Phoenix – CBRE has completed the sale of a 101,006-square-foot office building located at 4809 E. Thistle Landing in Phoenix. The property commanded a sale price of $16.75 million.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale. The buyer was Menlo Equities. The seller was a joint venture between Everest Holdings and Walton Street Capital.

“Thistle Landing is a smart investment for Menlo providing them ownership in a quality office building in a well-established corporate environment,” said CBRE’s Fijan. “The long-term, triple-net nature of the tenants’ leases yields a very stable return on investment going forward.”

According to CBRE Research, the metropolitan Phoenix office market has already seen more than $750 million in investment property sales through April of this year and real estate experts expect that level of activity only to increase.

“We’ve already seen significant sale activity this year and many of those sales have been characterized by triple-net lease tenancy,” continued Fijan. “Triple-net leased office properties are a very highly sought after asset class by investors, especially if they are heavily parked in high employment areas of the Valley.”

The property at 4809 E. Thistle Landing is part of the four-building Thistle Landing Office Park. The building is fully leased to two tenants – United Healthcare and Box Office Executive Suites – with long-term, triple-net leases.

A major employment hub in the South Tempe / Ahwatukee office submarket, Thistle Landing houses more than 500 United Healthcare employees. Built in 1999, Thistle Landing benefits from access to numerous amenities, including executive housing and the high-end retail of the Ahwatukee Foothills. The property is also located near several well-known restaurants, hotels and resorts.

To learn more Fijan can be reached at 602.735.5583 and Mast is at 602.735.5206.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from May 25 thru 29, 2015.

OFFICE – 3100 N. CAMPBELL AVE., TUCSON, AZ.
Leoni Wiring Systems has leased 8,416-square-feet of office space at 3100 N. Campbell Ave. from the Gibeault Office Company. The tenant was represented by Bruce Suppes and Ian Stuart with CBRE’s Tucson office. The landlord was represented by Casey King with Tower Realty. [mepr-show rules=”58038″]Tenant Phone: 520.741.0895[/mepr-show]

INDUSTRIAL – 3651 S. BROADMONT, TUCSON, AZ.
Prestige Vending LLC has leased 7,600-square-feet of manufacturing space at 3651 S. Broadmont from 3651 South Broadmont LLC. Tim Healy and Bob DeLaney with CBRE’s Tucson office negotiated the transaction on behalf of both parties. [mepr-show rules=”58038″]Tenant Phone: 520.882.3902[/mepr-show]

OFFICE- 1985 E. RIVER RD., TUCSON, AZ.
Sun Corridor Inc., formerly Tucson Regional Economic Opportunities, Inc. (TREO), leaving Downtown Tucson, has leased 6,427-square-feet at 1985 E. River Rd., Suite 101 in Tucson from Campbell Avenue Group, LLC.  Rick Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord and the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.243.1900[/mepr-show]

OFFICE – 2100 N. KOLB RD., TUCSON, AZ.
International Rescue Committee has leased 6,200-square-feet of office space at 2100 N. Kolb Rd. from Reay’s Ranch Investors LLC. CBRE’s Tucson office handled the transaction with Pete Villaescusa, Bruce Suppes, and Jesse Peron representing the landlord/sublessor and Bruce Suppes and Ian Stuart representing the tenant/sublessee. [mepr-show rules=”58038″]Asking lease rate: $12.00 – $124.00 SF/YR Modified Gross; Tenant Phone: 520.319.2128[/mepr-show]

RETAIL – 2900 N. SWAN RD., TUCSON, AZ.
Communicus One LLC has leased 3,038-square-feet of office space at 2900 N. Swan Rd. from WCCP Plaza Palomino LLC. The tenant was represented by Bruce Suppes with CBRE’s Tucson office. The landlord was represented by Ben Craney with NAI Horizon. [mepr-show rules=”58038″]Tenant Phone: 520.751.9000[/mepr-show]

RETAIL – 6330 E. GOLF LINKS RD., TUCSON, AZ.
One Main Financial has leased 2,052-square-feet at 6330 E. Golf Links Rd. from Karlin Golf Links. The tenant was represented by Dave Blanchette with CBRE’s Tucson office. The landlord was represented by Dave Dutson with NAI Horizon. [mepr-show rules=”58038″]Asking lease rate: $13.00 – $18.00 SF/YR NNN; TenantPhone: 520.970.2955[/mepr-show]

RETAIL – 250 N. PANTANO RD., TUCSON, AZ.
Starbucks Coffee has leased 1,888-square-feet in the Tucson Marketplace at the Bridges Shopping Center at the northeast corner of Kino Parkway and I-10 in Tucson from Tucson Retail, LLC.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 206.447.1575 (Corporate Offices)[/mepr-show]

RETAIL – 3400 E. Speedway Blvd., TUCSON, AZ.
Mindful Yoga Studio, L.L.C. has leased 1,716-square-feet at 3400 East Speedway Boulevard, Suite 108-110. The space is located within Rancho Center, which is anchored by Whole Foods, Bookmans Sports Exchange, and Performance Bikes. Debbie Heslop, CCIM, of Volk Company represented the landlord Rancho Center, LLC. [mepr-show rules=”58038″]Tenant Phone: 520.300.4378[/mepr-show]

RETAIL – 5460 E. SPEEDWAY BLVD., TUCSON, AZ.
Lash Lounge has leased 1,485-square-feet of space at Speedway Craycroft Plaza, located on the SW corner of Speedway Blvd. & Craycroft Rd. The Lash Lounge is a retail store specializing in skin care, facials, lash extensions, waxing and the sales of related products. They are scheduled to open for business August 2015. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Tenant Phone: 520.495.5597[/mepr-show]

RETAIL – 9431 E. 22^nd ST., TUCSON, AZ.
Style America has leased 1,200-square-feet in the Spanish Trail Plaza Shopping Center at the northwest corner of 22^nd St. and Harrison Rd. in Tucson from 22^nd Harrison, LLC.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.750.0781[/mepr-show]

RETAIL – 5524 – 5546 E GRANT RD., TUCSON, AZ.
American Family Insurance has leased a 707-square-feet of space at Grant & Tucson Plaza, located on the SE corner of Grant Rd. and Tucson Blvd. The Premises will be used as an insurance office. They are scheduled to open for business August 2015. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Asking lease rate: $12.00 SF/YR NNN[/mepr-show]

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Phoenix, AZ – CBRE has negotiated an additional 8,000-square-feet of leased space at Phoenix Memorial Center. Haven Behavioral Health has expanded to 30,000-square-feet, up from 22,000-square-feet. Phoenix Memorial Center is now 93.4 percent leased.

Kate Morris and Vince Femiano with CBRE’s Phoenix office represented the landlord, Memorial Key, LLC of Gilbert, Arizona. The tenant was self-represented.

“The owners of Phoenix Memorial Center offered Haven new lease terms that fostered their growth and established their security in the building for the long term,” said CBRE’s Morris.

Haven Behavioral Health, headquartered in Nashville, Tennessee, provides inpatient psychiatric stabilization and treatment to senior adults. This expansion at Phoenix Memorial Center will allow them to increase the number of patients they are able to serve.

Phoenix Memorial Center is the former Phoenix Memorial Hospital, located at 1201 S. 7^th Avenue. In the fall of 2014, Memorial Key purchased the facility with the intent of bringing new life to the former community hospital. As part of the repositioning, the property was renamed Phoenix Memorial Center.

“Haven’s mission of providing superior behavioral healthcare for the people, hospitals, and communities they serve make them an ideal fit for Phoenix Memorial Center and Memorial Key is pleased to provide additional space to such a fine healthcare service provider,” said Larry LeSueur and Norman King with Memorial Key. “Our goal with the facility has always been to create a community-welfare and care-center facility that will serve and bring value to the members of the immediate community and metro area at large and tenants like Haven ensure we are doing just that.”