Aspirant Purchases 8.5 Acres “Washington Street Corridor” Infill for Mixed-Use

Rendering Mini-storage facility

PHOENIX, Arizona – Aspirant Development of Phoenix (Geoff Jacobs, Principal) acquired 8.5 acres located at the NEC of the 202 Freeway and Washington Street in Phoenix for a price of $4.53 million ($12 PSF). The Seller was the Marusiak-Remaklus Family Partnership.

Aspirant will be building a three-story 125,000-square-foot mini storage development at the north end of the site with building permits slated to be ready March, 2017.  The remaining six acres of the site is zoned for 300+ units of multi-family.  Aspirant is negotiating to sell that parcel to a developer for a 3rd Quarter 2017 closing.

The “Washington Street Corridor” continues to experience revitalization and significant new development.  This new infill development corridor uniquely combines the joint resources of the cities of Phoenix and Tempe.  Major developments include The Grand at Papago Park Center, a new 56-acre mixed-use development located at the SWC of Washington and Priest which includes 2.5 million-square-feet of retail and office buildings with 550 new luxury apartment units.

Another project is the I/O Data Center expansion on 48th Street just south of Washington.  This expansion will bring the total I/O Data Center size to approximately 800,000-square-feet with additional investment of $400 million.

Additionally, Phoenix has approved the only new light rail station at 52nd Street and Washington at a cost of $12 million.  The station will open in early 2018.

The Washington Street Corridor is within a three-mile radius of over 20,000 jobs and this number is slated to increase significantly in the very near future.

Ray Cashen of Cashen Realty Advisors was the Broker in the transaction and is representing Aspirant in the resale of the six-acre multifamily tract.

Get more from Cashen at 602-393-4447.

 



Cashen Realty Advisors Closing Deals for New Development along 7th Street Corridor

Redevelopment site at 7th Street & Highland, Phoenix, AZ

Phoenix, Arizona — The 7th Street Corridor continues to attract New Development to Central Phoenix.

OFMM2, LLC have assembled two properties at the NEC of Highland and 7th Street. The first property, located at 4701 N. 7th Street included 10,350-square-feet of land at a price of $850,000 or $82.00 per square foot and the second property, located at 4711-4717 N 7th Street included 28,500-square-feet of land at a price of $1.4 million or $49.00 per square foot.

The buildings on the parcels will be demolished and a new retail center developed which will include shop space and a corner drive-thru national credit tenant. The new development is across the street from the Xavier/Brophy College Preparatory Schools with 2,400 students.

Additionally, Wood Partners is developing a new 230-unit Luxury Apartment Project within walking distance of the site also on 7th Street. Ray Cashen of Cashen Realty Advisors and Josh Landers of Commercial 33 represented the parties.

Cashen and Landers recently teamed up and sold a 28,465-square-foot office building at 5060 N. 40th Street in Phoenix for $5,050,296 ($177 PSF). An OFMM2, LLC related entity was the seller in that deal.

In an unrelated transaction, Cashen closed another deal at 7th Street and Bethany Home Road.  The 15,000-square-foot parcel sold for $490,000 or $32.66 per square foot. Howard Eigsti was the seller in that transaction and Randy Raskin and Beau Woodring were the buyers.  The property will be developed as a drive-thru Salad and Go location.

Cashen has three more deals in escrow along 7th Street which will close this year.  The 7th Street Corridor has become a major urban infill destination and Cashen predicts we will continue to see exciting new develops announced in 2017.

For additional information, contact Ray Cashen at 602-393-4440.

 



Phoenix Lease Report February 8 – 12, 2016

Phoenix skyline 450x250 LEASE REPORTThe following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from February 8 thru 12, 2016

OFFICE – 13610 N. BLACK CANYON HIGHWAY, PHOENIX
An Atlanta-area healthcare information management firm signed a long-term, 55,000-sqaure-feet office lease at Metro North Corporate Park, 13610 N. Black Canyon Highway, Phoenix. The company is expected to occupy the space in March or April, 2016. Plans call for a back office space with a 500-seat call center. Steve Farrell, Principal with Lee & Associates negotiated the transaction with assistance from Scotland Wright Associates, Atlanta, GA. Ray Cashen of Cashen Realty Advisors, Phoenix, represented the lessor. “The Metro North facility offered significant expansion opportunities over the lease term and provided parking solutions for their expected growth,” said Farrell.  HealthPort is the nation’s largest provider of release of information (ROI) services and audit management and tracking technology for hospitals, health systems, physician practices and clinics to process and fulfill medical record requests and maintain compliance.  Metro North Business Park, Building A is a 302,507-square-foot office building featuring a generous 10:1,000 parking ratio, is close to many area restaurants and hospitality venues and has a strong presence along the I-17 Freeway.

RETAIL – 596 E GERMANN RD., GILBERT
The Arizona family-owned company, Potato Barn has locations in Scottsdale, Mesa, and Gilbert.  The most recent deal included adding another 19,108-square-feet to the pre-existing 35,000-square-feet to its original outlet location at 596 E. Germann Rd. in Gilbert.  Potato Barn owner, Mike Bongiorno said, “We are very excited to be expanding in Gilbert.  This Potato Barn Outlet location has exceeded our expectation and we now are considering opening Friday’s.”  The outlet is currently open on Saturdays from 10AM – 6PM.  “We appreciate all the support from the community and look forward to growing in Gilbert,” Bongiorno feels the outlet may have to be open to the public another day. The tenant rep deal involved, Kyle Westfall with JLL, who represented the Landlord and SVN Desert Commercial Advisors, Mary Nollenberger and Rommie Mojahed represented the tenant, Potato Barn. “Potato Barn has experienced tremendous growth. They offer a unique product at the very lowest price,” Mojahad said.  “Their original location was a barn, and now they have locations in regional power centers in Gilbert, Scottsdale, and Mesa.”

INDUSTRIAL – 2546 W. BIRCHWOOD AVE., MESA
Arch Nutraceuticals, Manhattan, KS, signed a 20,300-square-foot, 5-year-plus lease at Broadway Business Park, 2546 W. Birchwood Ave, Mesa. Marc Pierce of Lee & Associates represented Arch Nutraceuticals while James Harper and Pete Klees of Cushman & Wakefield represented the lessor, Anderson Team III, LLC, Tempe. Built in 1998, the 40,628-square-foot warehouse building features heavy power, 16’- 18’ clear height, 4 drive-ins and 4 exterior docks. The building is located a few blocks east of the Loop 101 and evenly between the Loop 202 and US 60.

INDUSTRIAL – 222 S. DATE ST., MESA
Goodman Distribution Inc., Houston, TX, a distributor of wholesale HVAC products and equipment, renewed their lease for 30,972-square-feet for an additional 60-months at 222 S. Date St., Mesa. Lee & Associates Principal Marc Pierce represented the landlord, Date St. Properties, while Will Strong with Cushman & Wakefield and Anthony Fritsche with Fritsche Anderson Realty Partners, Houston, TX represented Goodman. The industrial manufacturing building, built in 1977 features 18’ clear height, heavy power and two drive-in doors. It is close to both the Loop 101 and 202 freeways.

RETAIL – 10405 N. 31st AVE., PHOENIX
Brian & Tom Woods of Collier, represented Famous Footwear on a 10-year lease with ACP Metro Towne Center, LLC at the SWC 28th Drive and Peoria Avenue, 10405 N. 31st Ave. Phoenix, AZ, 85051 for 8,002-square-feet.  Newmark Grubb Knight Frank, Tim Westfall and Ryan Moroney represented the Landlord.

RETAIL – 2920 E. GERMANN RD., CHANDLER
Brian & Tom Woods of Collier, represented Vestar Development on a 10-year lease with Mattress Firm at Crossroads Towne Center 2920 E. Germann Road, Chandler, AZ, 85286 for 6,527-square-feet.  Velocity Retail Group, Michael Clark represented the Tenant.

RETAIL – 245 E. BELL RD., PHOENIZ
Brian & Tom Woods of Collier, represented Nexus Development on a 10-year lease with Chronic Tacos at Bell Towne Plaza, 245 E. Bell Road, Suite A-2, Phoenix, AZ, 85022 for 2,223-square-feet.  Keyser, Mike Leonard, represented the Tenant.

RETAIL – 1245 W. CHANDLER BLVD., CHANDLER
Brian & Tom Woods of Collier, represented Chandler Alma School Partners, LLC on a 10-year lease with Starbucks at the SWC of Chandler Blvd & Alma School Road, 1245 W. Chandler Blvd, Chandler, AZ, 85224 for 1,800-square-feet.  Phoenix Commercial Advisors Lance Umble represented the Tenant.