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.”