PHOENIX-The fully leased Highgate Plaza in the central city sells for nearly $1.4 million, marking a trend among retail property owners for investing in smaller assets with local credit and high occupancies.
PHOENIX-Vista Control Systems pens a three-year lease for a Skypark Commerce Park industrial building in the Deer Valley submarket. The high-end video graphics maker will pay out $300,000 over the term and gets a purchase option with the deal.
SCOTTSDALE, AZ-Bedford Property Investors bulks up its Arizona office portfolio with the $17.3-million purchase of the fully leased 9060 E. Via Linda. A recent preferred equity offering enabled the Lafayette, CA-based REIT to partially finance the acquisition.
SCOTTSDALE, AZ-Stiff competition makes re-tenanting class A and B office buildings a challenge--but not an impossibility--in Scottsdale. Such is the case for LeBaron & Carroll Insurance, which recently signed a five-year lease valued at $500,000.
SCOTTSDALE, AZ-With the land in hand, McDowell Mountain Storage will spend $3 million to develop the corner of 94th Street and Bell Road with a 105,013-sf mini-storage complex with an underground level planned with a wine cellar and storage lockers.
MESA, AZ-Pressure to buy multifamily properties coming from California shows no signs of slowing down, with the latest being the $1.1-million purchase of the 20-unit Irving Manor, one many offerings setting new bars for appraisals and sales in the region.
PHOENIX-Valley Foot Care will open this month in a 1,030-sf office at the Metro Medical Plaza in the West Valley. The podiatry practice's new deal is valued at $77,742 over the term with a going-in, class A rate of $17.48 per sf.
PHOENIX-Innovative Debt Recovery Inc. will set up the team in 1,407 sf at 49 E. Thomas Road, signing a lease valued at $40,100 in a 1974, two-story building with a good location and more room for the debt collection agency to expand its headquarters.
GLENDALE, AZ-The developer of the Arrowhead Commerce Park sells a second building, 7,740 sf, to an investment group that immediately sets up an internal medicine and urgent care center. A third building is in escrow and two more are being eyed.
PHOENIX-Boston Medical Group Inc. OK's a six-year lease, worth $118,416, for a 1,553-sf office in the Siete Square IV office building in the Downtown North submarket. The clinic and consultation center is aiming for a May move-in.