Mesa – The owner and founder of DriveTime Automotive Group, Inc in Phoenix has acquired an office-industrial project in Mesa that will house hundreds of new employees being hired by the fast growing national used car business. Verde Investments Inc. in Phoenix (E.C. “Ernie” Garcia, principal) paid $8.8 million ($82.07 PSF) to buy the 15.97-acre Superstition Commerce Park, which is located west of the northwest corner of US 60 and Sossaman Road.

The 107,231-square-foot complex was vacant at time of sale and comprises a 49,438-square-foot back-office building located at 7457 E. Hampton Avenue and a 57,793-square-foot flex/industrial structure at 7465 E. Hampton Avenue. The acquisition included a 5.49-acre, fully improved parcel targeted for future expansion.

The seller was Delta SCP LLC of Chandler (Michael Deutsch, principal). The seller was represented by Andy Markham, Mike Haenel and Will Strong of Cassidy Turley in Phoenix. Fred Darche and Chris McClurg of Lee & Associates in Phoenix represented the buyer.

DriveTime is expanding from a 125,000-square-foot facility that the company owns just across the street at 7300 E. Hampton Avenue. DriveTime has about 600 workers in that project. Some of those employees will remain in place and some will be moved to the new buildings. The used car sales company has five dealerships in the Valley and 118 sales locations in 24 states across the country.

DriveTime, which was known as Ugly Duckling before Garcia changed the business model in 2002, has been a huge success as it expands across the U.S. The company sells and finances automobiles and needs the additional space in Mesa for its customer service operations. The flex/industrial structure acquired at Superstition Commerce Park is being converted for back-office use. The two buildings will be used to accommodate projected growth of 100 employees that are expected to be hired at DriveTime each year for the foreseeable future.

DriveTime intends to occupy the new space by second quarter 2015.

To learn more Garcia can be reached at 602.778-5000. Talk to the Cassidy Turley agents at 602.954-9000. The Lee & Associates agents are at 602.956-7777.

MESA, AZ – Lee & Associates is pleased to announce the sale of the two-building Superstition Springs Business Park at 7307 and 7427 E. Hampton Ave. in Mesa for $13,985,000 ($138 PSF). The total square footage for the project is 101,411-square-feet. The transaction closed on September 12.

Lee & Associates Arizona brokers facilitated both sides of the deal. The seller, Hampton/Mesa, LLC was represented by principals Pat Dempsey, Jan Fincham, Chris McClurg and Matt Fredrick. The buyer, Allred Hampton DE, LLC of San Diego, CA was represented by principals Stein Koss, SIOR and Tom Louer, SIOR.

The two-building, single story flex industrial business park sold with an occupancy of 91.5%. The buildings were constructed in 1999 and in 2007. The buildings feature clear heights of 18’-28’, fiber optics and 8:1,000 parking ratio. Major tenants include GC Services and Norwegian Cruise Lines.

The property is just north of the Superstition Springs Mall and along side the U.S. 60 (Superstition Freeway).

To learn more Dempsey is at 602.954.3772; Fincham can be reached at 602.954.3754; McClurg is at 602602.954.3766; Fredrick can be contacted at 602.912.3532; Koss is at 602.912.3520; and Louer should be contacted at 602.954.3779.

CHANDLER, AZ – An 8.56 acre commercial parcel at the SEC of Germann and Stearman Roads in First Chandler Business Park sold for $2.221 million ($5.95 PSF).

The fully-improved parcel is located within First Chandler Business Park and will be the future home of Crown Castle, a wireless infrastructure provider. Plans call for the construction of a 70,000-square-foot built-to-suit office building. LGE Design Build will be the developer.

Lee & Associates Arizona principals Ken McQueen and Chris McClurg represented the land owner, Vintage Farms. The buyer MDB Chandler, LLC was represented by Colliers International.

The sale marks the second land sale within First Chandler Business Park in the past month, both of which will have industrial developments under construction by year’s end. This activity is complimented by an already under construction, 65,000 SF build-to-suit project at the park.

Overall, the hot Chandler Airport area is seeing strong activity with new projects moving forward. A FedEx facility will be occupying a 48-acre site within the submarket. In total, there will be an additional 530,000-square-feet of various industrial product type added to the market in the coming year. There is also high demand for new office product with several new projects to be developed in the area.

To learn more McQueen can be reached at (602) 474.9564 and McClurg is at (602) 954.3766.