Lee & Associates Arizona

Portland, OR-based Consumer Cellular leased 85,245 SF of back office space at Tempe Commerce Park, Bldg. F, 7410 S. Roosevelt St. in Tempe. The 8-year lease begins this spring and comprises the entire building footprint.

Arizona-based Av-Air, Inc. has hired Sun State Builders to construct its new 2-building, 162,500+ SF headquarters for a total project cost of nearly $15 million. The 6.17 acre parcel at 6877 W.

Gregg Kafka has been promoted to Associate at Lee & Associates Arizona. He was a Runner with The Coppola Cheney Group for 30 months and will now join the team as a broker.

Overton Moore Properties (OMP), a Gardena, CA-based development company purchased a 127,680 SF warehouse facility at Freeport Center, 420 S. 53rd Ave., Phoenix for $6.95M ($54.43 PSF). The price included a 2.09 acre site adjacent to the building.

The Valley office market continued its modest resurgence during the fourth quarter and is expected to make greater progress in 2014.

River Center, a 117,563 SF Whole Foods and Petco-anchored shopping center at 555 E. River Rd. in Tucson, has sold for $24,775,000. The sale posted a cap rate of 5.5%.

The Phoenix industrial market has rebounded well from its mid-year doldrums and has regained much of what was lost to round out 2013. The sector has yet to hit its full stride and there is growing optimism as to where it might be headed.

Two industrial buildings at 1868-1872 E. Broadway Rd. in Tempe, totalling 125,292 SF, have been sold for $3.6 million. The buyer was Hypertec Capital, LLC of Quebec, Canada.

A Southern California investment group with a growing portfolio of Valley properties, recently purchased a 64,375 SF manufacturing facility at 4039 E. Raymond St. in Phoenix for $2,895,000. Price per square foot was recorded at $44.97.

PHOENIX, AZ – Lee & Associates Arizona is pleased to announce the promotion of Matt McDougall to Principal.