PHOENIX—In this week's Deal-Tracker, Cassidy Turley announces the sale of a 40,427-square-foot class B flex project at 2932 W. Deer Valley Rd. in Phoenix's Deer Valley Submarket. California-based Hyperion Fund L.P. purchased the property for $5.97 million from California-based 2932 DVR LLC. Executive managing director Eric Wichterman and senior vice president Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer, while Barry Gabel and Chris Marchildon with CBRE represented the seller. Built in 2002, the Deer Valley building on 4.01 acres is part of a three building complex incorporating the Motorcycle Mechanics Institute campus. The project is located at Deer Valley Road, one-half mile from Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a private technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.

-PHOENIX—The ViaWest Group announces the sale of a 34,440-square-foot, back-office building located at 4832 E. McDowell Rd. in Phoenix to the Sharp Family Revocable Trust for $5.4 million. At the time of the sale the building was 100% occupied on a long-term triple net lease to LogisticCare Solutions. ViaWest purchased the vacant building in 2007 and subsequently signed multiple leases ultimately bringing the building to 100% occupancy. Logisticare initially took 19,000 square feet in 2007 before expanding into 28,000 square feet in 2010. Earlier this year, Logisticare's continued growth resulted in an expansion into the entire building on a long-term lease. Originally built in 1983, the single story back-office building is located near 48th Street and McDowell Road just two miles north of Sky Harbor International Airport near the terminus of 143 Hohokam Expressway which provides direct access to five major freeways. Andy Bogardus, Steve Lindley, Bob Buckley and Tracy Cartledge with Cassidy Turley's capital markets group represented the seller, VWP McDowell, LLC (ViaWest Group), and Erik Marsh and Goodall “Hook” McCullough with Newmark Grubb Knight Frank represented the buyer.

-PHOENIX—Colliers International in Greater Phoenix recently sold the 26,658-square-foot Fletcher Heights Marketplace in Peoria for $3.15 million. Daniel Ortega, a vice president, and Larry Ortega, an executive vice president; both of Colliers International, represented the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace, LLC, of Phoenix. The buyer, Eleven Investments, LLC, of Fargo, N.D., was self-represented. The class B neighborhood retail shopping center, located at 20783 N. 83rd Avenue, is primed for a new start with a 75% occupancy rate. Constructed in 2006, the center was anchored by a chain grocery store, which exited during the Great Recession. Part of the vacant space was converted into a thrift store. Among the new retail tenants are Delex Realty, Planet Beach Spa and Farmers Insurance.

-PHOENIX—Colliers International in Greater Phoenix recently completed a sale of a class A, 22,345-square-foot office building in Scottsdale for $3.5 million. Spensa Management, LLC, of Minnesota purchased the building, located at 8525 E. Pinnacle Peak Road, from K2H Pinnacle Peak Place, LLC, of Vancouver. Mike Milic, vice president; Philip Wurth, vice president; and Tyler Bush, associate; all of Colliers International, served as brokers for the seller. Joe Welchert of Phoenix Commercial Advisors served as the broker for the buyer. Spensa Management, which owns Desert Mini Storage, plans to occupy part of the building for its local headquarters. The building is 43 percent occupied.

-PHOENIX—Representing Garden Ridge, Darren Pitts of Velocity Retail Group leased 104,967 square feet at Arizona Mills on the northeast corner of Baseline Road and the I-10 in Tempe in a three-year lease. The landlord, Simon Property Group was represented by Todd Folger of CBRE.

-PHOENIX—Planning the new construction of a full retail store, Goodwill Industries of Central Arizona was represented by Velocity Retail Group's Andy Kroot in the 15-year lease of 25,000 square feet at El Mirage Retail Plaza on the southeast corner of Thunderbird Road and Dysart Road in El Mirage. Jason Fessinger of Strategic Retail Group represented the landlord.

-PHOENIX—Dave Cheatham, Darren Pitts, Michael Clark and John Jackson of Velocity Retail Group worked together to represent both the tenant, Fallas, and the landlord, Kingman Frontier Plaza at the I-10 Freeway and Stockton Hill Road in Kingman, in the ten-year lease of 24,268 square feet of shop space. This is the last big box space in the Kingman project and stabilizes the center.

-PHOENIX—Larry Miller and John Jackson of Velocity Retail Group represented Ascenders, LLC, dba Boulders on Southern in the seven-year lease of 6,200 square feet at Fiesta Commons on the northeast corner of Southern Avenue and Alma School Road in Mesa, AZ. This will be the third valley location for the group that brought Boulders on Broadway and Spokes on Southern to Tempe. The new restaurant is estimated to open by December of this year.

-PHOENIX—Velocity Retail Group's Andy Kroot represented Goodwill Industries of Central Arizona in the five-year lease of 14,724 square feet at Indian School Plaza on the southwest corner of Indian School Road and 7th Avenue in Phoenix. The opening of this new retail store has not been set.

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