Capstone Advisors Purchases Deer Valley Property for $6.64 Million

First Rose Garden Commerce Center

Cushman & Wakefield Negotiates Sale on Behalf of San Diego-based Investment Group

PHOENIX, Arizona – Cushman & Wakefield announced that Capstone Advisors of Carlsbad, Calif. purchased First Rose Garden Commerce Center, two multi-tenant industrial buildings totaling 73,317-square-feet. San Diego-based CALCAP Advisors Inc. sold the property located at 21002 N. 19th Avenue and 1950 W. Rose Garden Lane in Phoenix for $6.64 million ($90.56 PSF).

Steve Lindley, Bob Buckley, Tracy Cartledge and John Pompay of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

First Rose Garden Commerce Center offers street frontage exposure, as well as efficient grade-level loading with flexible space configurations. At the time of sale, the property was 87.2% leased to eight tenants. Completed in 1981, the property was fully redeveloped in 2005.

“The property is located at one of the highest profile intersections in the high-demand Deer Valley submarket,” said Lindley. “Both Rose Garden Lane and 19th Avenue offer direct freeway access to Interstate 17 and the Loop 101. The irreplaceable location perfectly positions First Rose Garden for strong long-term performance.”

Tempe Business Park Sold for $14 Million

Mill Ave Business Park

Cushman & Wakefield Negotiates Sale to Dunbar Real Estate Investment Management

PHOENIX,  Arizona – Cushman & Wakefield announced that Dunbar Real Estate Investment Management of El Segundo, Calif. purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Avenue and 5005-5025 S. Ash Avenue in Tempe, Ariz., from Birtcher Anderson Realty of San Juan Capistrano, Calif. for $14.25 million ($106 PSF).

Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller.

Mill Avenue Business Park is a 134,886-square-foot business park with a strong presence on both Mill Avenue and Baseline Road – two major arterials in Tempe. Built in 1983, the seller recently invested $1.3 million in capital improvements. Currently 87.7% occupied, the business park draws a wide-range of office, industrial and retail uses, including the legal, healthcare, professional services, tech, telecommunications, fitness, and foodservice industries.

“Birtcher Anderson made some excellent improvements to the property, including engaging with its Mill Avenue frontage. With strong potential for rent growth and higher occupancy, Mill Avenue Business Park should be a strong strategic investment for Dunbar,” said Buckley.

Fully Leased Mesa Property Sold for $8.8 Million

1355 South Clearview Ave., Mesa, AZ

Cushman & Wakefield Negotiates Sale of 57,193 SF Corporate Office Property

PHOENIX, Arizona – Cushman & Wakefield announced that 1355 South Clearview Avenue in Mesa, Ariz., was purchased by Christianson Holdings LLLP of Fargo, North Dakota from Larch Street Capital Management of Vancouver, British Columbia and Scottsdale-based Attis Investments for $8.8 million.

Steve Lindley, Tracy Cartledge, and Bob Buckley of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Property Resource Group of Fargo, North Dakota represented the buyer.

Located within Mesa’s Superstition Springs Corridor on the northeast corner of South Clearview Avenue and East Hampton Avenue, 1355 S. Clearview Avenue is a single-story, 57,193-square-foot, three-tenant corporate office property currently 100% occupied. Anchor tenant Ford Credit occupies over half of the project and has been a tenant for 20 years, since the building’s completion in 1998. Two other strong-credit tenants, the State of Arizona and Unify Financial Credit Union, occupy the balance of the building.

“The amenity-rich and freeway-accessible neighborhood makes the property very attractive to tenants,” said Steve Lindley. “It’s well positioned to continue its strong operational performance with the opportunity for significant value enhancement through rent growth.”

The property is located in Mesa, the second-largest city in Metro Phoenix, which has a diverse and dynamic economy. Apple is investing $2 billion to create a 1.2-million-square-foot global command center a few minutes south of 1355 South Clearview Avenue, and Boeing employs over 4,000 and manufactures Apache helicopters in the city.