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Telgian Grows in Fire-Prone Phoenix

31 Jul 2015, 3:41 pm

By Liviu Oltean, Associate Editor

Telgian HQ

Telgian HQ

An independent fire protection services provider with a long history and presence in the Valley of the Sun has decided that it’s time to expand. Telgian Inc. recently closed on the acquisition of the 40,650-square-foot Phoenix Tech Center in Phoenix, Ariz., which will serve as the company’s headquarters.

The building is located at 10230 S. 50th Place and was acquired for $3.65 million through a 1031 exchange. Prior to the acquisition, Telgian sold its previous headquarters located at 2615 S. Industrial Park Ave. to Medone Healthcare, LLC for $1.54 million.

CBRE has helped both in the acquisition of the new location and in the disposition of the former headquarters. The CBRE team that worked on behalf of Telgian consisted of Cooper Fratt, John Wrestler and Jerry McCormick.

“Telgian is an industry leader and was in need of a larger facility due to growth the company has experienced in recent months,” Cooper Fratt of CBRE, said in a prepared statement. “Given the current supply of available product on the market, it was a challenge to line up the timing of both transactions. However, we were able to overcome those challenges. The Phoenix Tech Center facility fits all of Telgian’s expansion needs and will also accommodate additional growth into the future.”



Thrivent Lends a Helping Hand in Phoenix

31 Jul 2015, 3:20 pm

By Liviu Oltean, Associate Editor

NorthMarq Capital’s regional offices of Phoenix and Los Angeles have recently arranged a $10.4 million refinancing for Building II and III of the Weststate Arizona Commerce Center in Phoenix, Ariz.

Weststate Arizona Commerce Center

Weststate Arizona Commerce Center

NorthMarq Capital’s James DuMars and Michael Elmore secured the refinancing on behalf of the borrower, EJM Development Co. The loan was obtained through Thrivent Financial and structured with a 10-year term and a 30-year amortization schedule. The loan has an interest rate below 4 percent and a 70 percent loan-to-value ratio.

Located at  825 North 73rd  Ave. and 7225 W. Roosevelt St., the center consists of three buildings totaling more than 380,000 square feet of industrial space.

EJM Development and Thrivent have had a long-standing work relationship, according to James DuMars, senior vice president & senior director of NorthMarq Capital’s Phoenix office. “We introduced these parties nearly 20-years ago and have arranged nearly 20 transactions between them during that period. Some of these transactions were during the height of the financial crisis as Thrivent never left the market.”

Image courtesy of EJM Development 



State-of-the-Art Building in Phoenix under New Ownership

31 Jul 2015, 8:09 am

By Liviu Oltean, Associate Editor

A state-of-the-art office, showroom and warehouse building has changed ownership with the help of Colliers International of Greater Phoenix.

Facilitec

Facilitec

Theory R. Properties LLC of Southern California acquired the 63,400-square-foot building located at 4501 E. McDowell Road in Phoenix. The asset, which currently houses Facilitec Inc., was purchased for $5.9 million through a 1031 exchange transaction.

Marc Bonilla, a vice president in Colliers’ Scottsdale office, represented the seller, King Ranch Properties II, LLLP. This is Bonilla’s second deal involving the asset, after selling the Facilitec building to King Ranch back in 2003. Mike Milic, vice president in Collier’s Scottsdale office, represented the buyer.

“We successfully navigated through a disposition strategy with multiple moving parts while the market fundamentals strengthened in the net lease sector. At the same time the long-standing tenant recommitted to a 12.5 year absolute NNN lease,” said Bonilla in a prepared statement.



Scottsdale Community Taken Off the Market

30 Jul 2015, 10:39 am

By Liviu Oltean, Associate Editor

An investor with extensive knowledge of the Phoenix metro area has recently closed on the 160-unit Morningside Apartment Homes community in Scottsdale, Ariz. The deal was announced by ABI Multifamily, a dedicated multifamily brokerage and advisory services firm.

Morningside Apartment Homes

Morningside Apartment Homes

The apartment community is located within the North Scottsdale submarket at 10455 East Via Linda Road, and features one-, two-, and three-bedroom apartments with a weighted average size of 1,019 square feet. The community was acquired by Santa Monica-based Wood River Properties for $28 million. The ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Dough Lazovick and Eddie Chang represented both the buyer and the seller, FSC Realty of Beverly Hills, CA. Under the previous ownership, the community underwent a $600,000 capital improvement plan.

“The acquisition of Morningside offers them (Wood River Properties) an extremely low density, best-in-class, stable asset, with the additional upside of completing the balance of the interior renovations, as well as significant redevelopment upside should the landsite at Morningside ever build-out to its existing, high density, R-5 zoning designation,” Alon Shnitzer, senior managing partner at ABI, said in a prepared statement.

Image courtesy of Yardi Matrix



Phoenix Economy Takes Flight

27 Jul 2015, 11:44 am

By Liviu Oltean, Associate Editor

Greater Phoenix Economic Council

The Valley of the Sun is set for an economic boon next year as the Greater Phoenix Economic Council (GPEC) announced that it has managed to help more than 30 companies expand throughout the fiscal year ending June 30th.

These companies are expected to add more than 6,200 jobs during their first year of operations, more than half of which will be high-income, with an average salary of almost $70,000.  The firms that have moved recently in the Valley are varied and span across multiple industries such as tech,  financial services and manufacturing:

  • Zenefits is a tech company that automates and eliminates time-consuming paperwork for small and medium-sized businesses. The firm leased 94,000 square feet of space in the Scottsdale Galleria Corporate Center, which marks the largest expansion from a California-based tech company since PayPal’s relocation in 2010.
  • Northern Trust announced its expansion in Tempe at the beginning of 2015 by unveiling plans to open a new center, which is expected to house over 1,000 full-time employees over the next three years.
  • IRIS USA is a manufacturer and distributor of consumer plastics and a subsidiary of Sendai, Japan-based IRIS Ohyama Inc. The firm announced its expansion in Surprise, Ariz., where it will occupy a 280,000-square-foot, mixed-use facility.

“This year we saw an increase in the number of high-quality, high-wage jobs GPEC is bringing to the region,” Chris Camacho, president & CEO of GPEC, said in a prepared statement. “Our communities’ mayors and their economic development teams do a tremendous job showcasing the business-friendly climate and deep talent pool that makes Greater Phoenix a top choice among leading companies to grow their operations.”







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