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Lee & Associates | Arizona
Phoenix, AZ
Staff
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Todd Braun
Principal
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Patrick Dempsey
Principal
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Jan Fincham
Principal
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Steve Gonzalez
Principal
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Grant Kingdon
Accociate- Industrial Properties
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Stein Koss
Principal
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Conner Lee
Associate
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Mark Linsalata
Principal
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Thomas Louer
Principal
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Chris McClurg
Principal
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David McGlothlin
PR & Communications Specialist
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Kenneth McQueen
Principal
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Marcus Muirhead
Principal
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Andy Ogan
Principal
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Ross Sanzari
Associate - Investments
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Kurt Saulnier
Principal
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Jim Watkins
Principal
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Lee & Associates | Arizona


Summary

Location:
3200 E. Camelback Ste. 100, Phoenix, AZ, 85018
Phone Numbers:
Office: (602) 956-7777  
Websites:

About Lee & Associates | Arizona

Lee & Associates Arizona was established in 1991 as the first Lee & Associates office to open outside of California. The founding principals of the Phoenix office were attracted by the organizational structure and compensation platform - empowering brokers as owners - of the Lee & Associates' model. The formula continues to attract experienced high producers and ambitious newcomers, fueling its growth from 12 brokers in 1991 to 40 brokers today.

Nationally, Lee & Associates mirrors the same growth as the Phoenix office, increasing the network from 11 offices in 1991 to 46 offices currently. Lee & Associates now has locations in Arizona, California, Idaho, Illinois, Kansas, Georgia, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin.

Each Lee & Associates office has local ownership combined with investment infusion from the national Lee & Associates shareholder network. This ownership model is a powerful productivity incentive for our brokers and establishes an atmosphere of high achievement, open communications and shared market knowledge that assures our clients of receiving the most timely and accurate market information available.

Haves By Lee & Associates | Arizona

5040 North 15th Avenue, Phoenix, AZ, 85015
5040 North 15th Avenue, Phoenix, AZ, 85015
Lee & Associates has been retained as the exclusive listing advisor for the disposition of Camelback Medical Plaza, located in ...
Amount: $7,800,000
Cap Rate: 7.75%
FOR SALE
Displaying 1 Have

Sold/Leased Listings

Icon_connect_on_union Sold!
Parties: Todd Braun
Ric Holway
Location: 2311 E. Union Hills Drive, Phoenix, AZ, 85024
Comments: PHOENIX, ARIZ.  –  Lee & Associates Arizona brokered the sale of Connect on Union in Phoenix for 16.5 million. Lee & Associates Principal Todd Braun represented the seller, Union Hills Equity LLC, and the buyer, Western Wealth Capital, was assisted by Ric Holway of Berkadia Real Estate Advisors. Located at 2311 E. Union Hills Drive, the 146-unit, two-story apartment complex built in 1985 boasts a strong location and proximity to large employment generators such as: Paradise Valley Community College, American Express, Mayo Clinic and Deer Valley Airport. The property also provides a value-add opportunity through unit interior upgrades while providing the purchaser a stable and improving operational track record. “The Connect on Union apartments offering received significant investor interest due to the chance to acquire a well-located asset with a value add opportunity,” said Braun. “Of the offers received, the seller selected the Western Wealth Capital offer because they have a very strong reputation as being a buying entity that is a proven performer and has arguably been the largest buyer of non-institutional grade multifamily properties in Arizona during the last two years.” For more information on the property, visit www.leearizona.com, or contact Braun at (602) 474-9550.
Date: Jul 16, 2018
Transaction Amount: $16,500,000
Icon_cornwell_technology_center Sold!
Location: 17301 N. Perimeter Drive, Scottsdale, AZ, 85255
Comments: Lee & Associates Arizona Principals Mark Linsalata, Patrick Dempsey and Jan Fincham arranged the sale of Cornwell Technology Center in Scottsdale, Ariz. for $9.9 million. The Lee & Associates team facilitated the transaction on behalf of the seller, Andersen Equities, LLC. The buyer, KPN Industrial, LLC, was assisted by Ron Schooler and Ken Elmer of Commercial Properties Inc. Situated on 4.78 acres at 17301 N. Perimeter Drive, the 56,634-square-foot Cornwell Technology Center consists of two freestanding multi-tenant R&D industrial buildings with high quality tenants located within the Class A Perimeter Center Business Park in Scottsdale. “Cornwell Technology Center is attractive to investors because of its strategic location in the Scottsdale Perimeter Center, the proximity to the Scottsdale Airpark, and the long term stable income of a 100-percent occupied property,” said Dempsey. Built in 2000 by the Cornwell Corporation, the fully-occupied asset is 100-percent air conditioned, providing high-quality space for firms with complex and precise processes requiring clean rooms and labs. The property’s tenants include: Hemisphere GNSS - creates innovative satellite positioning products and solutions. Provista Diagnostics Inc. - connects healthcare customers to best-priced supplies and services. Plastic Design Company - offers customplastic design and fabrication service. “The property features convenient access to the Loop 101 Freeway and Bell Road and has approximately 150,000 residents within a five-mile trade area,” said Linsalata. “Also, in that same trade area, there are over 10,000 businesses with over 128,000 employees. Taser International, Pulte Homes, GE Franchise Finance, US Bank, Fender Guitar and Ryland Mortgage all have offices in within the surrounding areas.” At nearly $175 per square-foot, the sale price is
Date: Jul 02, 2018
Transaction Amount: $9,900,000
Icon_nextcare_urgent_care Sold!
Location: 6238 E. Pima St., Tucson, AZ, 85712
Comments: Lee & Associates Investment Principals Steve Gonzalez, Marcus Muirhead and Greg Guglielmino brokered the sale of a single-tenant medical office building in Tucson for $1.175 million. Located at 6238 E. Pima St., the Lee & Associates team represented both the buyer and seller in the sale of the single-tenant triple net (NNN) lease property. Constructed in 1998 as a build-to-suit for this specific use, NextCare Urgent Care has leased the space for the last 20 years. Located along one of the busiest traffic corridors in Metropolitan Tucson, the property’s location benefits from high multifamily and single-family density as well as strong retail tenants from national and regional companies.  
Date: Apr 25, 2018
Transaction Amount: $1,175,000
Icon_rooney_ranch_professional_plaza Sold!
Location: 10445 N. Oracle Road, Tucson, AZ, 85737
Comments: Lee & Associates Investment Principals Steve Gonzalez, Marcus Muirhead and Greg Guglielmino brokered the sale of Rooney Ranch Professional Plaza, a three-building business park totaling 34,237 square feet, to a local investment entity for $6.715 million on April 25.  Lee *& Associates Principals Steve Gonzalez, Marcus Muirhead and Greg Guglielmino represented the seller, Berkeley Land Co. Inc., from Danville, Calif. The buyer was the Clover Companies, LLC, from Tucson, Ariz. represented by Swain Chapman of Chapman Management Group.  “Rooney Ranch Professional Plaza’s long-term occupancy history and office/medical office tenant mix makes this offering an attractive opportunity,” Guglielmino explains. “The demographics of the area, proximity to the 550,000-square-foot Rooney Ranch power center and frontage on the Oracle Road make up this a great acquisition for the buyers. Swain’s long-standing knowledge of the subject as property manager helped make this a smooth and fair transaction for buyer and seller.”  The property, constructed in 1991 and 1998, consists of a campus with three office buildings situated on an approximate 3.95 acres in the Town Center and commercial hub of Oro Valley, Ariz.
Date: Apr 25, 2018
Transaction Amount: $6,715,000
Icon_lefferts_20161003_6056 Sold!
Location: 701 N. Grand Ave., Phoenix, AZ, 85007
Comments: April 2, 2018 – PHOENIX — Lee & Associates Arizona announced today that the Fincham Dempsey Team has arranged the sale of the Tuft & Needle Corporate Headquarters and retail showroom building for $8.73 million. Jan Fincham and Patrick Dempsey facilitated the transaction on behalf of the seller, SimonCRE Chisum III, an entity of Scottsdale-based developer SimonCRE. The buyer, Retail Realty Fund was represented by Property Group International. Located in Downtown Phoenix at 701 N. Grand Ave., the 36,000-square-foot historic building was originally constructed in 1917 and served as home to the O.S. Stapley hardware store, which closed in 1962. The building was later used as an appliance store, industrial repair and car shop before being shuttered and then brought back to life most recently as a retail showroom and office space. The property was purchased in 2012 by SimonCRE, and was renovated as an adaptive re-use creative office space for the headquarters of Tuft & Needle, a Phoenix-based e-commerce and manufacturing company founded by Daehee Park and John-Thomas Marino. “The Tuft & Needle building was attractive to the investor because of the quality adaptive re-use renovation by SimonCRE, the stability of a long-term lease to nationally recognized tenant Tuft & Needle, and the location in the heart of the vibrant Downtown Phoenix Redevelopment Area,” said Fincham. This was just one of several properties that SimonCRE owns in the area. The developer also owns a 5,000-square-foot redevelopment project adjacent to Tuft & Needle, and recently closed on the 8,800-square-foot former Paper Heart Gallery at Grand Avenue and Polk Street. "This sale really shows the strength of the Grand Avenue District and the demand in the area," said Joshua Simon, Founder and CEO of SimonCRE.
Date: Apr 02, 2018
Transaction Amount: $8,730,000
Icon_img_3310 Sold!
Location: 5845 W. Bell Road, Glendale, AZ, 85308
Comments: Lee & Associates Arizona announced today that the Fincham Dempsey Team arranged the sale of the 118,377-square-foot Talavi Towne Center for $21.9 million. Principals Jan Fincham and Patrick Dempsey facilitated the transaction on behalf of the seller, Kimco Towne Center, LLC, and the buyer, Talavi Bell, LLC.  Situated on 12.25-acres at 5845 W. Bell Road in Glendale, Ariz., the property’s tenants include WalMart Super Center, MOR Furniture, Dollar Tree, Leslie’s Pool Mart and Cricket Wireless. “Talavi Towne Center is attractive to investors because of its strategic location in the Northwest area of Phoenix, two miles east of Arrowhead Mall,” said Dempsey. “The property sits in an infill location with significant barriers to entry for any new future retail development, ensuring the stability and long-term success of Talavi Towne Center.” According to Fincham, 330,000 residences live within a 5-mile radius of the shopping center and earn an average annual household income of more than $73,000. For more information on the property, visit www.leearizona.com, contact Dempsey at (602) 954-3772, or contact Fincham at (602) 954-3754.
Date: Mar 02, 2018
Transaction Amount: $21,900,000
Icon_img_1144 Sold!
Parties: Andy Ogan
Location: 6877 W. Frye Road, Chandler, AZ, 85226
Comments: Rich Uncles NNN REIT Inc. of Costa Mesa, Calif. expanded into the Phoenix market through a $26.5 million ($162.86 per foot) purchase of AvAir’s headquarters. The 162,714-square-foot creative office/warehouse space is located at 6877 and 6971 West Frye Road in Chandler.  Principal Andy Ogan of Lee & Associates Arizona brokered the sale. The seller, Reasons Aviation LLC, was assisted by John Hink of Tiffany & Bosco P.A. The high-tech, state-of-the-art, two-building complex is currently occupied as headquarters for AvAir Inc., a commercial aircraft parts business. The sale agreement allows AvAir to occupy the space for 15 years. Developed in 2015, the two buildings sit on 6.17 acres in the Santan Technology Park at the northeast corner of Loop 202 and 56th Street. “AvAir’s headquarters created an ideal opportunity for Rich Uncles to break into the Valley market by acquiring a new cutting-edge, creative office/warehouse development with a global aviation tenant,” said Ogan. “This transaction will provide long-term, durable cash flows in a market poised for sustained growth and capital appreciation.”  For more information, visit www.leearizona.com or contact Andy Ogan at (602) 474-9565 or aogan@leearizona.com.
Date: Jan 15, 0018
Transaction Amount: $26,500,000
Icon_photo Sold!
Location: 16648 N. 94th St., Scottsdale, AZ, 85260
Comments: Lee & Associates Arizona has sold a 143,892-square-foot office and warehouse space for $16.3 million to GreatHearts Academies, as they plan to expand their North Scottsdale Campus. Principals Mark Linsalata, Bill Blake and Colton Trauter represented the owners in the sale to GreatHearts Academies, which was represented by Todd Noel of Colliers International. Located at 16648 North 94th Street, the project consists of a 43,500-square-foot office building and a separate 100,000-square-foot warehouse and distribution facility. The property, which is situated on 16-acres, was named NAIOP Arizona’s Building of the Year in 2004. It offers easy access to the Loop 101 and Bell Road Interchange, and has over 400 parking stalls. It features private balconies, open plenum ceilings, second floor skylights, three phase power, and the warehouse provides ten dock high truckwells, 30’ clear height and two grade level loading.  GreatHearts Academies plans to open the new Archway Scottsdale Campus for the 2018-19 school year, and will serve students in kindergarten to fifth grade. For more information, visit www.leearizona.com or contact Linsalata at (602) 912-3539, Blake at (602) 954-3761 or Trauter at (602) 474-9503.
Date: Nov 28, 2017
Transaction Amount: $16,300,000
Icon_img_4580 Sold!
Location: 13801 N. Tatum Blvd. , Phoenix, AZ, 85032
Comments: Lee & Associates Arizona's Fincham Dempsey Team arranged the sale of the 54,430-square-foot Pueblo Point Shopping Center for $11 million. Principals Jan Fincham and Patrick Dempsey, along with associate Andrew Lundahl, facilitated the transaction on behalf of the seller, Arneil Pueblo, LLC., and the buyer, Paradise Valley Ventures, LLC.  Located at 13801 North Tatum Boulevard, the 5.46-acre shopping center includes Smart & Final Extra Grocery store, Domino’s Pizza, The UPS store and an Ace Hardware store, which is not a part of the sale. “Pueblo Point shopping center is attractive to investors because of its strategic location in North Phoenix, just north of the Paradise Valley Mall. The property sits in an infill location with significant barriers to entry for any new future retail development, ensuring the stability and long-term success of Pueblo Point Shopping Center,” said Fincham. “Additionally, the property enjoys attractive demographics with over 220,000 residents within a 5 mile radius with significant annual house hold income of more than $92,000,” said Dempsey. For more information, visit www.leearizona.com or contact Fincham at (602) 954-3754 or Dempsey at (602) 954-3772.
Date: Dec 01, 2017
Transaction Amount: $11,000,000
Icon_bell_villas Sold!
Parties: Todd Braun
Location: Phoenix, AZ
Comments: Entities formed by investor Richard Trull of Anthem, Ariz. acquired 44-units in two Phoenix properties for $6.8 million. The sellers in the two transactions were companies formed by investors Brandon and Darrin Nunns of Phoenix. The Braun Apartment Group of Lee & Associates Arizona, made up of Todd Braun, Ryan Boyle and Bryson Fricke, represented both the buyer and the seller. In the larger sale, Bell Villas 28 Apartments LLC, managed by Trull, paid $4.4 million for the 28-unit Bell Villas 28 apartments at 17402 N. 19th Avenue. The seller was Bell Villas 28 LLC in Phoenix, of which the Nunns are members. In the other sale, Siesta 16 Apartments LLC, managed by Trull, paid $2.4 million for the16-unit Siesta 16 apartments at 2525 E. Siesta Lane. The seller was Siesta 16 LLC, of which the Nunns are members. The apartment, located near Union Hills Drive and Cave Creek Road, was developed by the seller in 2015.
Date: Nov 16, 2017
Transaction Amount: $6,800,000
Icon_parc_17 Sold!
Location: 1800 S. 7th Ave., Phoenix, AZ, 85007
Comments: The Koss | Louer Team of Lee & Associates Arizona has successfully negotiated two leases resulting in an increased occupancy of Parc 17. The 177,770-square-foot industrial project went from 24 percent occupied to 75 percent occupied in just seven months after close of escrow. In April 2017, Principals Stein Koss and Tom Louer sold Parc 17 to Colony NorthStar, Inc. (NYSE:CLNS), a leading global real estate and investment management firm, for $16 million. Colony projected that the property would be 60 percent leased after one year. In September, Koss and Louer leased 52,845 square feet to Peterson Aluminum, and in early November, Polyloom leased 31,871 square feet. These leases put the team 15 percent above their target goal.
Date: May 01, 2017
Transaction Amount: $6,100,000
Icon_2802_e._osborn_rd Sold!
Parties: Todd Braun
Location: 2802 E. Osborn Rd., Phoenix, AZ, 85016
Comments: Lee & Associates Arizona announced today that the Braun Apartment Group arranged the $21.3 million sale of Biltmore Pointe in Phoenix to Portland’s Bean Investment Real Estate (BIRE). The 302-unit property is located at 2802 E. Osborn Rd. The Braun Apartment Group represented the seller, Biltmore Pointe Apartments, LLC., of Los Angeles. “This acquisition offered the buyer an excellent value-add opportunity due to the property’s strong location,” said Todd Braun, principal. “[BIRE] intends to inject significant capital into the multi-family community with interior and exterior upgrades. I expect this to be a very different property in 12 to 18 months.” Biltmore Pointe was built in 1959, was added to in 1972, and sits on 10.5-acres. The development features a mix of studios, and one and two bedrooms. The units are situated in 28 rental buildings and average 800-square-feet.  Biltmore Pointe was approximately 65 percent leased at the time of sale. The Braun Apartment Group is comprised of Todd Braun, principal; Bryson Fricke, associate; and Ryan Boyle, multi-family property specialist.
Date: Nov 02, 2017
Transaction Amount: $21,250,000
Icon_2210_s_roosevelt Sold!
Parties: Kurt Saulnier
Location: 2210 S. Roosevelt St., Tempe, AZ, 85282
Comments: Lee & Associates Arizona announced today that Principal Kurt Saulnier represented DP Electric, an electrical contracting firm, in the $3.4 million purchase of an office building at 2210 S. Roosevelt St. in Tempe, Ariz. The 34,370-square-foot building will serve as the firm’s new corporate headquarters. Eric Jones of Commercial Properties Incorporated represented the seller, Robert Coleman Trust.  “Finding a property that offers a fenced yard and efficient parking is a challenge in the Tempe market, but this building allowed for both and was the ideal size for DP Electric’s growth plans,” said Saulnier. “The centrally located building offers quick access to Valley freeways with numerous retail amenities close by, making it an ideal choice for the company.” According to Dan Puente, president of DP Electric, the office will be renovated to house the company’s entire office staff under one roof. The new state-of-the-art office will include an open concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. An employee gym, locker rooms, and a café and event space that can open to the outdoors with an adjacent large patio for entertaining will also be included. DP Electric has been at its current Tempe location since 2005, and will begin operating out of the new corporate headquarters by summer 2018.
Date: Oct 29, 2017
Transaction Amount: $3,200,000
Icon_1720_w_parkside_lane_-_front Sold!
Location: 1720 W. Parkside Lane, Phoenix, AZ, 85027
Comments: Guenther Properties, LLC., a Phoenix-based investment firm, recently purchased the industrial building that Paul Johnson Drywall calls home. The 18,640-square-foot property, located at 1720 W. Parkside Lane in Phoenix, was purchased for $2.6 million in a 1031 exchange.  In the exchange, Guenther Properties’ sold an industrial building in Scottsdale Airpark to AC Land Holdings for $2.53 million. The 12,956-square foot space is located at 15470 N. Greenway Hayden Loop in Scottsdale. Andy Cracchiolo of Cracchiolo & Associates represented himself as the buyer. Principal Mark Linsalata of Lee & Associates represented Guenther Properties in both transactions.Paul Johnson Drywall leased back 10,500 square feet of the Parkside Lane property from Guenther Properties for 24 months. The remaining 8,140-square-foot space remains available for lease. Section 1031 Exchanges, or like-kind exchanges, are used in commercial real estate to allow investors to reinvest their profits into a new property through an exchange of a similarly valued property and defer capital gains taxes from the sale.
Date: Oct 18, 2017
Transaction Amount: $2,600,000
Icon_state_seal_co. Sold!
Location: 7001 W. Erie St., Chandler, AZ, 85226
Comments: Phoenix-based LOC Leasing LLC., an entity owned by the principals of State Seal Corporation, has purchased an 86,000-square-foot industrial distribution building at Chandler Technology Center for $6.9 million. Ken McQueen of Lee & Associates represented the buyer. Mike Parker and Evan Kaplan of CBRE represented the seller, CTC Industrial, LP., an entity controlled by Kevin Pshebiniski of Hopewell Development. “State Seal currently occupies four separate facilities and this acquisition will allow them to operate more efficiently out of one property and minimize operational costs,” said McQueen. State seal will begin operating out of the building in December 2017. Located on 9.76-acres at 7001 W. Erie St. in Chandler, the property offers strong curb appeal, heavy power, 24-foot clear height, and grade and dock high loading. Functional attributes are complimented by abundant area amenities. Axus Technologies currently holds 23,000-square-feet at the property, further reducing the occupancy cost for the buyer.
Date: Oct 09, 2017
Transaction Amount: $6,900,000
Icon_esplanadeii Sold!
Parties: Jim Watkins
Location: 2515 E Camelback Rd, Phoenix, AZ, 85016
Comments: Lee & Associates announced today that the brokerage firm coordinated the 3,900-square-foot renewal, relocation and expansion for lessee, Piper Jaffray, at Camelback Esplanade. The company previously leased 3,350-square-feet in the same building for 23 years. Lee & Associates’ Jim Watkins represented Piper Jaffray, a Minneapolis-based investment bank and asset management firm. Pat Boyle of CBRE represented the landlord, LBA Realty of California. It is a five-year lease. According to Watkins, Piper Jaffray needed larger premises to handle anticipated growth while at the same time remodeling their offices. For more information, visit www.leearizona.com.
Date: Oct 09, 2017
Transaction Amount: $0
Icon_screen_shot_2017-10-06_at_10.10.07_am Sold!
Parties: Conner Lee
Location: 7822 S. 46th Street, Phoenix , AZ, 85044
Comments: On behalf of Los Angeles-based Cohen Asset Management, Cushman & Wakefield and Lee & Associates completed the sale of an 188,142-square-foot industrial building located at 7822 S. 46th Street in Phoenix. Bailard of Foster City, Calif. purchased the property for $16.1 million. Will Strong of Cushman & Wakefield, along with Rick Lee and Conner Lee of Lee & Associates, represented both parties in the deal. The state-of-the-art industrial/flex building, situated on approximately 8.5 acres, is 100% leased to BAE Systems. Located in the highly desirable Phoenix Sky Harbor Airport submarket, this is one of the most recognizable assets in the area due to its long-term credit tenancy, high-profile location, quality high-tech interior improvements and proximity to major freeways.
Date: Sep 25, 2017
Transaction Amount: $16,100,000
Icon_hub317 Sold!
Location: 317 S. 48th Street, Phoenix, AZ, 85034
Comments: Ken McQueen and Chris McClurg negotiated the $10.3 million purchase transaction of a 117,885-square-foot industrial property situated on 12.17-acres in the heart of the Phoenix Sky Harbor International submarket. Industrial specialists McQueen and McClurg represented the buyer, HUB 317, LLC., a joint venture partnership between Colorado-based DPC Companies and Confluent Development, Denver, in the transaction. This is their first industrial acquisition in the Phoenix metropolitan market, although they have several office and retail holdings in Phoenix. The seller was Road Machinery, LLC.DPC & Confluent will be expanding the property with 109,000squarefeetof dock high warehouse space, totaling 227,491squarefeet. Property features include a full diamond interchange, proximity to the light rail and Sky Harbor International Airport, 24-foot and 32-foot clear heights, and 290 parking stalls and freeway monument signage. The project’s estimated completion is June 2018.
Date: Sep 17, 2017
Transaction Amount: $10,300,000
Sold!
Location: Phoenix, AZ
Comments: The Koss | Louer team of Lee & Associates Arizona arranged the sale of a 95,836-square-foot industrial portfolio. Luke Marley, LLC., a California-based partnership owning retail product in California, purchased the portfolio from Delcor, LLC. for $12.45 million. Principals Stein Koss and Tom Louer represented both the seller and the buyer in the transaction. The portfolio is fully leased for five years to Horizon Distributors, Inc., a wholly subsidy of POOLCORP. The portfolio is comprised of the following freestanding buildings: • 8746 W. Kelton Lane, Peoria -8,750 SF on 1.25 acres • 15517 N. 77th St., Scottsdale -8,750 SF on 1.26 acres • 4055 W. Saturn Way, Chandler -5,300 SF on .86 acres • 201 W. Juanita, Mesa -9,924 SF on 1.97 acres • 5214 S. 30th St., Phoenix -42,138 SF on 5.10 acres • 41802 N. Vision Way, Anthem -10,009 SF on 1.31 acres • 4740 N. La Cholla Blvd., Tucson -10,965 SF on 1.2 acres
Date: Sep 14, 2017
Transaction Amount: $12,450,000
Icon_rendering_1 Sold!
Location: 225 S. 51st Street, Phoenix, AZ, 85034
Comments: PRESS RELEASE For Immediate Release Photo: Attached California-based CapRock Partners has purchased a manufacturing facility in Phoenix’s highly sought-after Sky Harbor market for $8 million. The 110,710-square-foot building is the investment firm’s first Phoenix acquisition. The seller was Madison 225 LLC. of Scottsdale. Both companies were represented by Stein Koss and Tom Louer, principals of The Koss | Louer Team at Lee & Associates. The building sits on 5.8-acres that are just East of Phoenix Sky Harbor International Airport, and offers exposure along Loop 202 Red Mountain Freeway. It features 30’ clear height, 22 dock high loading doors and two(20-foot-wide) grade level doors. Plans are underway to transition the property to Class A space by significantly upgrading the interior and exterior. According to CapRock, the company will create new offices, an expansive window-line and glass storefront. Extensive improvements will enhance the efficiency and function of the facility, and appeal to tenants in today’s competitive industrial marketplace.
Date: Sep 17, 2017
Transaction Amount: $8,000,000