park, the world-renowned, luxury shopping center located across 24th Street, offers over 60 high-end restaurants and world-class retail options including Arizona’s only Saks Fifth Avenue. Other nearby amenities include the Shops at Town & Country and Camelback Colonnade (offering an additional ±100 walkable restaurant and shopping options), the iconic Arizona Biltmore Resort (featuring 740 luxury rooms and suites, 8 swimming pools, a full-service spa, fitness center and five upscale dining options), the 263-room Camby Hotel (offering luxury accommodations and award-winning dining) and a new 160-room AC Marriott (expected to be delivered in late 2018).

 

 

 




Colliers Awarded Leasing Assignment for Concorde Commerce Center

Concorde Commerce

ViaWest Purchases Back Canyon Submarket Office Building for $9.5 Million

Phoenix, Arizona – Continuing their quest to buy value-add office properties throughout the valley, ViaWest Group has purchased Concorde Commerce Center, an office building located at 2222 W. Dunlap Ave. The property was purchased with a partner for $9.5 million ($247 PSF).

Built in 1998, Concorde Commerce Center is a three-story office building that contains approximately 138,430-square-feet of space.  The 9.3-acre site is located a half mile from Interstate 17.

The sale was brokered through Barry Gabel and Chris Marchildon of CBRE. Colliers International in Greater Phoenix has been chosen to handle leasing of the project.

“This was a strategic acquisition for ViaWest because it is one of three buildings in the submarket that can accommodate an office user needing 100,000 square feet,” says Ryan Timpani, vice president of Colliers International in Greater Phoenix.  “United Healthcare will be vacating 108,000 square feet that will become available in May.”

Timpani, Todd Noel, and Kyle Campbell are the exclusive leasing team for Concorde Commerce Center.

“This asset presents a great value-add opportunity for our company,” says Steven Schwarz, founding partner of ViaWest Group.  “We will be modernizing and repositioning this office property like we have with many other assets around the Metro area, including Biltmore Center, Nexus @ ASU Research Park, The Monroe, Connexion, San Tan Tech Center and many others.”

Concorde Commerce Center’s architecture features large spans of glass windows.  The office property provides generous parking at 5.3 spaces per 1,000 square feet and 90 percent of the spaces are covered.




CBRE Completes Sale of 106K SF Single Tenant Office Building in Glendale, Ariz.

Humana – 91 Glendale

PHOENIX, Arizona – CBRE announced the sale of 91 Glendale, a Class A, single-tenant, 106,418-square-foot office building, located at 91st and Glendale avenues in Glendale, Arizona. The three-story, 100-percent leased property is occupied by Humana Pharmacy, Inc., which entered in to a long-term triple net (NNN) lease. The buyer was New York-based Sentinel Acquisition Corp.

Barry Gabel and Chris Marchildon with CBRE Capital Markets, Institutional Properties, Phoenix, and Tim Richey and Mike Winn with CBRE Capital Markets, Institutional Properties, Denver, represented the seller, Artis REIT, with the US Division based in Scottsdale, Arizona.

“91 Glendale offered investors a unique West Valley asset in a prime, amenity-rich location with a long-term, escalating cash flow from a stable, publicly traded tenant,” said CBRE’s Gabel. “Partnering with the Denver Capital Markets team allowed us the opportunity to capture a wide range of investors from across the country.”

Located at 8990 W. Glendale Ave., the property, which was built in 2007, sits on approximately 9.25 acres in the heart of Glendale’s Westgate Entertainment District. The building benefits from ample covered parking, immediate access to Loop 101 and proximity to premier retail, dining and entertainment options including Westgate City Center, Tanger Outlet Mall, Gila River Arena and University of Phoenix Stadium.




North Phoenix Office Park Nets $23.6 Million

courtesy photo CBRE

PHOENIX, Arizona – CBRE announced the sale of a 175,225-square-foot, two-building, Class A office park located at the northwest corner of Loop 101 and 19th Avenue in Phoenix. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Granite Deer Valley Holdings, LLC, based in Newport Beach, California. A joint venture between Everest Holdings of Scottsdale, Arizona, and Blue Vista Capital Management of Chicago purchased the property for $23.6 million ($135 PSF).

“Deer Valley Office Park is an attractive, well-located Class A office property that offers an investor tremendous growth potential in addition to a stable, high-quality tenant roster,” said CBRE’s Gabel. “The area is home to numerous corporate locations thanks to an abundant workforce and convenient freeway access that links the property with the greater Phoenix metro area.”

Located at 20410 and 20430 N. 19th Ave., the two-building, two-story office property was built in 2001, offers abundant parking, and is positioned on ±10.6 acres in Phoenix’s amenity-rich Deer Valley submarket. Current tenants include D.R. Horton Homes, OneGuard, AllianceMed, Ebix Health Exchange, Inc. and Southwest Concrete Paving Co. The property also features energy-efficient dual-pane tinted glass, prominent signage and abundant covered parking. Nearby transportation access is provided via the interchange at 19th Avenue and Loop 101 while Interstate 17 is located one-half mile west.

Ashley Brooks and Jim Bayless with CBRE’s Phoenix office are providing the leasing for Deer Valley Office Park.

 




Peter Madrid Named Co-Winner of PBJs Mentor of the Year

Peter Madrid, co-winner Mentor of the Year, PBJ’s Landmark Leaders Award

PHOENIX, Arizona – Peter Madrid has been named co-winner in the Mentor of the Year category for the Phoenix Business Journal’s Landmark Leaders Award. The other co-winner is Barry Gabel of CBRE. The recognition salutes commercial real estate and related professionals in Phoenix. Winners in the 12 categories will be featured in the Nov. 17 issue of the PBJ.

Madrid is owner of MadridMedia. He provides writing, editing, media placement, and media relations services. He spent three years as Communications Specialist for the Phoenix office of Cushman & Wakefield. He was responsible for internal communications, social media platforms, and oversaw the firm’s philanthropic and community engagement. Prior to that he was editor of Arizona Commercial Real Estate (AZRE) magazine. Peter was responsible for producing six bi-monthly magazines that covered the commercial real estate industry in Arizona.

“Mentoring has long been a priority for me,” Madrid said. “I serve as an adjunct professor at the Cronkite School of Journalism and Mass Communications at ASU. I also serve as a mentor to up-and-coming professionals in the Valley commercial real estate community. Whether it’s helping someone with their resume, their writing, or offering advice, I am always eager to lend a hand.”

Madrid is also active among numerous industry groups including NAIOP Arizona, Valley Partnership, Urban Land Institute, BOMA Greater Phoenix, and CoreNet Global Arizona. He is a member of the NAIOP Arizona Communications Committee and is Co-Chair of the Valley Partnership Communications Committee. Peter supports Ryan House and volunteers with the Florence Crittenton of Arizona annual Heels for Healing event, a Leukemia Society of America charity golf tournament, and the Valley Partnership Community Project.

“It’s an honor to be nominated by my peers for this award.” Madrid said. 

 

 




CBRE Represents Buyer of Two Phoenix-Area Retail Properties

PHOENIX, Arizona – CBRE represented Phoenix-based Perry Investment Trust No. 1, LLC, in the acquisition of two Phoenix-area retail properties totaling 18,456 square feet. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the buyer in both transactions. The two properties, located at 950 E. Bell Road and 5120 N. Central Avenue, sold for $11.1 million ($601 PSF).

Built in 2017, the high-profile infill mixed-used development at 950 E. Bell Road features 12,087 square feet of retail space. The 100-percent leased center includes national tenants Café Rio, Smashburger, Blaze Pizza and the Flame Broiler and local tenants La Vie En Nail Spa and Arizona Hair Co. Total consideration for this property was $6.6 million ($546 PSF). The seller was represented by Chad Tiedeman and Steve Underwood with Phoenix Commercial Advisors.

Located in a highly desirable central Phoenix location, the 6,369-square-foot retail pad at 5120 N. Central Avenue sold for $4.5 million ($706 PSF). Originally constructed in 1975 and completely renovated in 2016, the two-tenant property is 100-percent occupied by Blaze Pizza and MAD Greens, both on long-term leases. The seller was also represented by Chad Tiedeman with Phoenix Commercial Advisors.

“The buyer has acquired two highly visible retail properties in some of the metro’s most exciting corridors for retail, office and multifamily development,” said CBRE’s Gabel. “Both centers benefit from an attractive mix of national and regional tenants, strong surrounding demographics and proximity to major employment hubs.”

 




Camelback Commons Office Buildings Sells for $66.4 Million

Camelback Commons, 4722 & 4742 N 24th Street, Phoenix, AZ

Two-Building Class A Office Campus in Camelback Corridor

PHOENIX, Arizona – CBRE Group, Inc. has completed the sale of Camelback Commons, a ±322,406-square-foot office campus located at 4722 and 4742 N. 24th St. in Phoenix. The two building, Class A office property commanded a sale price of $66.4 million.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, a joint venture between California‐based McCarthy Cook & Co. and New York‐based Morgan Stanley Real Estate Investing. The buyer is Los Angeles-based Regent Properties.

“Camelback Commons features an exceptional location in the heart of the Camelback Corridor, one of the Valley’s most prestigious office markets,” said CBRE’s Gabel. “Regent Properties is acquiring a trophy asset in a sought-after market with a strong, credible and diverse tenant roster with significant upside.”

Additionally, Bruce Francis, Dana Summers, Shaun Moothart, Bob Ybarra and Doug Birrell with CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer.

“Due to the excellent sponsorship and asset profile, we received strong quotes from a broad group of lenders, including banks, debt funds and life insurance companies”, said CBRE’s Francis. “We were pleased to deliver the most competitive financing, which offered the best combination of rate, prepayment flexibility and proceeds to meet the sponsorship objectives.”

Constructed in 1986, Camelback Commons underwent a $4.5 million renovation in 2015. Upgrades to on-site amenities include a state-of-the-art conference center and tenant lounge, redesigned café with indoor and outdoor seating, fitness center with locker rooms and showers, bike sharing and short-term covered parking. Tenants also have access to improved open-air terraces and balconies along with “The Deck,” a contemporary outdoor gathering area that offers games and shaded, lounge-style seating. The site is surrounded by numerous walkable amenities, restaurants and retail destinations including nearby Biltmore Fashion Park. Access to State Route 51and I-10 is minutes away from the property.

CBRE has been engaged for property management services at Camelback Commons.

 




ViaWest Sells $23.3M Twin Office Properties in Chandler Midway Corporate Center

Chandler Midway Corporate Center (courtesy photo)

PHOENIX, Arizona – On behalf of ViaWest Properties, CBRE recently completed the sale of twin, two-story Class A office buildings in the Chandler Midway Corporate Center located at 5670 and 5710 W. Chandler Blvd. in Chandler, Ariz. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Phoenix-based ViaWest Group. The buyer was Encino-Calif.-based Kramer-Wilson Company, Inc. Total consideration for the sale was $23.3 million.

“Chandler Midway benefits from exceptional regional access with proximity to Interstate 10, Loop 101 and Loop 202,” said CBRE’s Gabel. “With a strong tenant mix, the property offers premier trophy office space in a dynamic Southeast Valley location.”

“These 100% leased buildings with blue-chip tenant roster demonstrates the strength of Chandler and the health of the overall market,” said Danny Swancey, partner at ViaWest Group. “It’s been a pleasure working with Kramer-Wilson, and we wish them well as they contiue to steward these great assets.”

Constructed in 2007, the 111,800-square-foot, multi-tenant property is currently 100 percent leased to a roster of blue-chip credit tenants. The property features extensive window lines, two-story lobby entries and tenant flexibility to accomodate smaller, regional tenants as well as larger corporate users. Surface and covered parking surrounds the buildings.

“We are excited to add another secure investment property further expanding our Southwestern U.S. portfolio,” said Brian Gibbons with Kramer-Wilson Company. “Chandler Midway will strategically complement our current real estate holdings in the Valley of the Sun.”

 

 




CBRE Completes $5.5 Million Sale of Industrial Property in Gilbert, Ariz.

1405 N Fiesta BLvd., Gilbert, AZ

PHOENIX, Arizona –  CBRE Group, Inc., has completed the sale of 1405 N. Fiesta Blvd. in Gilbert, Ariz. Barry Gabel, Chris Marchildon, Brian Raczynski, Tim Watters, Evan Koplan and Mike Parker with CBRE’s Phoenix office represented the seller. The buyer was Abington Emerson Investments, based in Los Angeles, Calif. Total consideration for the sale was $5.5 million ($75 PSF).

“Fiesta property in Gilbert is the third acquisition for Abington Emerson Investments in Arizona after the Paradise Hills Shopping Center in Phoenix and the Shops at Sossaman Plaza in Mesa,” said Brent Howard, who leads Abington Emerson’s acquisitions, sales and management in the U.S. Southwest region. “We are very excited about our growing commercial real estate portfolio in the state and will continue looking for the value-add opportunities in the area.”

Originally constructed in 1998 as a multi-tenant general industrial building, the 73,283-square-foot, single-story property is positioned on a 5.2-acre site and is currently occupied by Orbital ATK for office operations. The property offers full air conditioning, grade-level loading and truck well loading, 22-24-inch clearance height, and three primary glass-lined lobby entries. The property is in proximity to major East Valley arterial roadways and freeways with access to U.S. 60, Baseline Road and Country Club Drive.

CBRE will retain the leasing for the property post-closing.




CBRE Completes $3 Million Sale of Kneaders Bakery & Café in Phoenix

Phoenix, Arizona – CBRE has completed the sale of a single-tenant, Kneaders Bakery & Café, located at 1150 E. Bell Road within the brand new Trellis on Bell mixed-use development in Phoenix. Four Foods Group (FFG Development, LLC) bought the land and completed construction on the ±4,050-square-foot retail property. The property commanded a sale price of $3 million ($741 PSF). Kneaders Bakery and Café opened for business at this location on March 17, 2017.

Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, American Fork, Utah based developer: FFG Development, LLC. Barry Gabel and Chris Marchildon also with CBRE’s Phoenix office represented the buyer, Arizona-based DDSR-2 LLC.

“The Kneaders concept is a brand that has gained tremendous popularity among high net-worth investors throughout the country,” said Compagno. “In the past 18 months, our team has sold 10 Kneaders with 15-year sale leasebacks on behalf of Four Foods Group, all of which were pre-sales for the seller. We took each of these properties to the market 90 to 120 days in advance of the buildings being finished, and successfully closed escrow at building completion. All buyers were sourced through our CBRE and proprietary global investor databases.”

 




CBRE Completes $10.55 Million Sale of Desert Canyon 200

Desert Canyon 200, 2421 W Peoria Ave, Phoenix, AZ

Phoenix, Arizona – CBRE has recently completed the sale of Desert Canyon 200, a 98,761-square-foot office building located at 2421 W. Peoria Avenue in Phoenix, Arizona. The buyer was G2 Capital, based in Scottsdale, Arizona. The seller was REEF Desert Canyon LLC, managed by Washington Capital Management, based in Seattle, Washington.

Barry Gabel, Chris Marchildon, Jim Bayless and Ashley Brooks with CBRE’s Phoenix office represented the seller. Total consideration for the transaction was $10.55 million ($107 PSF).

“We are excited to add to our holdings along the I-17 Corridor,” said James Greaves with G2 Capital. “Desert Canyon 200 is a fantastic building with great access to a large labor pool.”

Matrix Absence Management, a subsidiary of Tokio Marine Group, has already leased 69 percent of the office space. The disability and worker’s compensation firm will utilize its space at Desert Canyon 200 as the company’s U.S. headquarters. CBRE’s Bayless and Brooks negotiated that lease and will continue to handle the marketing and leasing of the property’s remaining unoccupied space.

Desert Canyon 200 is positioned within the three building, ±22 acre, Desert Canyon Corporate Campus. The property is centrally located less than 1/4 mile east of the full diamond I-17 Freeway interchange with Peoria Avenue and only one-mile north of abundant shopping and dining options including the ±1.4 million square foot Metrocenter Mall.