by Peter Madrid | Jul 24, 2017 | News & Updates
PHOENIX, ARIZ. (July 24, 2017): The NAI Horizon investment sales team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the seller in the $4.05 million disposition of the Modernette Mobile Home Park, 1707 E. Apache Blvd. in Tempe, Ariz.
NAI Horizon represented the Michael S. and Mary M. Cho Family Trust. The buyer was 2075 Cottonwood Office, LLC.
“Our client owned Modernette for more than 40 years and it was a reliably stable investment for them,” Lloyd said. “The property is less than one mile from Arizona State University and is strategically located along the light rail on Apache Boulevard, just west of the southwest corner of McClintock Drive.”
Modernette Mobile Home Park comprises 79 spaces and six apartment units. It sits on 4.8 acres.
“We are representing our client through this sale toward completion of a 1031 tax deferred exchange,” Neville said. “Their focus is to exchange proceeds from the mobile home park sale into an acquisition of a single tenant, retail asset.”
by Peter Madrid | Jul 24, 2017 | News & Updates
PHOENIX, ARIZ. (July 24, 2017) – The seventh annual Tee It Up To Cure Leukemia charity golf tournament is set for Friday, Sept. 29, at Legacy Golf Course, 6808 S. 32nd St., Phoenix. Registration begins at 11:30 a.m.; the tourney tees off at 1:15 p.m.
The tournament is special to organizer Jana Brickey, Associate/Business Development Director at Dick & Fritsche Design Group. She lost a grandfather to leukemia and in 2009 a great niece was diagnosed with acute lymphoblastic leukemia. An avid bowler, Brickey also lost a friend with whom she competed in a national tournament was diagnosed with lymphoma and died within months
“When I started this event, it was my way of supporting my great niece,” Brickey said. “I wanted to be a part of her battle even though I lived two states away. As the years pass, I have been forever changed by the stories of survivors and have honored the families of those who passed. I hope our collective efforts help eradicate leukemia from our vocabulary.”
The golf tournament has raised more than $32,000 for the Leukemia & Lymphoma Society (LLS), Brickey said. LLS is the largest voluntary health organization dedicated to funding research, finding cures, and ensuring access to treatments for blood cancer patients.
Entry fee for the charity event is $90 per player before August 15, $100 after that date. It includes golf cart, range balls, and lunch before the shotgun start. Sponsorship opportunities are also available.
“Participation has increased each year,” Brickey said. “We had 96 golfers last year. September is also Blood Cancer Awareness Month so the timing of our event makes it even more special.”
For more information and to register for the tourney, visit teeituptocureleukemia.com.
by Peter Madrid | Jul 20, 2017 | News & Updates
PHOENIX, ARIZONA (July 20, 2017) – Recent transactions closed by NAI Horizon brokers in Phoenix.
Sales transactions:
Russ Warner and Andrew Warner negotiated the sale of a 41.85-acre RV Resort, representing the seller, PVC Properties, Corp., for $34 million. The property is located at 400 N. Plaza Dr., Apache Junction, AZ.
Denise Nunez negotiated the sale of a 46,770-SF self-storage property, representing the buyer, Western Tucson, LLC, for $2.775 million. The property is located at 6459 E. Golf Links Rd., Tucson, AZ. Rein & Grossoehme represented the seller, T/F Limited Partnership, LLLP.
Isy Sonabend negotiated the sale of an 11,250-SF industrial property, representing both the buyer, EGV Associates, and the seller, Adam Garcia Properties, LLC, for $1.53 million. The property is located at 639 S. 54th Ave., Phoenix, AZ.
Rick Foss negotiated the sale of a 10,054-SF industrial property, representing both the buyer, McDowell Sonoran Holdings, LLC, and the seller, DJA Fiorano Holdings, LLC, for $965,000. The property is located at 5230 S. 39th St., Phoenix, AZ.
Denise Nunez negotiated a land sale for a self-storage property, representing both the buyer, Waddell & Litchfield Self Storage Partners, LLC, and the seller, Levine Investments Limited Partnership, for $836,628. The property is located at 14120 & 14150 N. Litchfield Rd., Surprise, AZ.
Denise Nunez negotiated the sale of a 20,134-SF self-storage property, representing both the buyer, 603 Industrial Drive, LLC, and the seller, Kada, LLP, for $640,000. The property is located at 603 N. Industrial Dr., Camp Verde, AZ.
Isy Sonabend negotiated the sale of a 5,354-SF industrial property, representing both the buyer, Vanco, LLC, and the seller, PAZ Holdings, LLC, for $425,000. The property is located at 3919-3925 E. Miami Ave., Phoenix, AZ.
Lease transactions:
Horth Hong, Shelby Tworek, Chris Gerow, Gabe Ortega, and Patrick Anthon represented the landlord, Bridford Greensboro, LLC, in a 126-month lease for 10,603 SF at 4716 E. Thunderbird Rd., Phoenix, AZ. Judi Butterworth of ORION Investment Real Estate represented the tenant, Salon Suite III, LLLC.
Chris Gerow, Shelby Tworek, Gabe Ortega, and Patrick Anthon represented the tenant, Modern Warrior Pro, LLC, in a 60-month lease for 1,240 SF at 6501 E. Greenway Pkwy., Scottsdale, AZ. James DeCremer of Strategic Retail Group represented the landlord, LIPT East Greenway Parkway, LLC.
Thomas Bean and Stan Matzinger represented the tenant, Dr. Ludu and Sr. Sharma, in a 12-year lease of 1,360 SF at the NWC of Dove Valley and North Valley Pkwy., Phoenix, AZ. Cameron Warren of Phoenix Commercial Advisors represented the landlord, Canyon Crossroads Retail, LLC.
Mark Wilcke represented the landlord, ICC Tempe, LLC, in a 63-month lease of 8,372 SF at 2515 W. Erie Dr., Tempe, AZ. Susan McCall of RE/MAX Alliance Group represented the tenant, Arizona Auto Resource, LLC.
John Filli represented the tenant, Salus Medical, LLC, in a 60-month lease of 6,732 SF at 2202 West Lone Cactus Dr., Phoenix, AZ. Bob Deininger of Commercial Properties, Inc., represented the landlord, DRD Properties, LLC.
Thomas Bean represented the tenant, Ewing Foley, Inc., in a 65-month lease of 2,655 SF at 4720 E. Cotton Gin Loop, Ste. 132, Phoenix, AZ. John Cerchiai and Spencer Nast of Lee & Associates represented the landlord, Development Services of America, Inc.
Sharon Reeves represented the tenant, Renew Sleep Solutions, Inc., in a 60-month lease of 2,216 SF at 5410 N. Scottsdale Rd., Scottsdale, AZ. Bill Cook of Plaza Companies represented the landlord, Bayport PV Associates, LP.
Thomas Bean represented the tenant, US Health Group, in a 44-month lease of 4,785 SF at 4747 N. 7th St., Phoenix, AZ. Michael Crystal, Emily Currie and Joe Vale of Newmark represented the landlord, Fenway XV, LLC.
Tyler Smith represented the landlord, SWRE DEAL V BUILDING, LLC, in a 63-month lease of 2,544 SF at 1850 N. 95th Ave., Phoenix, AZ. Justin Himelstein of Cushman & Wakefield represented the tenant, Empire West Title Agency, LLC.
Mark Wilcke represented the landlord, Goldberg Family Trust, in a 36-month lease of 2,800 SF at 8222 N. 67th Ave., Glendale, AZ.
Thomas Bean represented the tenant, FIT Electronics, Inc., in a 64-month lease of 1,686 SF at 4001 E. Mountain Sky Ave., Ste. 206, Phoenix, AZ. Kathleen Morgan and Trisha Talbot of Newmark Grubb Knight Frank represented the landlord, Burt E. Fugate.
Laurel Lewis represented the tenant, Schubach Enterprises, Inc., in a 39-month lease of 866 SF at 7150 E. Camelback Rd., Scottsdale, AZ.
Thomas Bean represented the landlord, Alice Avenue, LLC, in a 48-month lease for 1,370 SF at 1110 E. Missouri Ave, Suite 850, Phoenix, AZ. Sue Bentley of Coldwell Banker represented the tenant, Bentley Real Estate Group, Inc.
Rick Foss represented the landlord, Friedman Anthem, LLC, in a 37-month lease for 5,400 SF at 42302 N. Vision Way, Suite 108, Anthem, AZ. Enza Ciolino of DL Jones and Associates represented the tenant, Wyman Plumbing and Mechanical, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, CP6SW, LLC, in a 36-month lease of 1,368 SF at 1949 W. Ray Rd., Chandler, AZ. Lynn Lin of Eclat Real Estate represented the tenant, I Roll Thai Ice Cream, Inc.
Rick Foss represented the landlord, Friedman Anthem, LLC, in a 42-month lease for 1,153 SF at 42302 N. Vision Way, Anthem, AZ.
by Peter Madrid | Jul 20, 2017 | News & Updates
PHOENIX, ARIZONA (July 20, 2017): NAI Horizon Senior Vice President Denise Nunez negotiated the $640,000 sale of a self-storage facility at 603 N. Industrial Dr., in Camp Verde, Ariz.
Nunez represented both the seller and the buyer. Kada LLP of Arizona sold the 20,134-square-foot, 176-unit facility, Anchor Mini Storage, to 603 Industrial Drive LLC, a regional self-storage operator.
“This is a 32-year-old, market-established, mom-and-pop operation that will benefit from a buyer who will make some improvements to the site as well as implement a marketing strategy to include a website presence,” Nunez said.
“Camp Verde is one of those sleeper communities that is turning the corner with new retail planned and infrastructure improvements to support expected growth,” Nunez said.
Anchor Mini Storage sits on 2.38 acres in Camp Verde. Besides the sale of Anchor Mini Storage, the deal included a ground lease with United Parcel Service, Inc.
by Peter Madrid | Jul 13, 2017 | News & Updates
TEMPE, ARIZ. (July 13, 2017) – Fidelity National Title Agency, a national leader in title insurance and real estate services, has hired Mary Schroeder as a Sales Executive.
Schroeder will be responsible for building new relationships within the real estate community with a particular focus on Central Phoenix and the Southeast Valley.
She brings her extensive experience in big-business sales into individualized consulting to help local real estate agents find additional opportunities for success.
“Mary possesses an incredibly comprehensive skill set built over her 20 years in B2B sales,” said Sharon Terhune, Vice President and Residential Sales Manager at Fidelity National Title Agency. “Her professional demeanor and can-do attitude make her a refreshing addition to our team. We’re excited to see the growth she can bring to Fidelity.”
Schroeder graduated from Sacramento State University, earning a degree in business administration with a concentration in marketing. She is active with the Assistance League of Phoenix.
Her past experience is in sales, most recently office supplies at Claridge Products. She was the top sales person at Claridge for four years (2013-2016). Schroder also worked at Scottsdale-based Esselte Corporation and Landiscor Aerial Information.
Schroeder was born and raised in Santa Rosa, Calif. She and her husband Tom have two sons, ages 18 and 17. In her free time, she enjoys painting, refinishing furniture, hiking, skiing, and spending time with her family and friends.
by Peter Madrid | Jul 11, 2017 | News & Updates
PHOENIX, AZ (July 11, 2017) – Bascom Arizona Ventures (Bascom Group) completed the $71.5 million sale of Arcadia Cove Apartments in Phoenix, commanding $165,509 per unit.
Arcadia Cove, built in 1996, is located at 2252 N. 44th St., and comprises 432 units. Bascom Arizona Ventures purchased the property in June 2013 for $40.725 million ($94,270 per unit).
Bascom made a substantial financial investment in renovations at Arcadia Cove. Exterior upgrades were performed on the pools and spas. Misters were added to the pool area, as were barbecue pits, outdoor television monitors, and Wi-Fi connection.
Upgrades featured a fitness room, an Internet café, and a clubhouse with iPads stations. Interior upgrades included two-tone paint, new cabinetry, granite countertops, energy-saving stainless steel appliance packages, modern light fixtures, vinyl plank flooring, and ceilings fans. The amenities brought the community up to modern design.
MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Arcadia Cove is one of the multifamily projects for which MEB has provided property management.
“The management and leasing team at Arcadia Cove was outstanding,” said Mark Schilling, Senior Vice President of Operations and Principal of MEB Management Services. “Vice President of Operations Dalia Bureker and her team did a great job the past four years providing exemplary property management service.”
The buyer was BH Equities of Des Moines, Iowa. Bascom was represented by Cindy and Brad Cooke of Colliers International.
by Peter Madrid | Jul 10, 2017 | News & Updates
PHOENIX (July 10, 2017) – It was an evening of celebration recently as the NAIOP Arizona Developing Leaders Young Professionals Group (YPG) Mentor Program hosted graduation for the 2016-2017 class at Andaz Scottsdale Resort & Spa.
Mentors and protégés gathered in a private dining room for a reception, presentations, and a dinner. The 15 protégés, grouped into four teams, pitched development proposals on Phoenix Trotting Park, the long-abandoned horse racing track along I-10 and the Loop 303 in Goodyear (1068 N. Cotton Lane).
All the projects focused on an industrial development that included multiple buildings ranging from 100,000 SF to 1 MSF. The teams presented market analysis statistics, architectural site plans, market studies and marketing plans, construction budgets, and exit strategies to the judges.
State 48 took home first-place honors. Team members were Sean Sheppard of Seefried Properties, Serena Wedlich of CBRE, and Joe Charles of JLL.
The I-10 frontage road and surrounding development was a selling point for e-commerce and manufacturing users.
“All four groups presented compelling projects – each with its own take on the best opportunity to meet tenant demand and maximize investor returns,” said Larry Pobuda of Opus Group, NAIOP Arizona Chairman and one of the three judges. “Candace Rosauro and Billy Cundiff did a terrific job in coordinating this year-long program. It was obvious that the mentors provided meaningful guidance while the mentees sunk their teeth into all of the possibilities that this site offers.”
This year’s other two judges were Jim Wentworth Jr. of Wentworth Property Company and Jenna Borcherding of JLL.
“Our goal is to provide the tools and platform for young professionals to go through the development process from start to finish,” said YPG Chair Candace Rosauro of Jokake Construction. “More importantly, it forges bonds with their teammates and mentors they know they can call on throughout their career.”
Applications for the 2017-2018 NAIOP YPG Mentor Program will be available in August. All NAIOP members who are age 35 or under qualify to participate in the Developing Leaders program, whether they joined through the DL membership category or as part of a corporate membership.
by Peter Madrid | Jul 6, 2017 | News & Updates
PHOENIX, ARIZONA (July 6, 2017) – The largest recreational vehicle park in Apache Junction, Ariz. – Lost Dutchman RV Resort – recently sold for $34 million ($46,575 per space).
Russ and Andrew Warner of NAI Horizon’s Manufactured Housing Group represented the seller, PVC Properties, Inc., of San Diego, a California corporation, in the transaction.
Lost Dutchman RV Resort, 400 N. Plaza Dr. in Apache Junction, comprises 730 spaces, more than 93 percent of which are occupied by permanently affixed, park model homes.
“The strong pricing of the gated park is a tribute to the seller’s success in creating a sense of community for the residents,” Russ Warner said. “The resort’s high occupancy and an unusually small number of for sale signs in the park are reflections of their efforts.”
Amenities of the park include a guard-gated entrance; two swimming pools, a Jacuzzi, a large recreation building and social hall for meals, dances, and entertainment; and exercise and arts and crafts rooms.
The principals of the buying entity, Spear Group, LLC, of Arizona City, Ariz., own nearly 2,400 RV and mobile home spaces in Arizona.
by Peter Madrid | Jul 5, 2017 | News & Updates
PHOENIX, ARIZONA (July 5, 2017): NAI Horizon negotiated a long-term retail lease on behalf of the landlord for American Freight Furniture at Bell Tower Village, 4913 W. Bell Rd., in Glendale, Ariz.
The NAI Horizon retail properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek and Gabe Ortega and Associate Patrick Anthon represented New Bell Tower, LLC, of Greenwood, Colo., in the transaction that totaled $1.266 million.
American Freight Furniture, a discount furniture and mattress retailer, will occupy 25,700 square feet at Bell Tower Village. Anchors at the neighborhood center include Walgreen’s, Harbor Freight Tools, and Planet Fitness.
“The new owners have been investing a substantial amount of money to rehab this center,” Tworek said. “The vision of the center was to take the failed restaurant concept and then combine the adjoining vacant space to create a mini-major space which was the original design of the shopping center.
“We were fortunate to come to terms with a furniture store that has 140 locations nationwide. That will help generate additional traffic into the shopping center and benefit co-tenants as well as the neighborhood,” Tworek said.
The tenant, American Freight of Tennessee, LLC, is from Delaware, Ohio.
by Peter Madrid | Jun 21, 2017 | News & Updates
Westin hotel, stores, dining, entertainment venues to repurpose factory outlet site
PHOENIX (June 21, 2017) – Sedona Vista Village is set to transform the faltering 90,000-square-foot Sedona Village Factory Outlets with a renovation and by adding the town’s first Westin hotel to anchor the newly purchased 9-acre development located on SR 79 in the Village of Oak Creek, known as the gateway to Sedona.
The new owners of Sedona Vista Village will be demolishing a portion of the existing buildings on the north end of the property to make room for the hotel, Element by Westin. The three-story, nearly 120-room hotel, which is scheduled to open in late 2018, will include a pool, workout room and conference room.
Element by Westin is the latest boutique hotel offering by Starwood Hotel & Resorts, a subsidiary of Marriott International, Inc. The rooms are designed as free-flowing space, some with kitchenettes, that can be customized by guests to meet their needs. In addition, the hotel contributes to sustainability efforts through paper recycling bins in each room, recycled materials in carpets and low VOC (volatile organic compounds) interior paints.
Marty Aronson, head of Sedona Pine Tree Ventures, LLC, purchased the property in February from Oak Creek Development, LLC. A part-time Sedona resident, Aronson recognized the potential of the factory outlet location, which is one of the first retail developments visitors pass along SR 179 when traveling from the I-17 to the Village of Oak Creek and Sedona.
“With Element by Westin and our planned renovations, we are bringing new life to Sedona Vista Village, making it highly attractive to tourists and locals alike, by offering a unique vacation, dining, shopping, and entertainment experience in a prime location,” said Aronson. “We’ve begun making design decisions, and soon residents will see first-hand the benefits of our investment and the site improvements.”
The three existing retail buildings on the remaining 50,000 SF to the south will be renovated to complement the aesthetic of the hotel and will be available for retail use. Current tenants Famous Footwear, Tuesday Morning, L’eggs•Hanes•Bali•Playtex, and Kitchen Collective will remain. All surrounding storefront space on the south side is available immediately for lease.
The chief leasing agent for Sedona Vista Village is Jack McMahon of John D. Miller Commercial Real Estate Services, Inc., in Sedona. For more information on Sedona Vista Village visit johndmiller.com, or contact McMahon at 928-224-2709 or at jack@johndmiller.com.
