Sales Transactions
1. Cushman & Wakefield announced the firm has advised Optima in the acquisition of a 22-acre development site on the SEC of Scottsdale Road and the Loop 101 freeway in Scottsdale. Optima acquired the land from John Lund for $44.75M. Don Arones with Cushman & Wakefield in Phoenix represented the buyer and Marty De Rito of De Rito Partners, Inc. represented the seller.
2. The Varnhagen Family Trust has paid $22.3M for the 49.5KSF Amazon Last Mile Distribution building on 10.74 acres on West Silverlake Road in Tucson. The seller was REM Real Estate. There are seven years remaining on the lease, in addition to three five-year options.
3. Taylor Street Advisors announced the sale of LP on 85th Apartments in Scottsdale for $8M. Brian Tranetzki and Anton Laakso had the exclusive listing and negotiated the transaction on behalf of the seller, a local syndicator, and the buyer, an out-of-state 1031 Exchange investor.
4. Ingemanson Enterprises has purchased the 21.7KSF Tractor Supply Store on West Valencia Road in Tucson and its 2.3-acre lot for $6.7M. The seller was I.S. Corporation. No brokers were involved.
5. Valley ALF Ventures has purchased two properties in Tucson for conversion to behavioral health facilities. The first – a 17.7KSF Red Rock Inn on South Freeway – was purchased from LAXMI, Inc., represented by Rob Lamb with Long Realty for $2.63M. The second – an 11.3KSF Los Amigas Behavioral Health facility on North Silverbell Road – was bought for $925K. Los Amigas was represented by Paul Hooker and Thomas J. Nieman of Cushman & Wakefield | PICOR. Mark Biery with Berkshire Hathaway Commercial Real Estate represented the buyer. Extensive renovations are planned for both properties.
6. Stos Partners has bought an 83.9KSF warehouse and 7KSF office property on 4.2 acres at 5002 S. 54th Ave., Phoenix. Terms of the sale were not disclosed. The new owner intends to upgrade the site to prepare it for lease. Stos Partners was represented by Anna Josephson and Bo Mill of KBC Advisors. The property will be marketed for lease by Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield.
Lease Transactions
7. JA Solar has leased 763.4KSF in the GO|99 industrial development at 99th Avenue and Buckeye Road in Phoenix. The company will invest $60M to put a new photovoltaic manufacturing plant in place. Landlord GO Industrial was represented by Cushman & Wakefield’s Mike Haenel, Andy Markham and Phil Haenel.
8. Mining and materials company South32 leased a 13.9KSF office at Cambric Corporate Center, 1860 E. River Road, Tucson, from WCCP COPPER POINT, LLC. Richard M. Kleiner with Cushman & Wakefield | PICOR represented the tenant. Philip Skillings with NAI Horizon, Tucson, represented the landlord.
9. Christie’s Appliance, LLC has signed a lease for 10KSF square feet at 3562 N. Oracle Road, Tucson. The new warehouse will be used to house the company’s overstock of merchandise. Craig Finfrock of Commercial Retail Advisors, LLC, represented the tenant, Christie’s Appliance, LLC. The landlord, The Prince of Oracle, LLC, was represented by Kevin Volk, of Volk Company.
The post <strong>Commercial Real Estate News 01-17-23</strong> appeared first on AZBEX.
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