Arizona Real Estate Highlights

Posted By Mike Padgett

Dec. 16, 2008

Medical office building sold

Grubb & Ellis/BRE Commercial has announced the $1.9 million sale of a medical office building in Scottsdale. The building at 9745 N. 90th Place was purchased by PG&J Properties LLC from Scottsdale Medical Building LLC. The buyer is a group of local doctors. They plan to relocate their offices to the building, which was 35 percent leased at the time of sale.

The seller was represented by Ray Harris, vice president of office and healthcare at Grubb & Ellis/BRE Commercial. The buyer was represented by Eric Tollefson of Ensemble Devman Group.

Water department renews lease

The Arizona Department of Water Resources has renewed its lease for another five years in the Meridian Bank Tower at 3550 N. Central Ave., Phoenix. The lease renewal was arranged for Younan Properties by Transwestern’s Senior Vice Presidents Bill Zurek and Jim Achen Jr. and Vice President Vince Femiano.

Younan Properties is a privately-held real estate investment and asset management company with properties in Arizona, Texas and Illinois.

Leases renewed at 2800 N. Central Ave.

Two renewal and expansion leases have been arranged in the Midwtown submarket for the Gaedeke Group by Transwestern’s Phoenix office. The leases in the office tower at 2800 N. Central Ave. were negotiated by Transwestern Senior Vice President Jim Achen Jr. and Bill Zurek, Vice President Vince Femiano and Associate Travis Ives.

Oxford Life Insurance, which is based in Phoenix, signed a five-year renewal and expansion lease for 15,425 square feet on the fifth floor of 2800 N. Central Ave. Oxford was represented by Kelly McCone of Kelton Companies LLC.

Coppersmith, Gordon, Schermer & Brockelman PLC, a law firm specializing in healthcare, employment, litigation and corporate and real estate transactions, signed an eight-year lease rewal and expansion for 11,728 square feet. The firm was represented by Mark Seale of Lee & Associates.

Industrial space sold

LNR Property Corp.’s Commercial Property Group has sold nearly a third of the space in its Washington Airport Center, a 244,768-square-foot distribution building at 3425 E. Van Buren St. in Phoenix.

The $8.9 million sale for 74,268 square feet was negotiated for LNR by Mark Crison of CB Richard Ellis’ Phoenix office. The buyer, WT Cobblehill LLC of Denver, was represented by Tom Louer of Lee & Associates’ Phoenix office. The sold space is occupied by Sara Lee Bakery Group, which signed a five-year lease for the space earlier this year.

An additional 88,050 square feet of space in the distribution building is available for sale.


Media company leases larger offices

Bonneville International Corp. has negotiated a 15-year lease for 30,690 square feet in the Squaw Peak Corporate Center, a two-building, four-story complex at 7720-7740 N. 16th St. in Phoenix.

Bonneville International, based in Salt Lake City, is the parent company of KTAR Radio. The company plans to relocate the radio station in mid-2009 from its present facilities at 5300 N. Central Ave.

Jerry Noble, Pat Devine and Greg Mayer of CB Richard Ellis’ Phoenix office represented the landlord, Parkway Properties of Jackson, Miss. Bonneville International was represented by Stephanie Hickock of Grubb & Ellis/BRE Commercial in Phoenix and by John Goodman of Studley’s Chicago office.

Industrial land sold

An 11.2-acre parcel at 6420 W. Buckeye Road in southwest Phoenix has been purchased by Chamberlain Development LLC of Phoenix. The seller was Buckeye Distribution LLC of Honolulu, Hawaii.

The property is zoned for heavy industrial use. No plans for the land have been announced. The seller was represented by Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ Phoenix office. The buyer was represented by Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy, also of CBRE Phoenix.

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Dec 16th, 2008

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