NAI Horizon represents seller in negotiating $2.195M sale of Sun City office building

10240 W. Bell Rd., Sun City, AZ

PHOENIX, ARIZONA – NAI Horizon represented the seller in the 1031 Exchange investment sale of an office building at 10240 W. Bell Rd., in Sun City, Arizona.

NAI Horizon Vice President Tom Bean, CCIM, and Associate Stan Matzinger, represented 10240 Bell Road Associates, LCC, a Washington limited liability company of University City, Washington, in the $2.195 million ($120 PSF) disposition.

The office building totals 18,258square-feet and sits on 2.32 acres. Built in 1975, it features great access to the Loop 101 Agua Fria Freeway with frontage on West Bell Road. It also provides a convenient Sun City/Arrowhead location.

“The seller was motivated to move the property in 2018 due to tax consequences from another disposition in the state of Washington,” Bean said. “Our team worked diligently for more than a year to lease the majority of the vacancy and increased the occupancy to 91 percent from 74 percent to facilitate the sale at market terms.”

The buyer, Vintage Garden Properties, LCC, a California general partnership of Denair, California, acquired this property via a 1031 Exchange and was represented by John Oushana of HomeSmart.

A 1031 Exchange allows an investor to sell a property, reinvest the proceeds in a new property, and defer all capital gain taxes.




Phoenix Lease Report March 26-30, 2018

Phoenix Leases March 26 – 30, 2018

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from March 26 thru 30, 2018.

RETAIL – 1981 N PEBBLE CREEK PKWY, GOODYEAR
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon of NAI Horizon represented the landlord, The Market at Estrella Falls, LLC, in a retail lease with Party City for 15,068-square-feet at 1981 N. Pebble Creek Parkway, Goodyear, AZ.

RETAIL – 8643 W KELTON LANE, PEORIA
Jared Lively of Rein & Grossoehme Commercial Real Estate represented both the Landlord and the Tenant in a lease for 6,457-square-feet in Arrowhead Commerce Center to Arrowhead Imports.  The location of the property is 8643 W. Kelton Lane, Peoria, AZ.  The owner of the center is Arrowhead Commerce Center Partners, LLC.

RETAIL – 21545 S ELLSWORTH LOOP RD., QUEEN CREEK
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon of NAI Horizon represented the landlord, Queen Creek Fiesta, LLC, in a 120-month retail lease with Five Guys Burgers for 2,405-square-feet at 21545 S. Ellsworth Loop Rd., Queen Creek, AZ. Ben Craney with NAI Horizon – Tucson represented the tenant.

OFFICE – 7047 E GREENWAY PKWY, SCOTTSDALE
Tyler Smith of NAI Horizon represented the tenant, Landmark Title Assurance Agency of Arizona, LLC, in a 63-month lease at 7047 E. Greenway Parkway, Scottsdale, AZ. Mike Strittmatter with CBRE represented the landlord, JPMCC 2007-CIBC19 East Greenway, LLC.

OFFICE – 4515 S MCCLINTOCK DR., TEMPE
Barbara Lloyd and Tom Bean, CCIM, of NAI Horizon represented the landlord, Tempe CC, LLC, in a 60-month office lease for 2,604-square-feet at 4515 S. McClintock Dr., Tempe, AZ. Tim Whipple with West USA Commercial represented the tenant, Coelho & Associates.

RETAIL – 5050 W MCDOWELL RD., PHOENIX
Jake Ertle of Rein and Grossoehme Commercial Real Estate represented the Landlord. A lease for a 2,400-square-foot building on the North East corner of 51st Avenue and McDowell Road to Cash One (AAA Auto Title Loans, LL).  The location of the property is 5050 West McDowell in Phoenix, AZ.  The owner of the center is McDowell Arizona, LLC

OFFICE – 3800 W RAY RD., CHANDLER
Kevin Roessler of Rein & Grossoehme represented the tenant, West Valley Foot & Ankle Institute/Valley Foot & Ankle in a lease for 2,164-square-feet in Parkside Professional Plaza.  The location of the property is 3800 W. Ray Rd. in Chandler, AZ and Cutler Commercial represented the Landlord.

OFFICE – 706 E BELL RD., PHOENIX
Kevin Roessler of Rein & Grossoehme represented the tenant, MFE, Inc. in a lease for 1,608-square-feet at LeCota Office Park.  The location of the property is 706 E. Bell Rd. in Phoenix, AZ.  and Kidder Mathews represented the Landlord.

OFFICE – 13702-4 N 51ST AVE., GLENDALE
Matt Harper of NAI Horizon represented the landlord, Hope Thunderbird, LLC, in a 60-month retail lease for 1,584-square-feet at 13702-4 N. 51st Ave., Glendale, AZ.

RETAIL – 9501 W PEORIA AVE., PEORIA
Matt Harper of NAI Horizon represented the landlord, Puchhi, Inc., in a 12-month retail lease renewal for 1,020-square-feet at 9501 W. Peoria Ave., Peoria, AZ.

RETAIL – 960 W UNIVERSITY DR., TEMPE
Tom Bean, CCIM, of NAI Horizon represented the tenant, Delante Solutions, LLC, in a 66-month retail lease for 825-square-feet at 960 W. University Dr., Tempe, AZ. Trent Rustan with CPI represented the landlord, 32 Gallon Investments, LLC.

RETAIL – 1241 E BROADWAY RD., MESA
Matt Harper of NAI Horizon represented the landlord, Hillcrest Plaza, LLC, in a 12-month retail lease for 820-square-feet at 1241 E. Broadway Road, Mesa, AZ.

Submit leases to REDailyNews@Outlook.com




NAI Horizon negotiates $2.675M acquisition of Mesa facility

10646 E. Pecos Rd., Mesa, AZ

PHOENIX, ARIZONA – NAI Horizon Senior Vice President Rick Foss and Vice President Tom Bean, CCIM, represented the buyer and the seller, respectively, in the $2.675 million ($215 PSF) acquisition of a contractor’s facility at 10646 E. Pecos Rd., in Mesa, Arizona.

NAI Horizon negotiated the sale of the 12,436-square-foot property on behalf of DMW Properties LLC, an Oregon limited liability company.

“Wilson Construction Company made good use of this premier contractor’s facility since acquiring it in 2008,” Bean said. “With more new business developing in the West Valley, the decision was made to sell the property and relocate to a central location to better serve its clients in the Valley. Wilson Construction Company continues to expand its business throughout Metro Phoenix.”

The buyer was YBL LLC, an Arizona limited liability company whose corporate office is located in Peoria, Arizona.

“Younger Brothers acquired this facility to support the expansion of their numerous businesses related to residential construction,” Foss said. “This acquisition will specifically support their work on the Eastmark project and other residential development activity in the Southeast Valley in the future.”

YBL, which also operates as Liberty Lumber, is a contractor of residential and commercial lumber and supplies. It is moving its operations to the Mesa facility, which sits on 5.47 acres.