Phoenix Lease Report Aug. 20-24, 2018

Phoenix Leases Aug. 20-24, 2018

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from Aug. 20 thru 24, 2018.

RETAIL – 2970 E GERMANN RD., STE C-103, CHANDLER
Brian & Tom Woods of Colliers International represented Vestar, the landlord on a ten-year lease with Broken Yolk at Crossroads Towne Center at 2970 E. Germann Road, Suite C-103, Chandler, AZ, 85286 for 4,951-square-feet.  Greg Laing of Phoenix Commercial Advisors represented the Tenant.  Signed in August 2018.

RETAIL – 288 E GREENWAY PKWY., STE 101, PHOENIX
Brian Woods of Colliers International represented Nexus, the landlord on a ten-year lease with Grand Nails Lounge at Bell Towne Plaza at 288 E. Greenway Parkway, Suite 101, Phoenix, AZ, 85022 for 2,180-square-feet.  Matt Bustamante of Realty One Group represented the tenant.  Signed in August 2018.

RETAIL – 20022 N 67TH AVE., STE C-302, GLENDALE
Brian Woods of Colliers International represented the landlord, Sunbelt Investment Holdings, Inc., on a ten-year lease with Avalon Nail at Village at Arrowhead at 20022 N. 67th Avenue, Suite C-302, Glendale, AZ, 85308 for 1,220-square-feet.  Matt Bustamante of Realty One Group represented the tenant.  Signed in August 2018.

Submit sales and leases to REDailyNews@Outlook.com




Canadian Investor Closes Complex Purchase of Midtown Office Space

3033 N. Central Ave., Phoenix, AZ

Popular “Live Work Play” Lifestyle of Midtown Attracts Buyers

Phoenix, Arizona – A portion of the office building at 3033 N. Central Ave. and its adjacent parking garage has been sold to a Canadian investor as its first Midtown Phoenix acquisition.  The buyer was attracted to the property because of its proximity within the increasingly popular “Live Work Play” Central Phoenix corridor.

“This complex transaction involved the sale of a portion of a nine-story mid-rise tower on Central Avenue,” says Mindy Korth, executive vice president with Colliers International in Greater Phoenix.  “Years ago, the tower had been converted to office condos and a real estate cycle downturn halted the unit sales to owner/occupants.  This left the tower with a portion of its square footage still landlord-controlled for multi-tenant leasing.  That status provided a unique opportunity for the buyer to gain a significant position on Central Avenue with a cost-effective investment.  The transaction presented a high level of complexity because the asset is involved in a condominium regime, owners’ association agreements and sharing of infrastructure services with the adjacent high-rise building.”

Korth, Charles Miscio and Kirk Kuller of Colliers International in Greater Phoenix represented the seller in the transaction.  Jim Bayless, Kate Morris and Vince Femiano of CBRE represented the buyer.

Phoenix Central Park Medical LP purchased the property from an entity represented by The Krausz Companies, a San Francisco based real estate company.

The post-modern design building was originally built in 1960 as a part of the class A Prudential Plaza that also includes a 25-story high-rise. It was extensively remodeled in 2005, when the condominium regime was established.  Located on 2.68 acres of land directly across from Park Central Mall it is in the heart of Midtown.

The sale included 80,230-square-feet of multi-tenant office space, which was 30 percent leased at the time of the sale.  The overall building area totals approximately 134,164-square-feet.  The Buyer came to the transaction with a sizable prospective tenant that is poised to lease approximately 38,000-square-feet of the tower’s vacant space.

“This asset offered tremendous upside at a fraction of replacement cost,” says Korth.  “Central Phoenix is attracting a wide range of employers and new residents and has become a 24/7 community. The Midtown submarket is poised for dynamic recovery and the buyer will benefit from the timing of their purchase.”

The Krausz Companies specialize in the acquisition, development and management of high quality, well-located retail, office, industrial and mixed-use properties throughout the United States.  www.krauszcompanies.com




Gorbel, Inc. Leases 50,000+SF at FLITE Goodyear for Third North American Manufacturing Facility

Leasing Agents & Landlord Complete Move-In Status 90 days from Executed Lease

Phoenix, Arizona – Gorbel Inc., one of the nation’s leading crane technology, ergonomic lifting and tether track fall arrest safety system manufacturers, has leased space for its third North American manufacturing facility at FLITE Goodyear, 1300 S. Litchfield Rd. in Goodyear.

“We are very excited to have this national credit tenant at the FLITE property,” says Brian Gleason, SIOR, senior vice president of Colliers International in Greater Phoenix.  “The landlord had begun extensive renovation of this building, including new loading docks and office space, as we prepared to position the facility for the market.  Gorbel was poised to expand its operations in the West and the synergy of company and project worked well for leasing and move-in within a 90-day period of time.  The speed of this transaction is quite impressive for a company of this magnitude.”

Gleason, Bonnie Halley and Melissa Marks of Colliers International in Greater Phoenix serve as exclusive leasing agents for FLITE Goodyear.  They represented the project owner in the lease negotiations.  John Wurstler of CBRE represented Gorbel.

Gorbel leased 50,740-square-feet of space in the approximately 76,000-square-foot building at 1300 S. Litchfield Rd.  According to the company, the new plant positions them to increase presence in the western region of the United States and better serve customers in those states.  The Arizona plant is the third North American facility for Gorbel, in addition to its headquarters in Fishers, NY and manufacturing facility in Pell City, AL.  The company also operates a plant in Tianjin, China.

The facility, which will be celebrated with a ribbon cutting on July 24, is located within the 95-acre FLITE Goodyear project.  The business park features more than 900,000 square feet of industrial and office space, situated immediately adjacent to the Goodyear Airport.  It is managed by Reliance Management in Phoenix, AZ.