MESA, AZ-A Southern California seller has unloaded the 30-unit Woodridge Apartments to a Phoenix buyer for $700,000, which breaks down to $23,333 per unit. The investor, 2259 West Ella, LLC c/o Desert Value Partners, takes on the 1980s complex as a value-add play, with plans to extensively remodel and reposition the asset.
The property is located at 2259 West Ella Ave., within walking distance to the Metro light rail on Main Street. Access to the Pima Freeway is few blocks to the west.
Brian Tranetzki and Rich Butler, multifamily investment specialists with Marcus & Millichap Real Estate Investment Services’ Phoenix office had the exclusive listing to market the property on behalf of the seller, a private real estate investor. The buyer was represented by Ryan Ash and Mike Woodrick of Apartment Realty Advisors’ Phoenix location.
“Woodridge Apartments is within close proximity to downtown Mesa which boasts an approximate 7,000 employee work force carrying an economic impact of $2 billion annually. Woodridge is a true value-add deal and will undergo extensive remodeling to reposition the asset to take advantage of the strong economic drivers within the submarket,” Tranetzki says in a press release.
- 5th & Camelback LLC of Denver acquired the 24-unit Mariposa Park Apartments at 529-530 E. Mariposa St. from Phoenix Fund IPIRG LLC of San Diego. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented the buyer and the seller in negotiating the $800,000 sales transaction.
- Drs. Victor Kissil and Shailaja Gunnala purchased a 4,890-square-foot medical office condo at Deer Valley Professional Park, 20045 N. 19th Ave. for $342,300. Tom Weinhold and Sharon Cinadr with Cassidy Turley Arizona’s Healthcare Practice Group represented the buyers. The buyers are relocating their OB-GYN and internal medicine practice to the 19th Avenue building. The seller was Hanover Jacor Deer Valley LLC, represented by Charles Billingsley, PC.
- Academy Sports and Outdoors acquired seven acres at the new Highlands Plaza to open a new store. The center is located at the southeast corner of Farm-toMarket 407 and Chinn Chapel Road, across from the Shops at Highland Village and Chinn Chapel Glasa Soccer Complex. Highlands Plaza is being developed by Hermansen Land Development Inc. Leasing is underway for additional retail space and restaurant pads. The small shop space and the Academy Sports are under construction and will be completed in fall of this year. Easley Waggoner Jr. of Venture Commercial, along with Lee Loftis of SRS Real Estate Partners and Frank Bullock, represented the seller. Ken and Scott Espensen of Espensen Commercial Realty represented the buyer.
- ND Medreal acquired eight acres at Coit Road and SH 190/President George Bush Turnpike. Stephen Rury of Dominus Commercial, Inc. represented the buyer. David Schnitzer of Venture Commercial represented the seller.
- Connect Hearing renewed a 2,846-square-foot lease at Park Center Shopping Center, 1730 W. Randol Mill Rd. Christopher Mendez with SCM Real Estate Services represented the landlord in this transaction.
- Dollar Tree leased 10,000 square feet at 4350 Little Rd. near the intersection of Interstate 20 and US 287. Dave Carter and Christopher Gibbons of Venture Commercial represented the landlord. Jim Weir of The Retail Connection represented the tenant.
Stream Realty Partners’ Matt Frizzell and Brad Philp represented landlords in the following lease negotiations:
- REDROC leased 3,791 square feet at Stratum Executive Center, 11044 Research Blvd. REDROC was represented by Max Appling with The Kucera Companies.
- Vista leased 4,146 square feet at Stratum Executive Center, 11044 Research Blvd. Vista was represented by Jason Steinberg and Patrick Ley with ECR.
- Pinpoint Strategies leased 6,605 square feet at Penn Field, 3601 S. Congress Ave.
In other Stream Realty Partners’ negotiations:
- VP Funding leased 1,993 square feet at Chase Tower, 221 W. 6th St. Kevin Granger and Matt Frizzell of Stream Realty Partners represented the landlord. VP Funding was represented by Bill Gump with Hill Partners.
- KBW leased 2,947 square feet Las Cimas II and III at 805 Las Cimas Pkwy. Kevin Granger and Brian Liverman of Stream Realty Partners represented the landlord. KBW was represented by Ted Doucet with Oxford Commercial.
- Norma’s Café leased a 3,884-square-foot space at The Centre at Preston Ridge shopping center. This will be the third North Dallas location for Norma’s Café and the first location in Frisco. Jason Puig with SRS Real Estate Partners represented the tenant in the transaction. Michael Watson with Brixmor represented the landlord, BRE Retail Residual Owner 1 LLC.
- Crane Worldwide Logistics, LLC leased 150,000 square feet of office/warehouse space at 6501 Navigation from landlord GSL Navigation SUB 34 LLC. James E. Foreman and Louis “Beau” Kaleel with Cushman & Wakefield of Texas Inc. represented the landlord in the negotiations. Ed Frantz and Kevin Kushner of CBRE represented the tenant.
- Dickson Furniture leased 94,000 square feet at 6000 S. Loop E. from landlord CYNJAI Investments Inc. Greg Barra & David Munson of Boyd Commercial/CORFAC International represented the landlord. Mark Lehman of Newmark, Grubb, Knight, Frank represented the tenant.
- Future Petroleum renewed and expanded for a total of 6,651 square feet at the 1455 West Loop building. Kevin Nolan and Bob Cromwell of Moody Rambin Interests represented the building owner, Koswood Investments. Charles G. Fertitta, Jr. with Colliers International represented the tenant in negotiations.
- GHEP Medical Investment Group LLC renewed and expanded for a total of 15,068 square feet at the 211 Highland Cross building. Terri Torregrossa of Moody Rambin Interests represented the building owner, Greenbriar Land Company Ltd.
- Lifetime Homecare Services LLC leased 2,165 square feet at 1500 S. Dairy Ashford. Philip Armes and Craig McKenna of Stream Realty Partners represented landlord Ashford-Houston Investment Co LLC. Lifetime Homecare Services was represented by Sam Njunuri of Fortune Investment.
- Rusty Barn, a new upscale burger bar, leased 1,800 square feet at Richardson Heights Shopping Center, Belt Line Road and US 75/North Central Expressway. Tyler Isbell with SRS Real Estate Partners and Frank Bullock with Revere Commercial represented the landlord, Hartman Income REIT.
Texas Air Systems Inc. leased 14,280 square feet at Corporate Business Centre, 12650 Directors Dr. Jim Autenreith of Moody Rambin Interests represented the tenant in negotiations and Tommy R. Herring with O’Connell Realty Management & Construction, Inc represented the landlord.
- Ed Pachecano joined Bradford Commercial Real Estate Services as senior vice president and managing partner in the wake of the merger between CASE Commercial and John Bowles Co. (JBC), where he started as an intern and rose to managing director. Pachecano will partner with Bradford senior vice presidents, Sharon Friedberg and Melanie Hughes, one of the top-producing office leasing teams in Dallas/Fort Worth. Pachecano’s new role also includes strategic planning and recruiting brokers for the office group.
- CBRE promoted Russell Janicek to the position of vice president. Janicek provides retail tenant representation for local and national retailers. Janicek joined the firm in 2005 and has a Master of Land Economics & Real Estate (MLERE) from Texas A&M University’s Mays Business School.
- CBRE also promoted Brandi Dees to first vice president with the retail brokerage services team. Dees’ primary focus is on corporate dispositions, tenant representation and land sales.
- Mike Bowlin joined Moody Rambin as property manager for the Office Services Property Management Group, where he will specialize in the operations of retail and industrial properties within the property management group. Prior to joining Moody Rambin, Bowlin served as the director of property management for Fredricks Commercial Management where he oversaw a portfolio of retail, industrial and office properties. Bowlin began his career as an assistant operations manager at Hines in ’82 where he oversaw property management and tenant improvement modifications in the newly constructed Galleria in Dallas.
- Nuance Stone joined NAI Houston as creative director, where she is responsible for the creation and design of marketing collateral and maintaining the company website.