PHOENIX, Arizona – CBRE has completed the sale of a 100 percent occupied shopping center located at the northeast corner of 51st Avenue and Baseline Road in Laveen, an urban village located within metro Phoenix. The nearly 34,575-square-foot retail property has a complimentary mix of tenants, including Jimmy John’s, Native Grill & Wings, Little Caesars Pizza, AT&T, AutoZone and Taco Bell, among others. The property commanded a sale price of $10.65 million, or $308 per square foot. The Taco Bell and AutoZone were ground leases.

Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, Kent, Washington-based investor as well as the buyer, a Newport Beach, California-based institutional capital buyer. New interest only bank financing was completed by Bruce Francis, Vice Chairman for CBRE Capital Markets and Western Region Manager for CBRE Debt & Structured Finance.

“We generated eleven offers for ownership during our marketing period,” said CBRE’s Compagno. “We found the Newport Beach, California based institutional buyer in our proprietary global database of investors. The buyer placed very attractive new bank financing on the property through CBRE.”

The Shoppes at Rogers Ranch is located less than one mile east from the future location of the new Loop 202 interchange along Baseline Road. Roadwork has begun on the approximately 22-mile extension of Loop 202 that will connect the West Valley and Southeast Valley, bypassing downtown Phoenix. The South Mountain Freeway will connect Interstate 10 in Chandler to the Interstate 10 in West Phoenix, and will follow Pecos Road through Ahwatukee and head north near 59th Avenue through Laveen (Source: AZDOT).

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.

Phoenix, Arizona – CBRE Group, Inc. announced that Rocco Mandala has been promoted to Vice Chairman with CBRE Capital Markets, Debt & Structured Finance, in Phoenix. Since joining CBRE in 1995, Mr. Mandala has become a perennial top-10 percent originator nationally for CBRE Capital Markets, completing debt and equity transactions in excess of $7 billion.  In 2016, Rocco was in the top-3% originator for all disciplines nationally.

“I am proud to congratulate Rocco on his promotion to vice chairman,” said Craig Henig, senior managing director and market leader for CBRE in Arizona. “For more than two decades, Rocco has been an exceptional partner to Phoenix investors and a national leader within CBRE Capital Markets. His contributions have created winning opportunities for our clients in addition to delivering market-leading debt and equity financing solutions.”

Prior to working at CBRE, Mr. Mandala entered the real estate finance industry in 1984 as a producer for H.S. Pickrell Company and then Mellon Bank and Boston Mortgage Company. He has raised capital for a variety of property types, including multifamily, office, retail, industrial, condo-conversions, hotels, mobile home parks and self-storage, working with institutional lenders spanning life insurance companies, Agency Lenders (Fannie Mae, Freddie Mac, FHA HUD), pension funds, CMBS, opportunity funds and mezzanine lenders. Additionally, Mr. Mandala has extensive fee appraisal experience as a former Certified General Real Estate Appraiser in Arizona and in Massachusetts. He received a bachelor’s degree in finance from Arizona State University.