Mark Linsalata

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

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

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