Phoenix, Arizona – Colliers International in New York City, supported by Greater Phoenix, sold a single-tenant, net-leased retail site located at 5104 W. Glendale for $3.5 million.

Proinvest 99 Glendale AZ, LLC purchased the fully leased property from Verde Investments Inc. Dmitry Levkov, managing director Colliers NYC, in collaboration with local broker Marc Bonilla of Colliers Scottsdale, represented the buyer. Ed Beeh of SRS National Net Lease Group represented the seller.

The transaction was the result of a successful term reset with the tenant committing to a new 15-year Absolute Triple-Net lease corporately guaranteed by Drive Time Automotive.  Drive Time Automotive has occupied the 2.03-acre property as a sales lot since 1998.

For further inquiries please contact Colliers Manhattan, Dmitry Levkov at 212.716.3741 or Colliers Scottsdale, Marc Bonilla at 602.790.0716.

PHOENIX, AZ – SRS is pleased to announce the acquisition of Paradise Hills Shopping Center on behalf of their client Abington Emerson Investments. The 79,105-square-foot neighborhood center is located at the NWC of 32nd Street and Shea Boulevard, in the North 32nd revitalization district.

Paradise Hills has significant shop space upside potential and was purchased for $9.25 million ($117 PSF). As part of the acquisition, Abington Emerson plans to further redevelop the Ace Hardware anchored center.

“Abington Emerson is excited about the purchase of Paradise Hills,” said Brent Howard of Abington Emerson. “32nd Street is evolving, and with our redevelopment plans, we hope to make Paradise Hills the cornerstone of the 32nd Street corridor.”

Sean Thomas and Ed Beeh with SRS represented Abington Emerson in the transaction. Sanford Burstyn of Marcus & Millichap represented the seller.

Paradise Hills Shopping Center is located at the NWC of 32nd Street and Shea Boulevard in Phoenix. Tenants in the center include Ace Hardware, Youfit Health Club, Villa la Paws, A Second Look consignment, and local favorite 32 Shea Café.

PHOENIX, AZ – As part of its mission to connect professionals from diverse practices, backgrounds and expertise, NAIOP expands its reach in commercial real estate.

Known primarily as the industry group for office and industrial professionals, NAIOP is strengthening its brand by including other property types such as retail, multi-family, mixed-use and medical.

NAIOP Arizona recently sponsored a gathering of key local stakeholders to discuss the rebranding effort and the inclusion of other sectors, some of which have their own industry group.

“There is definitely a growing trend towards interdependence between product types and getting all of the disciplines collaborating will help improve design and functionality of commercial real estate in the future,” said Ed Beeh, Executive Vice President and Market Leader for SRS Real Estate Partners. “I believe it’s a good idea that NAIOP is expanding its reach into these other disciplines.”

Benefits could be the possibility of NAIOP Arizona expanding its awards program (Best of NAIOP) to include retail categories and adding a more robust educational dimension to meet retailer networking needs.

“The importance of the retail sector can be measured by its re-emergence after the Great Recession, focusing on the new ‘urbanism’ of retail, infill development and adaptive reuse strategies,” said Rick Hearn, Vice President of Leasing at Vestar. “This gives NAIOP the opportunity to now become more encompassing to all commercial real estate disciplines.”

Tim Lawless, President of NAIOP Arizona, said the chapter is pleased to now represent a broader swath of the commercial real estate industry.

“We will do our best to expand our programming and public policy advocacy to meet their needs,” Lawless said.