Phoenix, Ariz. – CBRE has negotiated the sale of the leasehold interest in Rimrock at ASU Research Park in Tempe, Ariz.  The two-building, ±83,764-square-foot office complex located at 2030 and 2050 East ASU Circle in Tempe, Ariz. commanded a sale price of $18.4 million ($220 PSF). The project was 93 percent leased at time of sale.

Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham with CBRE’s Phoenix office in conjuncture with Craig Coppola, Andrew Cheney, Bill Blake and Colton Trauter with Lee & Associates brokered the transaction on behalf of the seller, Rimrock Investors II of Phoenix. The buyer was Las Vegas, Nev.-based W Tempe, LLC.

“Rimrock is an excellent investment opportunity in Tempe and in one of most prominent business parks in the metro area,” said CBRE’s Glenn Smigiel. “ASU Research Park benefits from a unique partnership shared with Arizona State University which aids in fostering tenant growth by providing direct access to ground-breaking research, educational opportunities, faculty, and a young, educated technology minded workforce.”

Developed in 2007 by Rimrock Partners (Dean Riesen, Managing Partner and Ron Moore, Partner), the two building office complex is leased to three tenants, including Iridium Satellite, a global mobile satellite company; KINETX, an engineering, technology, software development and business consulting firm specializing in aerospace systems; and Comsys Information Technology Services, a wholly owned subsidiary of Manpower, Inc. Rimrock sits on ±10.10 acres and is comprised of two class A office buildings totaling ±25,457 square feet (2030 Building) and ±58,307 square feet (2050 Building) that also include flex and R&D space for the current tenants.

Rimrock is situated in ASU Research Park which is located at Elliot Road and the 101 Freeway in Tempe. The 320-acre business park is considered one of the most notable business addresses in the Phoenix metropolitan area and is home to numerous corporate headquarters and R&D facilities providing a corporate and technology hub for southeast Phoenix.

Young, Brabant, Smigiel and Abraham can be reached at CBRE in Phoenix, (602) 735-5555. Coppola, Cheney, Blake and Trauter at Lees & Associates are at (602) 956-7777.

Phoenix, AZ – CBRE has negotiated the sale of the Missouri Falls building located at 645 E. Missouri Ave. in Phoenix, Ariz. The 187,648-square-foot, class A office building commanded a sale price of $13.89 million in the transaction.

Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE’s Phoenix office represented Greg Williams, the court appointed receiver for the seller, Midland Loan Services, which is a subsidiary of PNC Bank. The buyer is ICIC Commercial Investments – a local investment firm managed by Kelly House, Tom Blake and Andy Ligget.

“Missouri Falls is one of the few remaining Class A office buildings featuring large blocks of contiguous, available space in the Phoenix metro area,” said Brad Anderson – also with CBRE, who will handle the marketing and leasing for the building’s new ownership moving forward. “The property’s amenity-rich location coupled with aggressive lease rates should allow ownership to be very competitive in today’s market.”

Originally built in 1988, Missouri Falls is located at the southwest corner of Missouri Avenue and 7th Street. The four-story, Class A office property features wide open, larger floor plates surrounded by a reflecting pool at window line and an underground garage. The property is located close to retail amenities and close to major freeways and should be an attractive option for larger corporate users seeking space in a central, urban location.

Missouri Falls was built by the John Madden Company who owned the building until 1993 when US Bank foreclosed on the property. US Bank sold the building to The Trump Group (Aventura, FL.) the same year. Missouri Falls was eventually sold to a tenant-in-common group in December 2004. The tenant-in-common group owned the building until October 2012, when its largest tenant, CSK Auto, moved out of the building vacating 150,000 square feet. Debt payments on the building ceased and Midland Loan Services had the property placed into court ordered receivership. Greg Williams, the receiver, hired CBRE to dispose of the asset in April 2013.

Young, Smigiel, Brabant and Abraham can be reached at (602) 735-5555.

Whitestone REIT of Houston, Texas (NYSE: WSR) purchased the Fountain Hills Plaza in Fountain Hills, AZ for $20.55 million ($185 PSF) for the 111,289-square-foot grocer and hardware store anchored retail center.

Located at the southwest corner of Palisades Boulevard and La Montana Drive in Fountain Hills, Fountain Hills Plaza benefits from one of the busiest intersections in the community as well as a well-established residential area. The retail center also features 143 covered parking spaces in front of Bashas’.

Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office represented the seller, J & R Holdings XX LLC, an entity formed by Phoenix-based Pederson Group (Jeff Manellis, president).

“Fountain Hills Plaza is a very stable, solid, secure asset with Bashas’ and Ace Hardware as well-performing anchor-tenants,” said Smigiel. “With the current tenant roll and its excellent location, there is much opportunity to grow rents and fill the remaining vacancy. Additionally, there is further opportunity for development in the form of an available vacant pad.” Fountain Hills Plaza has a 6,000-square-foot vacant pad available for future development. Offering an excellent build-to-suit opportunity, the space has seen significant recent activity.

“We are very pleased with this transaction. After redevelopment and significant improvement of the property, we found an ideal buyer in Whitestone,” said Jeff Manelis, president, Pederson Group. “From our initial discussions, through due diligence to closing, Whitestone was excellent to work with and moved quickly to ensure the transaction was completed in a timely, efficient manner. The speed of the transaction enabled us to timely deal with a pending loan maturity.”

Originally built in 1986, Pederson Group redeveloped Fountain Hills Plaza in 2009 with a new, state-of-the-art Bashas’ and an expanded Ace Hardware. Since the redevelopment and despite the recent recession, the property has signed five new national tenants, including Little Caesar’s, GNC, H & R Block and Great Clips.

Public records show Whitestone Fountain Hills, LLC paid cash for the property which was 87% occupied at time of sale. The publicly-traded Whitestone REIT is looking to purchase additional retail investment and development opportunities in Arizona.

Whitestone REIT is at (713) 435-2208. Manelis of Pederson Group can be contacted at (602) 265-2888. Smigiel, Young, Brabant and Abraham in CBRE’s Phoenix office should be reached at (602) 735-5555.