SCOTTSDALE, AZ-Wilshire Capital Partners of Los Angeles purchased the Scottsdale 68 Design District from Fenway Properties for $11 million. The 109,652-square-foot sale ended Fenway's more than five-year hold of the asset, which was once known as the 68th Street Design Center.
Situated on 9.25 acres at 68th Street and Thomas Road adjacent to historic downtown Scottsdale, the property consists of seven buildings constructed in 1974 and expanded in 1998. Fenway Properties upgraded the asset in 2008 by enhancing the façade, renovating the landscape and installing a new foam roof. The property is 92% leased to tenants including John Brooks Inc., Dean-Warren, Horizon Art and Sun Valley Interiors.
Christopher E. Toci, Chad Littell , Greg Valladao and Brian Kocour of Cushman & Wakefield of Arizona, Inc. represented the seller and procured the buyer in the transaction. “This retail property offers a tremendous infill location that is close to executive housing and the market dynamics desired by the design community,” says Toci in a statement. “Many of the design district's tenants work closely with the art galleries of Old Scottsdale, which is situated just down the street. “
ACQUISITIONS/DISPOSITIONS
ARIZONA
Phoenix
- Federal Home Loan Mortgage Corp. (Freddie Mac) sold the 144-unit Metro Gardens at 10227 N. 32nd Lane for $5.1 million. Cliff David and Steve Gebing with Marcus & Millichap Real Estate Investment Services represented the seller.
TEXAS
Fort Worth
- Realty Capital Management LLC sold approximately one acre on the northwest corner of Western Center Boulevard and Old Denton Road to Dr. William Altig. Altig plans to build an office building for his optometry practice. Mark Boone with Realty Capital Management represented the seller in-house. Don Phifer with Phifer & Associates Inc. represented the buyer.
Houston
- Elbi of America, Inc. bought 20,000 square feet at 4627 N. Sam Houston Pkwy. E. from Elkins Industry Ltd. Ross Thomas and Reed Vestal with Finial Group represented the buyer. Robert Anthony with Anthony CRE represented the seller.
LEASING
ARIZONA
Scottsdale
- Pennsylvania-based Heckmann Corp. signed a 20,162-square-foot lease at the Pinnacle in Kierland I, 14624 N. Scottsdale Rd. The 10-year lease commences in the third quarter 2013. Lee & Associates' Jim Watkins, Craig Coppola and Andrew Cheney represented the landlord. Heckmann Corp. was represented by Chuck Nixon of CBRE.
TEXAS
Dallas
- Focus First renewed a 1,400-square-foot lease at 2201 Main Street in downtown Dallas. Monika Guzman-Perez with SCM Real Estate Services represented the landlord in this transaction.
El Paso
- Inventec Distribution leased 25,311 square feet at 9615 Plaza Circle from IndCor. Christian Perez Giese with CBRE represented the tenant. William Caparis, also with CBRE, represented the landlord. The warehouse lease is supporting Inventec's operations in Juarez, Mexico.
Grand Prairie
- Pharmacy Corp. of America renewed 18,193 square feet of industrial flex space in One Paddock Place, 2214 Paddock Way. Jim Ferris and Michael W. Spain with Bradford Commercial Real Estate Services represented the landlord, Paddock Partnership. Michael England of Cresa Dallas represented the tenant.
- Bradford Commercial's Ferris and Spain also represented the landlord of Westfork Center Building, 1515 Avenue S., in a 13,313-square-foot renewal to tenant DXP Enterprises Inc.
Houston
- Aptia Systems renewed 3,413 square feet at the Woodlake Park Office building, 2500 Tanglewilde St. Terri Torregrossa of Moody Rambin represented the building owner Woodlake (Texas) Properties, Ltd.'
- Audimation renewed 6,450 square feet at 1250 Woodbranch Park Dr. Griff Jaggard and Derek Beck of Moody Rambin represented the building owner PPBC #1, LP. Brad Marnitz with NAI Houston represented the tenant in negotiations.
University Park
- Bill Sheahan Designs LLC leased 1,033 square feet of retail space at 6969 Hillcrest Ave. from Westminster Park Cities LLC. Leigh C. Richter and David duPerier with Bradford Commercial Real Estate Services represented the landlord. Kevin Finch of Finch Commercial Realty represented the tenant.
MARKETING/LEASING ASSIGNMENTS
TEXAS
Flower Mound
- Realty Capital Management, developer of the 150-acre mixed-use development, Lakeside DFW has chosen United Commercial Realty (UCR) to market more than 53,000 square feet of commercial space in Phase I. Phase I of Lakeside features six mixed-use buildings along Lakeside Parkway that will accommodate approximately 53,000 square feet of commercial space, just off the well-traveled International Parkway (FM 2499).
EXECUTIVE MOVES
ARIZONA
Phoenix
- Edward P. Ledger has been hired as vice president - southwest region at McShane Construction Co.'s local office. Ledger will be responsible for the overall leadership and management of the firm's operations in Phoenix and throughout the region. He will also be engaged in the development and acquisition of new business opportunities focused within the firm's areas of expertise in the distribution, manufacturing, office, healthcare, multi-family, retail, hospitality and institutional markets. Prior to joining McShane Construction, Ledger was vice president of development and construction for the Avenir Group. Ledger earned a Bachelor of Science Degree in Construction from Arizona State University.
TEXAS
Dallas
- Ray Mackey, chief administrative officer of corporate services, and partner with Stream Realty Partners LP, has been named a 2013 BOMA Fellow, the only 2013 Fellow from the DFW area. As a BOMA Fellow, Mackey will be called upon to serve BOMA in a variety of capacities, including teaching, authoring articles, mentoring new members or young professionals, identifying future BOMA leaders and serving as thought leaders to identify future trends.
- In other news from Stream Realty, the organization has promoted Sarah Erickson, Blake Kendrick and Cannon Green to partners of the firm's Dallas office. Green and Kendrick will be charged with establishing the industrial focus for the city, continued growth of the industrial service platform, and formulating new service lines for Stream clients and associates. Erickson will be responsible for working with the Dallas marketing team to set the creative direction for the office as well as Stream's national portfolio.
- Transwestern hired Grant M. English to help bolster its tenant advisory services practice. Prior to joining Transwestern, English represented local and national clients in the brokerage services division at CBRE, Inc, where he was a leader in new account procurement and transaction management. English began his career with New York City-based commercial real estate services firm Newmark Grubb Knight Frank, where he specialized in global corporate services and national account and transaction management. English is a graduate of Texas Tech University.
Houston
- Allison Knight joined Colvill Office Properties as director of leasing, where she will be responsible for leasing and marketing 5.6 million square feet of Class A office properties in the Houston area. Knight was formerly director of leasing with Hines. She earned a Bachelor of Business Administration degree in Finance from The University of Texas.
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