PHOENIX—In this edition of Deal-Tracker, Cushman & Wakefield of Arizona, Inc. negotiated a long-term lease renewal at Granite Commerce Center, 405 N. 75th Ave., Suite 180, for a lamination distribution company. The lease renewal of 15,988 square feet is for USI Inc. of Madison, CT. USI markets roll and pouch laminating machines and films, binding equipment and supplies and many other office accessories including photo ID systems and mounting and display boards. Keri Scott, Jackie Orcutt and John Grady of Cushman & Wakefield represented the tenant, USI. Kyle Westfall of JLL represented the landlord, Crow Holdings of Dallas.
-PHOENIX—Cushman & Wakefield of Arizona, Inc. negotiated a 14,278-square-foot lease at Camelhead Square, 3033 N. 44th St., bringing the property to 80 percent capacity. This is a new lease for DriveTime Automotive Group, Inc., the leading used vehicle retailer in the United States, providing additional office space for their expanding business. Other tenants include Hill & Usher and Sovereign Healthcare. Chris Latvaaho, Chris Nord and Michael White of Cushman &Wakefield represented the landlord, Sun Life Assurance Company of Phoenix. Tom Adelson of CBRE represented the tenant.
-PHOENIX—Cushman & Wakefield of Arizona, Inc. negotiated the $4.05 million sale of the Briarwood Apartments, a multi-family property located at 3450 W. Missouri Ave. Briarwood was built in 1983 and contains seven buildings and 126 units. The property was 90 percent occupied at the time of the sale. Edward Sibley of Phoenix sold the property to David Barnes of Vancouver. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer in the transaction.
PHOENIX—Cushman & Wakefield of Arizona, Inc. negotiated the $1.45 million sale of a manufacturing facility at 5341 W. Luke Ave. The 35,000-square-foot property was built in 1985, and sits on two acres. The property was not on the market at the time of the sale. However, when discovered, it turned out to be the ideal building for Roof Products Inc., which is based in Chattanooga, TN. RPI has been in Arizona for 13 years. The new building will serve as its Western regional headquarters. RPI is a manufacturer of roof curbs and also furnishes sky lights for its customers. Justin LeMaster and Mike Gilbert of Cushman & Wakefield's industrial division represented RPI. Peter Batschelet of Lee & Associates represented the seller, Wynn Properties LLC.
-PHOENIX—Cashen Realty Advisors announces the sale of a 1.37 acre residential parcel located at 329 E. Coronado Road in the Exclusive Alvarado Historic District Area of Phoenix. The 1.37 acre parcel is zoned R-4 and has approved plans for 20 three-story townhome units. The property sold for $1,323,000 and is one of the first projects approved under the new City of Phoenix Urban Infill Program. Unit sizes are 1,779 square feet to 2,330 square feet and construction costs are estimated to be $3,600,000. The seller in the transaction was the Gutkin Family represented by Josh Landers of Commercial 33 Brokerage in Phoenix. The buyer in the transaction was SRM Development, principals Mike Smith and Don Allison. The buyer was represented by Cashen Realty Advisors.
-PHOENIX—Marcus & Millichap announces the sale of Arrowhead Health Center, a 11,272-square-foot net-leased property located in Scottsdale. The asset sold for $4.5 million. Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap's Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Jamie Medress and Mark Ruble. Arrowhead Health Center is located at 2629 N. Scottsdale Rd. in Scottsdale.
-TUCSON—CBRE has negotiated the purchase of a 22,500-square-foot industrial facility for Bakehouse Bread Company. The property is located at 2520 N. Jackrabbit Ave. in Tucson. The asset commanded a sale price of $1.35 million. Tim Healy and Bob DeLaney with CBRE's Tucson office represented Bakehouse Bread Company in the transaction. The landlord, Michael and Janet Gompper, was represented by Steve Cohen with PICOR/Cushman & Wakefield. This purchase marks an expansion for the Tucson-based artisan-bread wholesaler, relocating its operations from its leased 7,875-square-foot facility located at 2550 N. Dragoon in Tucson. With the expansion of its physical footprint, Bakehouse Bread Company also has plans to expand its employee base to accommodate the growth of the company and better serve the needs of its expanding customer list.
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