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CREReport | Phoenix for November 7, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 7, 2014

Greenfield Partners Acquires 575K SF of Office and Industrial Space in Phoenix and Tempe for $41.21M

Greenfield Partners purchased an office and industrial portfolio totaling 575,430 square feet of space for $41.21M.

Subject Properties:

• Phoenix - 2202 S Seventh St - 216,550 SF industrial property for $13.36M

• Phoenix - 18019 N 25th Ave - 121,070 SF flex-office property for $11M

• Tempe - 2404 W 14th St - 117,877 SF industrial property for $7.9M

• Tempe - 2625 S Wilson St - 87,573 SF industrial property for $5.29M

• Tempe - 914 S 52nd St - 32,350 SF office property for $3.66M

Otium Real Estate Acquires 38K SF Retail Building in Tempe for $2.6M

Otium Real Estate Co. purchased Emerald Design Center Building C, a 38,225 square-foot retail property at NW/NWC Priest Dr & Warner Rd in Tempe, from Granco Enterprises for $2.6M.

Lee & Associates’ Rick Robertson, Dave Johnson and Jerry Marrell represented both the buyer, Otium Real Estate Co, and the seller, Granco Enterprises, in the transaction.

Orion Health Announces Opening Center for Excellence in Scottsdale’s Cure Corridor

Orion Health announced that the company is opening its new development center (press release), Orion Health Center of Excellence, in Scottsdale’s Cure Corridor at NE/NEC Scottsdale Rd & Thunderbird Rd.

Eric Jay Toll with Phoenix Business Journal provides more insights on the topic:

• “Orion, a global provider of health care software, plans to open a second 10,000 square feet in December and has options on another 16,000 square feet of adjoining space. The company also took a first-right-of-refusal option on an adjoining data center.”

Goodwill Opening New Location in Chandler

Goodwill of Central Arizona is opening a new 27,600 square-foot location in Sun Lakes at Ridge shopping center, S/SWC Arizona Ave & Riggs Rd in Chandler.

Weebly Opens 25K SF Office in Old Town Scottsdale

Weebly opened the company’s new 25,000 square-foot North American operations headquarters in Galleria Corporate Centre, S/SEC Scottsdale Rd & Camelback Rd in Old Town Scottsdale.

Abrazo Health Opens MedPost Urgent Care Center in Gilbert, Plans More Locations

Abrazo Health announced the opening of MedPost Urgent Care at SEC Gilbert Rd & Williams Field Rd in Gilbert.

This is the second location to open. More centers are planned.

Discussion on REFJ’s Real Estate JV Promote Calculations

Reddit Post: This is the best summary of a promoted interest that I have seen. Does anyone have anything better?

Excerpt from article: One of the more popular ways an institutional investor invests in real estate is to team up with a local operator/developer (a service partner) who has the expertise and experience to locate, develop and manage a real estate asset that may be of interest to the investor. In such a transaction, the service partner is often given the right to earn an incentive bonus or potential reward through a so-called "promote",’ which in its simplest terms, is an extra share of the upside from the transaction.