PHOENIX, Arizona – Cushman & Wakefield is pleased to announce the sale of Scottsdale Design District, a 109,652-square-foot boutique showroom located on the corner of East Thomas Road and North 68th Street in Scottsdale, Ariz.  The property is well known as a direct-to-trade marketplace for Metro Phoenix interior designers.

Cushman & Wakefield’s Chris Toci, Chad Littell and Brent Mallonee arranged the transaction on behalf of the seller. The purchasers were introduced to the asset by Brandon Holdings, the sponsor, and IX Advisors LLC, a real estate advisory based in Seattle. Key investors included Stephen Summers, President of Mockingbird Interests and the principal investor in Highland Park Village in Dallas and the Lego Building in Aspen, Colo., and a Hong Kong family office who anchored another significant acquisition in the Metro Phoenix area this year.

“This location is well known in the design community as the go-to place for high-end home furnishings and art. This is our second transaction with the investment sponsor Brandon Holdings and IX Advisors in 2018, and we are glad they see the same value and potential in the Phoenix market as we do,” said Chris Toci, Executive Managing Director of Cushman & Wakefield.

David Austin and Malia Chui, Partners with IX Advisors, stated, “We selected this asset for many reasons, including its solid tenant base and strategic location. We have been interested in acquiring an experiential retail style center for some time, and this acquisition met all of our criteria.”

Scottsdale Design District is occupied by local and nationally recognized interior designers, art dealers, and retailers, including John Brooks, Pindler & Pindler, Century, Town, and Kravet.

PHOENIX, Arizona – Cushman & Wakefield announces the sale of Tempe City Center, a 162,640-square-foot office building located at 1400-1470 East Southern Avenue, between Rural Road and McClintock Drive in Tempe.  The asset is comprised of an eleven-story office tower, three single-story office buildings, and two single-story retail buildings situated on approximately 10.75 acres.

Tempe CC Hui, LLC purchased the asset from Tempe City Center Limited Partnership for an undisclosed price. Cushman & Wakefield’s Chris Toci and Chad Littell arranged the transaction on behalf of the seller. The members of the acquisition group, who are principally from Hong Kong and Honolulu, were introduced to the asset by Brandon Holdings, Inc., the investment’s sponsor, and IX Advisors LLC, an investment advisory based in Seattle.

“This is the buyer’s first investment in Arizona, in one of the Valley’s most transformational submarkets. There are substantial plans to renovate the project to cater to today’s modern workforce”, said Chris Toci, Executive Managing Director of Cushman & Wakefield.  David Austin and Malia Chui, Partners with IX Advisors, commented, “We are thrilled to enter into the Phoenix market with such a strong acquisition. Tempe City Center is the perfect complement to our clients’ investments in other U.S. cities.”

Tempe City Center is over 90 percent leased to a broad range of tenants, including the National Bank of Arizona, Fresensius Medical Care, and regional law firm Carpenter, Hazelwood, Delgado & Bolen.

Disposition underscores continued strength of Central Phoenix’s Midtown office submarket

PHOENIX, ARIZONA – EverWest Real Estate Partners and American Realty Advisors have completed the disposition of the Great American Tower, a landmark high-rise office building at 3200 N. Central Ave., in the heart of Phoenix’s Midtown office submarket.

Great American Tower, acquired in 2007, has been recapitalized and improved with a series of upgrades that, among other things, have earned the building an ENERGY STAR® ranking of 97 and a “Kilowatt Krackdown” award from the Phoenix Building Owners and Managers Association (BOMA) Green Building Committee.

Chris Toci, Chad Littell and Larry Downey of Cushman and Wakefield represented EverWest and American Realty Advisors in the sale. The new property owner is Colorado-based DPC Companies, a privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.

“This is an exciting time to own and operate office space in the Central Avenue corridor,” said Amr Ceran, Senior Director for EverWest. “Tenant interest is strong, and there is still solid upside potential for landmark properties like Great American Tower.”

“The Central Phoenix/Midtown office submarket is being transformed by the addition of over 4,000 multifamily units either under construction, planned or proposed,” added Toci. “In addition, large-scale expansions of two significant healthcare firms – Dignity Health and Banner Health Systems – have begun to dominate the submarket with 337,000 square feet of leasing during the previous 18 months.”

Built in 1985, Great American Tower is a 24-story, Class A high-rise office building totaling 344,527 square feet, with average building floorplates of 15,000 square feet. The property sits on 2.6 acres at the high-profile intersection of Osborn Road and North Central Avenue. It is currently 86 percent leased to a diverse tenant roll including Dignity Health as well as legal, finance, engineering and government entities.

Great American Tower sits adjacent to the 39-acre Park Central Mall and across the street from the One Lexington condominium high-rise. The Edison Midtown urban condominium project is under construction across the street.

EverWest Real Estate Partners, LLC is a Denver-based leading private real estate investment manager and operator who invests in core, value-add and opportunistic investments in office, industrial, multi-family, retail and mezzanine debt investments. EverWest serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest provides a full-service investment management operating platform through its five regional offices with established acquisition, asset takeover, asset management, property management, financing, operations, risk management, advisory and reporting capabilities to its clients. EverWest has regional offices in Boston, Chicago, San Francisco, Los Angeles and Phoenix.

With over $8.0 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 28 years, American has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties.

For more information on EverWest investment and development opportunities, visit www.EverWest.com or call EverWest Senior Director Amr Ceran at 602.875.6255.