Purchase is First Arizona Acquisition for California Investors

Phoenix, Arizona – Dunlap Falls apartments at 3333 W. Dunlap Ave. have been sold for $22.6 million ($78,472 per unit).  The community was purchased by two California-based partnerships as their first acquisition in the Arizona market.

“This offered a great purchase opportunity because significant capital improvements were already addressed by the seller,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix.  “More than $6 million was recently invested in property exterior improvements and specific interior modernization during the past two years, which provides the buyer ability to focus solely on completing interior upgrades,” adds Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix

Dunlap Falls Partners, LLC, a Colorado limited liability company and 1031 Exchange Experts LLC as QI fbo WIP-Serendipity, LLC, a Colorado limited liability company purchased the apartment community from 3333 Dunlap Associates LLC, a Delaware limited liability company.   The buyers’ LLCs are based in Colorado, but the investors are headquartered in San Francisco.   Hahn, Trevor Koskovich, Jeff Sherman and Jesse Hudson of Colliers International in Greater Phoenix handled the transaction.  Grandbridge Real Estate Capital LLC arranged financing of the purchase.  The buyer intends to expand its portfolio with more properties in the Phoenix marketplace.

Dunlap Falls is a gated community located near MetroCenter.  Built in 1973, the property features 29 buildings situated on 9.4 acres, offering a total of 288 units. The apartments consist of two- and three-bedroom floorplans ranging from 806 to 977 square feet. Apartments feature full-sized electric appliances, new tile/carpet flooring, balcony/deck/patio spaces, and some units offer wood style flooring and extra storage.  Dunlap Falls provides its residents with covered parking and access to Cortez City Park, which is located across Dunlap Avenue.  It also offers direct access through a private gate to the local high school and elementary school.  The community features a sparkling pool, four laundry facilities, fitness center, club house and an on-site business center.

Centrally located near Interstate 17, Dunlap Falls provides convenient access to major employers along the Black Canyon Corridor, including USAA, Discover Card and American Express.  Other employers in the area include Waste Management, CIGNA, Honeywell, Safeway and a regional office of the FBI.  The MetroCenter submarket also provides outstanding retail amenities and rapid access to Sky Harbor International Airport.  Grand Canyon University, ASU West and Thunderbird International are located within the submarket, as are Western International University, Ottawa University and Carrington College.  This property will also benefit from the future expansion of the Light Rail system, which is scheduled to reach MetroCenter Mall by 2023.

Specialist in Aviation, Aerospace, Manufacturing and Automotive Joins Phoenix Office

Phoenix, Arizona – Laura Pogue, DM, MBA, has joined the industrial properties group of Colliers International in Greater Phoenix as a senior associate.

Pogue represents buyers, sellers, landlords and tenants in the sale and leasing of single-user and multi-tenant buildings. She is a specialist in aerospace, aviation-related businesses, manufacturing, automotive and logistics industries.

Nearly 30 years of sales and business development experience are part of Pogue’s background.  In addition to work in the commercial real estate industry, she spent 10 years with General Motors Corporation as district sales manager for the Buick Motor Division. Pogue has successfully built an online education company and also formed and managed a commercial sign firm.

“Laura’s diverse background, proven sales skills and dedication to industry leadership will be an outstanding addition to our Colliers team,” says Bob Mulhern, senior managing director of Colliers International in Greater Phoenix.

Pogue participates in a wide variety of industry organizations.  They include: CCIM National and Central Arizona chapters; NAIOP, the Commercial Real Estate Development Association; National Association of Corporate Directors; National Business Aviation Association (NBAA); and AZ Business Aviation Association (AZBAA).  Pogue has a Bachelor of Business Administration from University of Michigan-Dearborn and a Masters of Business Administration from University of Michigan – Flint.  In addition, she holds a Doctor of Management from University of Phoenix.  She is a licensed, commercial, instrument-rated pilot and an FAA-certified ground instructor.  Pogue is actively involved with the Phoenix Art Museum and has served on a variety of non-profit and corporate boards of directors.

Scottsdale Investor Purchases Property From a private family trust

Phoenix, Arizona – Colliers International in Greater Phoenix has negotiated the sale of a 38,238-square-foot office building in West Phoenix occupied by Department of Economic Security (DES).

The building, which is located at 8800 N. 22^nd Ave, has been fully occupied by DES’ Family Assistance Administration division since 2013.  The division coordinates various critical programs to support Arizona families in need.

Scottsdale Investment Management purchased the property from a private family trust. Both buyer and seller are located in Scottsdale.

Mindy Korth, executive vice president, Kirk Kuller, vice president, and John Barnes, vice president with Colliers International in Greater Phoenix teamed with Greg Bamford, president of Bamford Southwest, Inc. to exclusively represent the seller.

“The sale provided the buyer a stable asset, uniquely leased with one of the largest agencies in the state government,” said Korth. “This is a prime employment location that is also among numerous corporate neighbors and a short walk from a Metro Light Rail Station, promising to make it a rewarding investment.”

Originally built in 1986 as an operations center for Research International, the office building’s interiors were fully renovated to accommodate DES in 2013. The department entered into an original eight-year lease at that time.

Arizona DES is a government social services agency that works with families, community organizations, advocates and state and federal partners to realize its vision for every child, adult and family in the state of Arizona to be safe and economically secure.

Large corporate employers neighboring the property within the Interstate 17 Corridor include USAA, Cigna, Blue Cross and Blue Shield, American Express, Safeway, Honeywell, Vangent, Wells Fargo, and PetSmart, among others.