PHOENIX—In this week's Deal-Tracker, CassidyTurley announces the sale of a 40,427-square-foot class Bflex project at 2932 W. Deer Valley Rd. in Phoenix's Deer ValleySubmarket. California-based Hyperion Fund L.P.purchased the property for $5.97 million from California-based2932 DVR LLC. Executive managing directorEric Wichterman and senior vice presidentMike Coover with Cassidy Turley negotiated thetransaction on behalf of the buyer, while BarryGabel and Chris Marchildon withCBRE represented the seller. Built in 2002, theDeer Valley building on 4.01 acres is part of a three buildingcomplex incorporating the Motorcycle Mechanics Institute campus.The project is located at Deer Valley Road, one-half mile fromInterstate 17 and two miles from the North Loop 101. The propertyis leased entirely to Universal Technical Institute, a privatetechnical training school for auto mechanics, marine techniciansand NASCAR techs. The new owners plan to hold the property andmaintain the current tenancy.
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-PHOENIX—The ViaWest Group announces the saleof a 34,440-square-foot, back-office building located at 4832 E.McDowell Rd. in Phoenix to the Sharp Family RevocableTrust for $5.4 million. At the time of the sale thebuilding was 100% occupied on a long-term triple net lease toLogisticCare Solutions. ViaWest purchased thevacant building in 2007 and subsequently signed multiple leasesultimately bringing the building to 100% occupancy. Logisticareinitially took 19,000 square feet in 2007 before expanding into28,000 square feet in 2010. Earlier this year, Logisticare'scontinued growth resulted in an expansion into the entire buildingon a long-term lease. Originally built in 1983, the singlestory back-office building is located near48th Street and McDowell Road just two miles northof Sky Harbor International Airport near the terminus of 143Hohokam Expressway which provides direct access to five majorfreeways. Andy Bogardus, SteveLindley, Bob Buckley and TracyCartledge with Cassidy Turley's capitalmarkets group represented the seller, VWP McDowell,LLC (ViaWest Group), and Erik Marsh andGoodall “Hook” McCullough with NewmarkGrubb Knight Frank represented the buyer.
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-PHOENIX—Colliers International in GreaterPhoenix recently sold the 26,658-square-foot FletcherHeights Marketplace in Peoria for $3.15 million. DanielOrtega, a vice president, and LarryOrtega, an executive vice president; both of ColliersInternational, represented the seller, LB-UBS 2003-C7Fletcher Heights Marketplace, LLC, of Phoenix. The buyer,Eleven Investments, LLC, of Fargo, N.D., wasself-represented. The class B neighborhood retail shopping center,located at 20783 N. 83rd Avenue, is primed for a new start with a75% occupancy rate. Constructed in 2006, the center was anchored bya chain grocery store, which exited during the Great Recession.Part of the vacant space was converted into a thrift store. Amongthe new retail tenants are Delex Realty, Planet Beach Spa andFarmers Insurance.
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-PHOENIX—Colliers International in Greater Phoenix recentlycompleted a sale of a class A, 22,345-square-foot office buildingin Scottsdale for $3.5 million. Spensa Management, LLC, ofMinnesota purchased the building, located at 8525 E. Pinnacle PeakRoad, from K2H Pinnacle Peak Place, LLC, ofVancouver. Mike Milic, vice president;Philip Wurth, vice president; and TylerBush, associate; all of Colliers International, served asbrokers for the seller. Joe Welchert ofPhoenix Commercial Advisors served as the brokerfor the buyer. Spensa Management, which ownsDesert Mini Storage, plans to occupy part of the building for itslocal headquarters. The building is 43 percent occupied.
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-PHOENIX—Representing Garden Ridge, DarrenPitts of Velocity Retail Group leased104,967 square feet at Arizona Mills on the northeast corner ofBaseline Road and the I-10 in Tempe in a three-year lease. Thelandlord, Simon Property Group was represented byTodd Folger of CBRE.
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-PHOENIX—Planning the new construction of a full retail store,Goodwill Industries of Central Arizona wasrepresented by Velocity Retail Group's Andy Krootin the 15-year lease of 25,000 square feet at El Mirage RetailPlaza on the southeast corner of Thunderbird Road and Dysart Roadin El Mirage. Jason Fessinger ofStrategic Retail Group represented thelandlord.
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-PHOENIX—Dave Cheatham, Darren Pitts,Michael Clark and John Jackson ofVelocity Retail Group worked together to represent both the tenant,Fallas, and the landlord, Kingman FrontierPlaza at the I-10 Freeway and Stockton Hill Road inKingman, in the ten-year lease of 24,268 square feet of shop space.This is the last big box space in the Kingman project andstabilizes the center.
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-PHOENIX—Larry Miller and John Jackson of Velocity Retail Grouprepresented Ascenders, LLC, dba Boulders onSouthern in the seven-year lease of 6,200 square feet atFiesta Commons on the northeast corner of Southern Avenue and AlmaSchool Road in Mesa, AZ. This will be the third valley location forthe group that brought Boulders on Broadway and Spokes on Southernto Tempe. The new restaurant is estimated to open by December ofthis year.
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-PHOENIX—Velocity Retail Group's Andy Kroot representedGoodwill Industries of Central Arizona in thefive-year lease of 14,724 square feet at Indian School Plaza on thesouthwest corner of Indian School Road and 7th Avenue inPhoenix. Theopening of this new retail store has not been set.
