The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from September 6 thru 9, 2016

RETAIL – 7565 W. PEORIA AVE., PEORIA
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon with NAI Horizon represented the tenant, Planet Fitness, in a 132-month retail lease for a 23,236-square-feet of space at 7565 W. Peoria, AZ 85345. Scott Smith with Capital Asset Management represented the landlord, New Generation Development Group of Arizona, LLC.

OFFICE – 2355 E. CAMELBACK RD., PHOENIX
The Money Source has subleased approximately 20,000-square-feet of Class A office space at 2355 E. Camelback Rd.  This marks the company’s second office lease in Phoenix during 2016. “The Money Source is committed to attracting and retaining the best employees in the Valley and plans to hire approximately 450 employees this year in Metro Phoenix,” says Greg Hopley, executive vice president with Colliers International in Greater Phoenix.  “The prestigious 24th & Camelback location offered them the ideal site to attract the best financial, mortgage-minded workers in the metro area.” Hopley represented The Money Source in the lease negotiations.  Tim Whittemore of Cushman & Wakefield represented the sublessor, Jacobs Engineering.  The building is owned by Teachers Insurance and Annuity Association of America.  The Money Source, a New York and San Francisco based company, is one of the fastest growing and largest privately held mortgage companies in the United States.  The firm leased space in Tempe earlier this year and has already hired almost 200 employees.  The Money Source’s continued growth in Arizona led to the Camelback Corridor lease.  “This presented an excellent subleasing opportunity for The Money Source,” says Hopley.  “The company has a lengthy remainder on the lease term and plans to hire approximately 250 additional employees with this additional office.”  The Money Source took occupancy of the space this month. The leased space is located on the 7th floor of the Class A office building on the southwest corner of 24th Street and Camelback Road.  Built in 2001, the Class A building is conveniently located across the street from Biltmore Fashion Park and the newly opened Camby Hotel.  The Money Source was attracted to the fact that this location was just minutes from Sky Harbor International Airport, Interstate 51 and Downtown Phoenix.  Located in the heart of the prestigious Camelback Corridor, the building is part of a submarket that is home to more than 8.7 million square feet of commercial space and approximately 35,000 office jobs.

OFFICE – 10631 S. 51^st ST., PHOENIX
Andrew Veatch and Troy Giammarco with NAI Horizon represented the tenant, Cholla Medical Group, Inc., in a 52-month office lease for a 6,264-sqaure-foot space at 10631 S. 51st St., Phoenix, AZ 85044. Richard Burton with Realty Arizona Elite Group represented the landlord, Wilson Properties, LLC.

INDUSTRIAL – 3919-3925 E. MIAMI, PHOENIX
Isy Sonabend with NAI Horizon represented both tenant and landlord, Vanco, LLC and PAZ Holdings, LLC in a 60-month industrial lease for a 5,354 -square-foot space at 3919-3925 E. Miami, Phoenix, AZ 85040

RETAIL – 2131 E. CAMELBACK RD., PHOENIX
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon with NAI Horizon represented the tenant, Ken’s Nails-Salon & Spa, in an 88-month retail lease for a 2,300-sqaure-foot space at 2131 E. Camelback Rd., Phoenix, AZ 85016.

OFFICE – 4150 W. PEORIA AVE., PHOENIX
Nathan Pancrazi and Troy Giammarco with NAI Horizon represented the tenant, Arizona Life Chiropractic, in a 65-month office lease for a 2,298-square-feet of space at 4150 W. Peoria Ave., Phoenix, AZ 85029. The landlord, Tlaquepaque Office Plaza, Inc., was self-represented.

OFFICE – 4200 N. MARSHALL WAY, SCOTTSDALE
Laurel Lewis of NAI Horizon represented the tenant, Atwell Group, in a 38-month office lease for a 2,250-square-foot space at 4200 N. Marshall Way, Scottsdale, AZ.

Renaming Santana Village Crossing and property improvements doubles occupancy

Peoria, AZ— Capital Asset Management (CAM), Phoenix, teamed up with Cottonwood Equity, LLC, based in Salt Lake City, to purchase the 59,839-square-foot 75th & Peoria Shopping Center located at the southwest corner of Peoria and 75th Ave. With this purchase, CAM and Cottonwood Equity, a private firm based in Salt Lake City, Utah, will focus its efforts over the next six months on a considerable rebrand of the well-trafficked center.

“With new ownership comes new energy and this begins with renaming the center Santana Village Crossing and will continue with property improvements that will drive significant value to our tenants,” said, Rachelle Strole, owner of Capital Asset Management. Among the immediate improvements slated for the neighborhood center will be new monument signage to bring better traffic visibility for the tenants, and tenant leasing efforts to strike an ideal balance of tenant mix.

Originally acquired by the seller, Western Alliance Bank, the shopping center sits directly adjacent to the new 224-unit ground-up apartment community called Santana Village. Built in 1997, the project is less than two miles from the 101 Loop Freeway and Glendale Community College.

Prior to closing, the property was desolate with a 26.5% occupancy. Immediately following the closing, the new ownership announced two new leases, an added 16,487-square-feet, raising the occupancy level to over 54% at the center. The listing brokerage team on the $2.1 million transaction were Jason Hersker, Stephen Herman, Scott Smith and Rachael Cisco all with CAM.

“Our partnership brings a unique mix of experience that emphasizes long term value and we look forward to another successful venture” says Eric Sorenson, managing member of Cottonwood Equity.

With offices in Phoenix, Los Angeles and Las Vegas, Capital Asset Management is a full-service real estate firm specializing in the redevelopment/development, brokerage, and management of commercial assets. Since 1994, Capital Asset Management has established a proud track record as a competitive, connected and conscientious real estate firm with partnerships throughout the industries it serves.

PHOENIX, AZ – Capital Asset Management, Phoenix, announced today the successful sale of a 3-property portfolio sale comprised of The Horizon Ridge Shopping Center 1651 N Horizon Ridge Henderson, Nev., the Gibson Road Shopping Center 193 Gibson Rd Henderson, Nev., and the Lower Buckeye Plaza Shopping Center 8240 W Lower Buckeye Rd Buckeye, Ariz. totaling 35,035-square-feet on 3.90 acres. The deal was brokered by Jason Hersker, Stephen Herman, Scott Smith, and Rachael Cisco of Capital Asset Management.

The buyer is Diversified Business Strategies, LLC, a Utah limited liability Company and the seller is 2010-1 RADC/CADC Property IV, LLC a Delaware limited liability company, formed by Cohen Financial. After having acquired these assets on February 25^th 2014, Cohen Financial hired Capital Asset Management for their ability to work with complex assets and create value. In this case, Capital Asset Management worked to solidify the tenant mix in each center and to identify any operational inefficiencies prior to preparing the assets for sale.

“Selling multiple retail properties in different states is very difficult. With Capital Asset Management it was very simple and the closing occurred without delays,” said seller Chris Martin, Senior Asset Manager Cohen Financial.