Lee & Associates Arizona

A 25,570 SF industrial building at 1401 S. SIesta Lane in Tempe, sold for $2,150,000 or $84.08 per SF. Lee & Associates Broker Kurt Saulnier and Principal Ken McQueen worked both sides of the transaction.

A 10-year, 45,000 SF lease was signed at 2120 W. Guadalupe Rd., in Gilbert for $3,207,600. Paragon Vision Sciences, currently in Mesa, is the new tenant and will occupy half the structure which was built in 1995. Move-in is expected sometime in Q3 2015.

Lee & Associates Arizona is proud to announce the signing of a 12-year, 111,349 SF lease with The Home Depot USA, Inc. of Atlanta, GA. The back office building known as Tempe One is located at 1717 W. 16th St. in Tempe.

Santerra Apartments, a 128-unit multifamily complex at 3434 E. McDowell Rd., in Phoenix has sold to a California Investor for $5,807,500 or $45,371 per door. The sale closed, March 26th.

Fry’s Vineyard Plaza Shopping Center, located at Baseline Road and Country Club Drive in Mesa was sold to Barclay Group for $3,460,000. Fry’s Food and Drug anchors the property but was not a part of the sale.

The Phoenix industrial market continued to improve in the first quarter of the year, posting its lowest percentage vacancy (11.8%) since Q1 2008.

As the overall economy continues improving, the Phoenix office sector is experiencing strong momentum in a variety of different measurements. Office construction, sales velocity and rents are all on the rise; however leasing activity remains muted.

A 94,885 SF South Phoenix distribution building at 2021 E. Jones Ave. in Phoenix, sold for $5,125,000 or $54.01 per SF. The seller also negotiated a sale/leaseback term to occupy the facility for 16 months.

A Mesa-based offroad truck and SUV design and parts manufacturing company has signed for a 3-plus year lease at 308 S. Extension Rd. in Mesa. The property is comprised of a 44,004 SF and a 22,706 SF building.

Lee & Associates Arizona is proud to announce the three-office building leasehold sale of Papago Arroyo, 1255, 1275 and 1295 E. Washington St., Phoenix for $40,850,000. Combined, the buildings total 279,503 SF which calculates to $146.15 per SF.