Leased/Sold

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

Comments:

Date: Apr 19, 2017

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

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

Comments:

Date: Aug 25, 2017

Comments:

Date: Dec 31, 2016

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

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

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

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

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

Comments:

Date: Sep 14, 0017

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

Comments:

Date: Aug 01, 2017

Comments: sold in combination with the adjacent lot-- total $208,000

Date: May 08, 2017

Comments: sold to investors -- to be offered for Lease

Date: Jul 28, 2017

Comments:

Date: May 01, 2016

Comments:

Date: Apr 01, 2017

Comments:

Date: Jun 01, 2017

Comments:

Date: Apr 01, 2017