Lease/Purchase Transactions
Photo Credit: Artis REIT
Canadian Artis REIT is paying $79M ($357/SF) for a 99K SF under construction Scottsdale airpark office building, 7499 E. Paradise Ln., as part of a recent spate of acquisitions on both sides of the border. In addition, an Artis-formed LLC picked up the 210K SF FBI building at 7th St. and Deer Valley Rd. for $21.4M from Ryan Cos. Additional recent buys include a high rise office complex portfolio in Calgary, a retail center in West Kelowna, British Columbia, and warehouse space in Minneapolis.
San Melia Apartments, 14435 S. 48th St., Ahwatukee, has been acquired by Apartment Investment and Management Company. The 488-unit community sold for $68.8M ($141K/unit) in a deal brokered by Colliers International for seller Investment Property Associates, LLC. AIMCO now holds 10 market-rate Arizona properties with 2,409 units.
Angelo Gordon & Co., New York, paid $46.5M ($70.5K/unit) for the 660-unit Haven apartments, 1440 E. Broadway Rd., Tempe. Marcus and Millichap Real Estate Investment Services handled the sale. The property was acquired out of foreclosure carrying an original purchase price of $79.6M.
Pennsylvania-based Liberty Property Trust has paid $17M ($42/SF) for a 403K SF industrial project in Tolleson. Seller E & V Investments LLC was represented by Southwest Commercial Brokerage. Jones Lang LaSalle handled the transaction for the buyer.
Stymied by the recession, the Metropolitan Lofts were never completed. Cassidy Turley BRE, brokered the sale out of foreclosure to Centennial, Colo. buyer Lead Properties V, LLC for $2.7M ($44.2K/unit). The 535 W. Thomas Rd. complex has 61 units with first floor retail and office space.
Grubb & Ellis Company?closed a couple of big deals with an industrial lease worth $2.8M and a $2.5M sale. The lease for Packaging Specialists was for 106K SF of space at 5320 W. Buckeye Rd., Phoenix. The sale put Sun Valley Trailers in a 60KSF building located at 602 S. 54th?Ave., Phoenix.
?Glendale?s Stone View apartments have sold to Rabadi & Sons for $2.6M ($21.5K/unit). The 121-unit complex at 7841 N. 59th Ln. was 90 percent occupied when Blue Valley Apartments made the sale. Colliers International represented both parties.
Road Holdings LLC.?Commercial Properties, Inc.?represented the buyer and seller. The buyer is relocating its brokerage business buying, renovating and leasing area residential properties.
Cazona Commercial Properties has purchased a 9K SF office building for $1.2M ($135/SF) at 8111 E. Indian Bend Rd. from Indian Bend?
Verifications, Inc.?s new 20K SF Tempe complex tallies up as a $1.3M lease brokered for the lessor by Scott Nelson and Voit Real Estate Services with Cushman & Wakefield for the lessee. The temporary and under-construction permanent facilities at Warner Crossing Business Park are being remodeled by GC Westpac.
Office supply recycler Via TeK Solutions inked a deal using CBRE for 23K SF of warehouse space in Freeport Buckeye West, 5240 W. Buckeye Rd., Phoenix. This first Phoenix-based location is the Tampa, Fla., company?s third facility nationally. Cushman & Wakefield represented the owner.
Land Transactions
Pima County is the proud owner of a $3.9M Bear Canyon land donation from the Nature Conservancy. Immediately south of the Sabina Canyon Recreation Area, the newly acquired lands are bisected by Bear Creek and will provide additional hiking and recreation opportunities for southern Arizonans. The county must pay $8K in insurance and escrow fees to wrap up the deal.
National tire recycler CRM of American LLC purchased 4.5 bank-owned acres at the corner of Pecos and Mountain roads in Mesa for $205K. The undeveloped land adjoins their existing Mesa recycling facility.
Foreclosure Actions
The developer of Arte Senior Living retirement community is slated to lose the property at auction July 5 after failing to pay is $35.3M note. The facility at 114th St. and Via Linda opened in 2010.
Photo Credit: Mamta Popat/Arizona Daily Star
In a twisting foreclosure plot, Tucson?s Flamingo Hotel, 1300 N. Stone Ave., has its debt up for auction after Choice Hotels failed to make a required payment on the $1.9M note. Once a buyer acquires ownership of the debt, the next step is to seize the hotel through foreclosure. The note is being auctioned online at Auction.com.
Expansion News
Dunkin Donuts will open its first western region distribution center in Phoenix this fall. The facility will handle product and supply distribution for western markets between Nebraska and California. The company plans doubling the number of franchisees, including a return to California for the first time in more than 30 years.
Photo Credit: VelocityRetail.com
Velocity Retail Group is managing the Arizona roll-out for Peterson?s Old-Fashioned Ice Cream. The Oak Park, Ill.-based chain first opened in 1919. Winning 2012 Best Dessert at the Great American Picnic in Scottsdale last month, Peterson?s is on the hunt for its first Phoenix area location. An announcement is expected within 30 days.
ThinkVine, a Cincinnati-based marketing software company is opening an office in the Valley and another in Chicago. The strategic marketing company is moving home-based software engineers and other staff into a full Gilbert branch office, 2218 E. Williams Field Rd.
Photo Credit: Charlie Leight/The Republic
Southwest Lending Closet opens its new 1,800 SF facility at 218 N. Central Ave., Avondale. Doubling the size of its old home, SLC lends home medical equipment at no charge for 90 days to anyone who needs it. Its inventory includes items ranging from crutches and canes to shower chairs, raised toilets, wheelchairs and walkers.
Restaurants Opening
Texas steak is still on the menu at the Esplanade, 24th St. and Camelback Rd., with the announced June 9th opening of Del Frisco?s Grille in the old Houston?s location. The Grille is a third concept from the Texas Company already operating Del Frisco?s Double Eagle Steak House and Sullivan?s Steakhouse. Phoenix is the third Grille joining already-open sister eateries in New York and Dallas.
Photo Credit: Arizona Foothills
The Brat Haus plans to open in the former Old Town Scottsdale Oregano?s location, 3522 N. Scottsdale Rd., offering a variety of brats and beers from Europe and North America. The restaurant is a project of chef Payton Currey and Welcome Diner Creator Dave Andrea. It also features locally-made root beer and cider.
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Photo Credit: Mouth by Southwest.com
Pearl Sushi is opening a second location on the southwest corner of Alma School and Germann roads, Chandler. Shooting for an end-of-May opening, Pearl Sushi Lounge and Bomber Bar takes over strip mall space previously used by Ninja Sushi, a Mexican restaurant and noodle shop.
Baton Rouge, La.-based Raising Cane?s Chicken Fingers is looking at an August opening at the corner of Rural Rd. and University Ave., Tempe. This is the third location in the Valley, joining others opened in 2011 in Phoenix and Peoria. The eatery serves only chicken fingers and sides.
Loco Patron is opening its third Valley location this fall in Tempe. The company leased about 5K SF in the Tempe Gateway Building in the Mill Avenue District. The Tempe facility includes a sports bar and patio, differing from the locations in Scottsdale and Ahwatukee.
Other Related News
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Tempe Improv. Photo Credit: Tempe Improv
ComedySchools.com is readying a move to a new home in Tempe following the announced closure of the Tempe Improv. The comedy development and promotion entity was teaching fledgling comedians at the theater. The Improv blames its demise on a competing club, Standup Live, which opened in downtown Phoenix last year.
TD3, the Tempe Elementary School District Professional Learning Center opens in June at the closed Bustoz Elementary School. The old school?s new life will be a resource center for teaching specialists, training sessions and conferences. It also serves as a repository with centralized access to all District curricula.
Tucson Unified School District is also adapting a closed school to new community life reopening Duffy Elementary School as a district community service center. TUSD plans to help student families by centrally locating a number of services under the old roof.
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