Scottsdale Investor Buys Two Industrial Properties for $2.7M in Phoenix
2626 S 16th Street, Phoenix
A Scottsdale-based company purchased two industrial properties in Phoenix for a combined total of $2,715,000.
The two investment properties consisted of a 16,500-square-foot warehouse at 21018 N. 22nd St. in Phoenix for $915,000 ($55.45 PSF) and a 14,000-square-foot warehouse with 4.92 acre site used for a vehicle storage facility at 2626 S. 16th St. in Phoenix for $1.8 million ($128.57 PSF).
Lee & Associates broker Pete Batschelet represented the buyer, Scottsdale Investment Management of Scottsdale. The seller of the 16th Street property was represented by Gary Best, CCIM, and John Hamner, associate broker with KW Commercial of Tucson
The 16th Street property is leased to the Arizona Department of Public Safety and uses the vast paved and fenced yard as a vehicle storage facility, a 9,000-square-foot building and a 5,000-square-foot shop space and 9 years remaining on their lease.
The 22nd Street property is leased to X-treme Apparel for 8 years. The building features heavy power, 20’ clear height and approximately 10 percent office space.
The properties were bulk financed together.
To learn more Batschelet can be reached at 602.912.3522. Best should be contacted at 520.444.0799 and Hamner at 520.907.0030.
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[mepr-show rules=”58038″]Property at 2626 S 16th Street sold at a 9.5% cap rate and was in escrow for 120 days. As all State leases it carried a 60 day cancellation clause. [/mepr-show]
Opening & Closings Around Tucson 09.23.2014
CIRCUS FURNITURE NOW OPEN AT STEAM PUMP VILLAGE
Circus Furniture opened this week in the former Studio C location at 11085 N Oracle Road at Steam Pump Village in Oro Valley. Diamond Ventures purchased the 19,700-square-foot building in April through affiliate Oracle Road Partners and was prepared to divide it into smaller office spaces for easier leasing, but Circus Furniture came along in June and needed the entire space for its third furniture store in town.
Business hours are Monday to Saturday: 10:00 am – 6:00 pm and Sunday: 11:00 am – 5:00 pm.
Doug Marsh and Robert Nolan of Oxford Realty Advisors, Inc. represented Oracle Partners LLC in the leasing. Shannon Murphy of DVI Realty Service in Tucson represented the investor in the purchase.
INDIAN MOTORCYCLES OPENS WITH 2015 LINEUP
Each bike in the 2015 Indian Motorcycle lineup was designed with a careful nod to the past, yet focused on the open road ahead. Take a look at the full lineup including the Chief® Classic, Chief® Vintage, Chieftain®, Roadmaster™ and the long awaited Indian® Scout™ at Indian Motorcycles location at 4037 N Oracle Road, northwest of Roger on Oracle, in Tucson. The repurposing of this former 7,680-square-foot multi-tenant building is quite a transformation on Oracle Road. The former home to Dunn Edwards that moved across the street to 3850 N. Oracle Road several years ago.
Business hours are Tuesday – Saturday: 9am – 6pm. Sunday and Mondays they’re closed – out riding!
John Hamner, CCIM and Gary Best, CCIM with KW Commercial in Tucson represented the landlord, Poz Ben Bon Investment Corp of Oro Valley that purchased the building for investment last October. Aaron LaPrise of Cushman & Wakefield | Picor represented the tenant in the lease transaction.
HASTA LUEGO LA FUENTE! Longtime Tucson Mexican restaurant La Fuente at 1749 North Oracle Road has closed. The 10,317-square-foot restaurant, was popular for its Sunday mariachi brunch and as host to generations of special occasions from anniversaries to quinceaneras for 55 years.
The following message was posted on its website over the weekend:
“As many of you already know, La Fuente Mexican Restaurant closed its doors on August 29, 2014, after 55 years at the same location. The worsening economic environment, which began in 2008 and (for many) continues to this day, started a business slowdown that could not be reversed.
On behalf of our entire staff, I would like to take this opportunity to say thank you to all of you who helped to make the past years so memorable. It was our pleasure to meet you, to celebrate your special events, to provide Tucson’s best Mariachi entertainment, to have you as our “regulars,” and to welcome you over the years to dine with us. We do not anticipate re-opening at this location. Nevertheless, for those of you who have provided us with E-mail addresses, we will try to keep you posted, should other opportunities present themselves. We will not say good-bye, but simply “hasta luego.”
We will miss you.
Sincerely, Yuliana Portillo, General Manager,
On behalf of the owners Carlos and Mary Jane Portillo
The La Fuente building is now listed with Juan Teran, CCIM of Chapman Lindsey Commercial Real Estate Services for a modest $799,000. Contact Juan at 520.747.4000 ext 104 to learn more.
Tucson Lease Report – June 23-27, 2014
Tucson Lease Report
The following leases in Tucson were reported to the Real Estate Daily News’ Tucson Lease Report for the Week June 23-27, 2014:
INDUSTRIAL – 6652 S. MEMORIAL OL., TUCSON
Barlow Delivery, LLC leased 29,750-square-feet at 6652 S. Memorial Pl. in Tucson from Century Park Research Center, LLC. Barlow Delivery, LLC delivers and installs major appliances. Russ Hall, SIOR, GSCS and Steve Cohen, Industrial Specialists with Cushman & Wakefield | PICOR represented the landlord. Gary Emerson with GRE Partners, LLC represented the tenant in this transaction.
OFFICE – 698 E. WETMORE RD., TUCSON
Goldberg & Osborne leased 5,977-square-feet at 698 E. Wetmore Rd. from First Ave/Wetmore Office Plaza LLC. Bruce Suppes from CBRE represented Goldberg & Osborne. Andrew D. Sternberg and Douglas E. Marsh from Oxford Realty Advisors represented First Ave/Wetmore Office Plaza LLC.
RETAIL – 8170 E. 22ND ST., TUCSON
MPG Automotive Services Valencia, LLC renewed their lease for 3,720-square-feet at 8170 E. 22nd St. in Tucson from Autocare 22nd Associates, LLC. Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the tenant. George Larsen with Larsen Baker, LLC represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520-294-4000[/mepr-show]
INDUSTRIAL – 4565 S. PALO VERDE, TUCSON
ISS Facility Services, Inc. leased 3,600-square-feet at 4565 S. Palo Verde, Suite 203 in Tucson from Presson Equity Partners, LLP. Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. JT Walker with Mohr Partners, Inc. represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520-514-5422; $0.43 SF NNN[/mepr-show]
RETAIL – 1335 W. LAMBERT LN., TUCSON
Centre Stage Dance Studio L.L.C. under the Direction of Katrina Wyckoff will be relocating to approximately 2,622-square-feet at the Shops at Oro Vista located at Lambert Lane and La Canada in Oro Valley. The instructional studio has been operating in Northwest Tucson for 12 years and is now expanding to add additional space to accommodate their growing student base. Roger Breckenridge of Long Realty represented Centre Stage and Jayme Fabe of CBRE represented Shops at Oro Vista. [mepr-show rules=”58038″]Tenant Phone: 520-498-0093[/mepr-show]
OFFICE – 333 E. WETMORE RD., TUCSON
Cross Country Mortgage, Inc. subleased 2,532-square-feet at 333 E. Wetmore Rd. from Shaw Facilities, Inc.. Andrew D. Sternberg and Douglas E. Marsh from Oxford Realty Advisors handled the transaction. [mepr-show rules=”58038″]Tenant Phone: 520-885-9071; $23.00 sf /year Full Service[/mepr-show]
OFFICE – 4425 N. CAMPBELL RD., TUCSON
Nambe’, L.L.C. Is relocating from La Encantada to 4425 N. Campbell in the Joesler Village located at Campbell and River Road. They will be occupying 1,565-square-feet (approximately) in one of the original Josiah Joesler designed and constructed building facing Campbell Ave. Roger Breckenridge of Long Realty Company represented the Nambe and John Yarborough of Romano Real Estate Services Represented Joesler Village.
RETAIL – 3312 SOUTH SIXTH AVE., TUCSON
Team Arizona Pizza, Inc. in its lease of 1,500-square-feet at 3312 South Sixth Avenue within Southgate Shopping Center. The tenant plans to open Domino’s Pizza in the space. Southgate Shopping Center is anchored by Curacao, El Super, Melrose, and BBB Fashion. Jayme Fabe of CBRE represented the landlord, Red Mountain Asset Fund I, LLC. Debbie Heslop, CCIM, of Volk Company represented the tenant. [mepr-show rules=”58038″]Tenant Phone: 520-325-3500[/mepr-show]
RETAIL – 3843 N. ORACLE RD., TUCSON
WCWMA North Tucson LLC leased 1,200-square-feet at 3843 N. Oracle Road in Oracle Tower from Tesoro Enterprises LLC for a mixed martial arts studio. Gary Emerson of GRE Partners LLC represented the Landlord. [mepr-show rules=”58038″]Lease rate: $7.80 – $18.00 sq/ft year Modified Gross[/mepr-show]
INDUSTRIAL – 4500 E. SPEEDWAY, TUCSON
Kevin & Christine Conway leased 1,200-square-feet at 4500 E. Speedway, Suite 94 in Tucson from Presson Midpoint, LLC. Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord. John Hamner and Cindy Hartin with Keller Williams of Southern Arizona represented the tenant in this transaction. [mepr-show rules=”58038″]Lease rate: $0.39 – $0.53 sf/mo NNN[/mepr-show]
OFFICE – 3333 N. CAMPBELL AVE., TUCSON
Healing Arts of Tucson leased 1,020-square-feet at 3333 N. Campbell Ave. from Copper Villas LLC for a 5 year term. Robert Nolan from Oxford Realty Advisors represented the landlord.[mepr-show rules=”58038″] Lease rate: $16.00 sf / year Full Service[/mepr-show]
