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CREReport | Phoenix for October 28, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 28, 2014

Garnett Capital Corporate Acquires 32K SF Gateway Office Center in Phoenix for $3M

Garnett Capital Corporate purchased Gateway Office Center, a +/-31,557 square-foot office property at W/NWC 44th St & Van Buren St in Phoenix from Brentwood Gateway Center for $3M.

Cassidy Turley’s Eric Wichterman, Mike Coover and Gordon Raguse represented the seller, Brentwood Gateway Center.

Cassidy Turley: DCT Industrial Trust Acquires Tempe Warehouse Portfolio for $26.44 Million

Previously announced by BREW on Oct. 22: DCT Industrial Trust Acquires 355K SF of Industrial Space in Tempe for $26.5M

Cassidy Turley’s press release adds that Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction for both the buyer, DCT Industrial Trust, and the seller, Gateway Valleyview Inc.*

* Cassidy Turley did not disclose the seller in the press release. However, the seller was previously identified on Oct. 22.

Bengin Acquires 15K SF Retail Center in Cave Creek for $2.65M

Bengin LLC purchased a 14,525 square-foot retail center located at NEC Tatum Blvd & Dynamite Blvd in Cave Creek from Swiss Investments LLC for $2.65M.

Rein & Grossoehme’s Jared Lively represented the buyer, Bengin LLC.

11K SF Office Building in Mesa Sells for $1M; Buyer Plans to Renovate Building for Medical Office Use

A buyer only identified as a medical doctor purchased Hewson Dover Business Park at S/SWC Greenfield Rd & Loop 202 (Red Mountain Fwy) in Mesa from Fisher Holding Company LLC for $1,007,500.

Commercial Properties Inc’s Tyson Breinholt, Trent Rustan and Josh Gosnell represented the seller. Fisher Holding Company LLC. previously owned the property.

The buyer plans to renovate the property for medical office use.

* The press release does not technically identify Fisher Holding as the seller - only as formerly owning the property.

Commercial Properties Inc.

Pacific Life Insurance Acquires 300-Unit Promenade at Desert Sky Apartments in Phoenix for $11.85M

Pacific Life Insurance Company purchased Promenade at Desert Sky, a 300-unit multifamily property at SEC 63rd Ave & Thomas Rd in West Phoenix from Woodspear Properties for $11.85M.

Little Angels Montessori School Leases 2.1K SF of Space in North Phoenix

Little Angels Montessori School leased 2,150 square feet of space at NWC 19th Ave & Pinnacle Peak Rd in North Phoenix from Pinnacle Campus Office-Retail LLC.

Rein & Grossoehme’s Jared Lively represented both the tenant, Little Angels Montessori School, and the landlord, Pinnacle Campus Office-Retail LLC, in the transaction.

Lee & Associates Q3 2014 Phoenix Office & Industrial Market Conditions

Lee & Associates’ announced availability of the company’s third quarter report for the Phoenix office and industrial markets.


• Office Vacancy Rate: 21.6%

• Largest Q3 Office Lease: Concentrix leasing 101,803 SF at Fountainhead Office Plaza, Tempe

• Industrial Vacancy Rate: 12.1%

• Largest Q3 Industrial Lease: Green Light Direct leasing 73,781 SF in Tolleson

Tri Star Marketing Inc. Plans to “Plow” Money into Arizona Commercial Real Estate

In an article about the sale of Illinois-based convenience stores, there’s mention that the group, Tri Star Marketing, plans to take the proceeds of the sale and “plow” the money into commercial real estate in Texas, Arizona, Tennessee and Colorado.

It appears the company will focus on medical office space, retail strip centers, auto parts stores and furniture centers.

Grand Canyon University Enters 30-Year Operating Agreement for Maryvale Golf Course

The City of Phoenix and Grand Canyon University have entered a 30-year operating agreement for Maryvale Municipal Golf Course at NWC 59th Ave & Indian School Rd in West Phoenix.

The agreement includes plans to close the golf course for renovations beginning January 2015.