The Dove Mountain Retail Center, an upscale neighborhood shopping center at 12000 – 12130 N Dove Mountain Blvd in Marana, at the northeast corner of Tangerine Road and Dove Mountain Blvd, sold by lender for $6 million ($72.77 PSF) in an REO sale. The former grocery-anchor space and inline shops total 82,450-square-feet (built 2006) on 13.72 acres.

Dove Mountain Retail Center is at the main entrance to the Dove Mountain master planned community, with affluent and upper middle professional trade area demographics. As part of a World-Class Master-Planned Community, Dove Mountain’s master-planned community with more than 3,000 homes, 81 holes of championship golf and the prestigious Ritz-Carlton, Dove Mountain resort. This tranquil community in the high Sonoran Desert has dedicated almost one-third of its nine square miles of land to natural open space. A large percentage of the community is surrounded by formal preserves and Arizona State Land Trust owned Tortolita Mountains.

The Dove Mountain Retail Center includes shops such as Wells Fargo, Walgreens, Vero Amore, Plexus Pilates, Dove Mountain Cleaners, Northwest Medical Center, Long Realty, and Dove Mountain Grill.

Available at time of sale was the 54,727-square-foot anchor and 28,407-square-feet of inline space. The property was 26% leased at time of sale.

The seller was Principal Global Assets (Mark Hanrahan, Real Estate Acquisitions and Dispositions) of Des Moines, IA that took possession of the property in March 2010. The buyer of the value-add property was Dove Mountain I & II, LLC (Scott Singer, manager) of Boca Raton, FL.

Mindy Korth, executive vice president, and Kirk Kuller, vice president, both of Colliers International, represented the seller. Paul Schloss of Bourne Advisory Services, LLC of Tucson represented the buyer.

To learn more Korth and Kuller can be reached at 602.222.5000 and Schloss is at 520.323.1005.

PHOENIX – Emma Capital Properties Inc. of Toronto, Ontario, purchased the property at 5215 W. Peoria Avenue in Glendale AZ, from Cedar Court Condominiums LLLC of Glendale for $6.25 million ($53,879 per unit).

The sale of Cedar Court in Glendale, a 116-unit Class B multifamily complex was handled by Colliers International in Greater Phoenix recently.

Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest team, represented both buyer and seller.

Built in 1986, Cedar Court has 77,408-square-feet, in seven two-and three-story buildings, positioned on 4.07 acres. The community has 56-one bed/one bath units with 580-square-feet, 24-one bed/one bath units with 630-square-feet; and 36-two bed/two bath units with 828-square-feet.

The condominiums are within two miles of Arizona State University West and Glendale Community College, and just over three miles from the Thunderbird School of Global Management. Other nearby employment centers include the Aurora Behavioral Health System and the Banner Thunderbird Medical Center. Cedar Creek is three miles away from Interstate-17.

“The buyer was attracted to the high-quality design and construction of this 1980s-era property. This was clearly an A-quality property at the time it was built,” said Hahn.

Colliers HSK Multifamily Southwest uses the extensive resources of Colliers International to assist in debt placement, investment sales, and appraisal services. The team achieves a high market share of B and C-quality multifamily asset sales by ensuring strong and efficient systems are in place for the marketing, acquisition, and disposition of properties. This superior service makes Colliers HSK Multifamily Southwest a leader in Arizona, New Mexico, Nevada, and Texas.

To learn more Hahn, Sherman and Koskovich can be reached in the Phoenix office at 602.222.5000.

The following leases were reported during the week of October 27-31, 2014 to the Phoenix Lease Report:

RETAIL – NWC of MAYO BLVD. and SCOTTSDALE RD., SCOTTSDALE, AZ.
Mary Ridberg and Rommie Mojahed of Sperry Van Ness, LLC, represented Potato Barn to lease 22,252-square-feet of retail space at Scottsdale 101 Retail, located at the NWC of Mayo Blvd. and Scottsdale Road in Scottsdale.

INDUSTRIAL – 7345 E. EVANS RD., SCOTTSDALE, AZ.
Kent Circle Investments, LLC (Scott Seldin, manager) announces M Group Scenic Studios, Inc. has leased an 11,438-sqauer-feet of industrial space at Evans Airpark Center. M Group Scenic Studios, Inc. specializes in large-scale national and international events. The landlord, Kent Circle Investments, LLC was represented by Jim Keeley, Colliers International. M Group Studios, Inc. was represented by Troy Wuedring, Caliber Commercial Group. Kent Circle Investments purchased Evans Airpark Center at 7345 E. Evans Road December 2013. The property is situated on 2.395 acres at the southwest edge of Scottsdale Airport’s runway.

RETAIL – 1660 S. ALMA SCHOOL RD., MESA, AZ.
Mary Ridberg, Rommie Mojahed and Beau Flahart of Sperry Van Ness, LLC, represented the landlord at Fiesta Crossing in the 5,116-square-foot lease to Living by the Word Church.   Fiesta Crossing is located at 1660 S. Alma School Road in Mesa.  Jody Dents of US Preferred Realty represented the tenant.

RETAIL – 4232 E. CHANDLER BLVD., AHWATUKEE, AZ.
Shari A. Tucker-Gasser and Trenton McCullough of Sperry Van Ness, LLC, represented the landlord at Mountain Park Square, located at 4232 E. Chandler Blvd. in Ahwatukee, in the leasing of a 5,012-square-foot space to Hi Health.  The space was leased to the former Secreto’s restaurant.

OFFICE – 15841 N. 77^TH ST., SCOTTSDALE, AZ.
Justin Horwitz of Sperry Van Ness, LLC, represented Amer-X-Security in the leasing of 4,358-square-feet of office space at 15841 N. 77th Street in Scottsdale.  Mike Kane of Colliers represented the landlord in the transaction.

RETAIL – 3061 W. APACHE TRAIL, APACHE JUNCTION, AZ.
Kings Ranch Dental leased 3,000-square-feet of retail space at Apache Trail Plaza. Apache Trail is located at 3061 W. Apache Trail in Apache Junction. Beau Flahart of Sperry Van Ness, LLC, represented the landlord.

RETAIL – 485 S. WATSON RD., BUCKEYE, AZ.
Firehouse Subs opened their newest location at Watson Marketplace, located at 485 S. Watson Rd. in Buckeye. Mary Ridberg and Rommie Mojahed of Sperry Van Ness, LLC, represented Firehouse Subs in the 2,300-sqauer-feet, 120 month lease.

RETAIL – 9820 W. LOWER BUCKEYE RD., TILLESON, AZ.
Fix it Wireless, LLC dba Metro PCS leased 2,000-square-feet of retail space at Pecan Promenade, located at 9820 W. Lower Buckeye Road in Tolleson.  Beau Flahart of Sperry Van Ness, LLC, represented the tenant and Brad Douglas of Cassidy Turley represented the landlord.

RETAIL – 1437 E. MAIN ST., MESA, AZ.
Baja Tacos leased 1,800-square-feet of restaurant retail space at Barkley Center, located at 1437 E. Main Street in Mesa. Beau Flahart of Sperry Van Ness, LLC, represented the landlord.

RETAIL – 2822 N. 32^ND ST., PHOENIX, AZ.
Larry Charles leased 1,200-square-feet of retail space at Plaza 32, located at 2822 N. 32nd Street in Phoenix. Mary Ridberg and Carrick Sears of Sperry Van Ness, LLC, represented the landlord.

RETAIL – MESA VISTA PLAZA, MESA, AZ.
Mary Ridberg, Rommie Mojahed and Beau Flahart of Sperry Van Ness, LLC, represented the landlord at Mesa Vista Plaza in the leasing of 1,155-square-feet of retail space to tenant Nguyen Nail Salon, who was represented by Scott Teerink of MEB Commercial Management Group, LLC.

OFFICE – 8687 E. VIA DE VENTURA, SCOTTSDALE, AZ.
Justin Horwitz and Nicole Ridberg of Sperry Van Ness, LLC, represented the landlord at Ventura Gateway, located at 8687 E. Via De Ventura in Scottsdale, to lease 990-square-feet of office space to Developmental & Educational Psychological Services.  The tenant was represented by Gregg Sherman of Cassidy Turley.

OFFICE – 8687 E. VIA DE VENTURA, SCOTTSDALE, AZ.
New to Ventura Gateway, The Law Offices of David Baker.  Justin Horwitz and Nicole Ridberg of Sperry Van Ness, LLC, represented the landlord and Colby Everett of Cassidy Turley represented the tenant.