PHOENIX- Seattle-based Goodman Real Estate acquired two distressed multifamily properties from Newport Beach, CA-based Sabal Financial Group, with plans to upgrade them and add them to the area rental pool. Upon closing, Goodman Real Estate claimed Colbalt, for which it paid $5.6 million, and Indigo, which went for $4.2 million.

Cobalt, at 32^nd Street and Union Hills, is a gated Class A multifamily property that includes 24 completed units and land for a 66-unit expansion. Indigo is a fractured Class A condominium asset totaling 30 units at 16160 S. 50th St. near Interstate 10 and Chandler Boulevard in Ahwatukee. Seventeen of Indigo's units were previously sold as condominiums. The new owner is pursuing acquisition of these sold units as part of its de-fracturing strategy. Indigo also has infrastructure in place to build an additional 78 units. In the coming months, Goodman plans to begin construction on the outstanding units at both Cobalt and Indigo.

“The recession stopped many local multifamily and condo construction projects in their tracks, and some of these distressed sites have been sitting, unfinished, for years,” says Jones Lang LaSalle Executive Vice President John Cunningham in a press release. Cunningham teamed with JLL vice president Charles Steele to represent Sabal Financial Group, which specializes in the acquisition of distressed real estate loans and bank credit advisory services.

“As our market fundamentals improve, we're seeing properties like Cobalt and Indigo come under new ownership, gaining the capital resources they need to transition from a community eyesore to a completed, active rental complex. It is a very positive trend,” Cunningham adds.

According to JLL, average occupancy for Phoenix class A multifamily space experienced a steady rise in 2012, reaching between 90% and 95% occupancy at year end and continuing that positive performance into 2013.

“Market fundamentals support the completion of both Cobalt and Indigo,” Steele says. “By completing these projects, the new owner will build value at both sites, further demonstrating the strength of Phoenix's economic recovery.”

ACQUISITIONS/DISPOSITIONS

ARIZONA

Mesa

• Clear Sky Capital CCG LP acquired the 68-unit, 2.4-acre Country Club Greens at 350 W. 13th Place from California Bank & Trust. David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona's Multi-Family Group brokered $4 million transaction.

Phoenix

• Locally based 608 Missouri LLC bought a 6,563-square-foot multi-tenant office building at 608 E. Missouri Ave. for $625,000. Chris Ackel of CBRE's Phoenix office represented the buyer. The seller, Pastrone 1982 Declaration of Trust of Los Gatos, CA, was represented by Jim McCabe of Realty Executives Paradise Valley in Phoenix. Plans call for the owner, doing business as Golden Valley Property Management, to occupy 60 percent of the building, keeping the two existing tenants and offering the balance for lease.  CBRE's Ackel has been hired to market the vacant 1,061-square-foot suite.
• BASIS Schools Inc. of Scottsdale, AZ acquired the 65,900-square-foot, class C Mosaica office building for $2 million from Educational Facilitates Acquisitions LLC. Eric Wichterman and Mike Coover with Cassidy Turley Arizona tamed with Terry Warren of Arizona Charter Commercial Realty to negotiate the sale of the building at 10210 S. 50th Place.

• R&B Wholesale Distributors, Inc. bought a 48,294-square-foot warehouse facility at 353 North 44th Ave. Will Strong and Jim Wilson of Cushman & Wakefield's Phoenix office represented the seller, the Johnson Family, and procured the buyer in the $2.65 million transaction.

Tempe

• See Development of Newport Beach, CA purchased a 40,427-square-foot, two building, multi-tenant industrial property at 1721 W. 10th Place in Tempe for $2 million. Marc Tuite with Cassidy Turley's Industrial Group represented the buyer during the transaction. The seller, 10th Place Business Park LLC, was represented by Matt Fredrick with Lee & Associates.

 TEXAS

Benbrook

• The 4,871-square-foot Mont Del III Office Park at 6201 Southwest Blvd. has sold. Theron Bryant with SCM Real Estate Services represented the seller in this transaction and Michelle Hudson with Hudson Peters represented the buyer.

Houston

• 11510 S. Petropark LLC purchased a 12,000-square-foot building at 11510 S. Petropark.  The seller, Avinash Ayachit, was represented by John Ferruzzo and Nick Peterson of NAI Houston.
• Marion Montgomery Properties Inc. purchased the 19,006-square-foot office building at 1712 Pease St.  The property was listed for $4.8 million.  The buyer was represented by Sara McMurray of Sara McMurray Interests.  Ashley Yoder and Walker Ryan of Colliers International represented the seller, CAS Group LLC, in the transaction.

Rosenberg

• Occusoft sold a 12,000-square-foot building at 5311 Avenue N to an undisclosed buyer.  Taylor Schmidt and Keith Bilski of the Finial Group represented the Seller.

DEVELOPMENT

TEXAS

Cedar Park

• Cadence McShane Construction Co. has been selected by TIG Real Estate Services Inc. for the construction of the 27,500-square-foot Scottsdale Crossing Building One, a new light industrial/flex office building.               The speculative development is being constructed on an eight-acre site at 5900 Highway 183A within TIG's Scottsdale Crossing Commerce Park. The facility will be completed by this summer.

LEASING

ARIZONA

Phoenix

• Voxpop leased 2,800 square feet at 2141 E. Camelback Rd. Justin Himelstein and Jason France with Cassidy Turley Arizona's Office Tenant Representation group represented Voxpop. Judith Tucker with Camroad Properties represented the landlord, Two Corners Financial Group LLC.

TEXAS

Addison

• Pacific Northern renewed its 23,500-square-foot warehouse/distribution center at 3902 Linderbergh Dr. Bo Bond and Forshey Hoobler with Jones Lang LaSalle represented the tenant.

Bedford

• SCM Real Estate Services secured two new leases and three renewals for nearly one-third of the office space in a 70,949-square-foot suburban building acquired last year by its affiliate, SkyWalker Property Partners. The 23,091 square feet newly signed deals raise occupancy to 68% at 3301 W. Airport Fwy. Planning March move-ins are Arnold & Taylor, PC, an insurance agency, and CNK Architects, signing long-term leases for 2,445 square feet and 1,518 square feet respectively. The insurance company negotiated its lease directly with Efimoff.  Moore Matthews of KW Commercial represented the architectural firm.

Signing renewals were Allsectech Inc., 12,717 square feet; Joe Klimek Insurance (AFLAC), 5,115 square feet and Cobb, Fendley & Associates, 1,296 square feet. Allsectech negotiated directly with Efimoff. Michael Newsome of NAI Robert Lynn represented the insurance agency and Vincent Gyorgy of NAI Houston represented Cobb, Fendley & Associates Inc., a Houston-based engineering firm.

Carrollton

• Gerdau Ameristeel Corporation leased 126,161 square feet of industrial space at 1915 John Connally Dr. Jones Lang LaSalle Vice President Michael Haggar represented the tenant.   Cargill Inc. General Manager Mike Martin represented the landlord.
• Medimedia USA leased 21,175 square feet of warehouse and distributed space in Valwood Distribution Center, 2005 McDaniel Dr.  Jones Lang LaSalle's Russell Cosby and Forshey Hoobler represented the tenant.  Prologis First Vice President Reid Dunbar represented the landlord, Prologis Texas III LP.

Dallas

• Consumer Club renewed its 9,898-square-foot lease at One Graystone Centre, 3010 LBJ Fwy. (Interstate 635). Blake Shipley and Steven Kimosh with Jones Lang LaSalle represented the landlord, Younan Properties. Cresa Partners' Pamela Robison Mullins and Bret Hefton represented the tenant. 
• FAMSA Inc. has expanded into 9,133 square feet at 2727 LBJ Fwy. (Interstate 635).  Leasing Representative Jillian Brody negotiated the lease on behalf of Boxer Property and LSR Real Estate represented the tenant.
• M-M Properties has renewed its lease to Plaza Medical for a 4,848-square-foot space at the Plaza of the Americas in downtown Dallas.  Plaza of the Americas is at 600 - 700 North Pearl St. on the southeast corner of North Pearl Street and San Jacinto Street. Lee Loftis with SRS Real Estate Partners represented the landlord, M-M Properties in the transaction.
• Miller, Egan, Molter & Nelson LLP  leased 10,359 square feet at Park Place at Turtle Creek, 2911 Turtle Creek Blvd. James Esquivel and Jeff Eckert with Jones Lang LaSalle represented the landlord, Dividend Capital.  Cresa Partners' Terry Quinn and Susan Blair represented the tenant.
• M. Terry Enterprises extended its 6,308-square-foot office lease at Berkshire at Preston Center,  5950 Berkshire Lane Jeff Staubach and Conor McCarthy with Jones Lang LaSalle represented the tenant.  Duane Henley and Scott Walker with Transwestern represented the landlord, Heitman.

Grand Prairie

• McKim & Creed Inc. leased 4,253 square feet of industrial flex space in Carrier Place One, 1517 W. N. Carrier Pkwy. from Americo-Carrier LP. Will Dillard and Michael Spain of Bradford Commercial Real Estate Service represented the landlord. Jamie Galati of Jones Lang LaSalle represented the tenant.
• Protech Diamond USA Inc. leased 12,168 square feet of light industrial space at 1600 109th St. from Howard Bock. Will Dillard of Bradford Commercial Real Estate Services represented the tenant. Scott Voelkel of Foster & Co. represented the landlord.

Grapevine

• RIM Logistics leased 48,814 square feet of industrial space at Prologis  Northfield 6, 920 Minters Chapel Rd.  Forshey Hoobler and Michael Haggar with Jones Lang LaSalle represented the tenant.  NAI Robert Lynn's Rick Medinis represented Prologis.

Houston

• Account Collection renewed 14,078 square feet at the Woodchase Bldg II, at 3030 S. Gessner Rd. Griff Jaggard and Derek Beck of Moody Rambin Interests represented the building owner, PPBC #1, LP. Brett Blanchard with Fritsche Anderson Realty Partners LLC represented the tenant in negotiations.
• Automated Security Integrated Solutions leased 6,722 square feet at Gateway I, 3663 N. Sam Houston Parkway E. Brad Fricks and Philip Armes of Stream Realty Partners represented the landlord, Miranda Office Partners III LP. Jack Russo of Caldwell Cos. represented the tenant.
• Bass Computers signed a 55,967-square-foot lease renewal and expansion at 10558 Bissonnet. Graham Horton and David Buescher of Stream Realty Partners provided tenant representation for Bass Computers in the transaction. Rives Nolen negotiated for the landlord, EastGroup Properties LP.
• Earthworks Solution renewed 5,238 square feet at the Ashford 6 building, 1155 Dairy Ashford. Bob Cromwell and Kevin Nolan of Moody Rambin Interests represented the building owner, BRI 1851 Ashford, LLC. Randy Wilhelm with NAI Houston represented the tenant in negotiations.
• Enaxis expanded to 9,804 SF in 9 Greenway Plaza.  Enaxis was represented by Griff Bandy of NAI Houston.
• Fidelity Investments leased 16,300 square feet at High Street, 4410 Westheimer Rd. The landlord, Coventry III DIN CAL High Street, L.P., was represented by Chris Pitts of SRS Real Estate Partners. Colliers International's Marshall Clinkscales of the Houston office and Ted Chryssicas of the Boston office represented Fidelity Investments in the transaction.
• Mark III renewed 7,611 square feet at the 3600 Gessner building. Terri Torregrossa of Moody Rambin Interests represented the building owner, Plazer Properties, Ltd. Andy Iverson and Patrick Valentz with Jackson Cooksey represented the tenant in negotiations.
• Memco, Inc. leased 11,430 square feet at the 4280 Lockfield building. Jeff Barbles of Moody Rambin Interests represented the building owner, IVEST LP. Jim Autenreith with Moody Rambin represented the tenant in negotiations.
• Parker School Uniforms signed a lease for 67,000 square feet at 6300 West by Northwest.  Keith Bilski of the Finial Group represented the tenant and Dan Zoch of the Carson Cos. represented the Landlord.

Philip Armes and Craig McKenna of Stream Realty Partners represented landlord Aque Investment Group in the following  transactions at 17171 Park Row.

• Northwest Petroleum renewed a 3,010-square-foot lease. Travis Taylor of iCORE Global represented the tenant.
• Horizon Mud Co. leased 2,607 square feet in a direct deal.
• Cadac Organice Americas leased 1,414 square feet in a direct deal.

Paul Coonrod and Philip Armes of Stream Realty Partners represented landlord BRI 1844 St. James LLC the following lease renewals at  1717 St. James Place.

• INCA Refining renewed a 2,860-square-foot lease. Tommy Alexander and Warren Alexander of CBRE represented the tenant.
• BCS Prosoft renewed a 1,500-square-foot lease. Hugh Herman of Cushman & Wakefield represented the tenant.

Irving

• Family Entertainment Administrative Services leased 4,695 square feet of industrial flex space in Premier Business Center I, 3100 Premier Dr. from Michael Azarin. Jason Miller and James Kang with Bradford Commercial Real Estate Services represented the landlord. Donnie Rohde of Holt Lunsford Commercial represented the tenant.
• Investar Financial Services leased 22,503 square feet of office space at The Urban Towers, 222 W. Las Colinas Blvd. Alan Wood and Rachel Brown with Jones Lang LaSalle represented the tenant.  John Fancher with CBRE represented the landlord, Millennium Center LP.

Richardson

• Rogers-O'Brien Construction Co. leased 22,541 square feetof warehouse space in Kelly Industrial Building, 307 Hilltop Dr. from Cobalt Industrial REIT II. Michael T. Grant with Bradford Commercial Real Estate Services represented the tenant. Joshua Barnes of Holt Lunsford Commercial represented the landlord.

San Antonio

• River City Flooring LLC signed a 6,300-square-foot industrial lease at Metro Industrial Park, 3603-3645 Metro Pkwy. Jason Schnittger, senior vice president of Stream Realty Partners represented the landlord, RLA Advisors in the direct deal with the tenant.

EXECUTIVE MOVES

ARIZONA

Phoenix

• Gene Laramee has been promoted to director of Asset Services at CBRE. Laramee has more than 15 years of experience in third-party property management.  Since joining CBRE in 2000, he has supervised a significant portion of the firm's portfolio under management, including 4.2 million square feet of property. In his new role as director, Laramee's duties include supervision, training and motivation of staff, client relations and new business development.  Laramee attended Mesa Community College and Central Texas College where he studied business and personnel management, and he is currently pursuing a Real Property Administrator (RPA) designation.

TEXAS

Dallas

• Julie Hirschfeld has joined SRS Real Estate Partners as research consultant. She will support the Dallas brokers' transactions with geographic and market information, helping support local business development and collaborating with the national research team to further improve SRS products. Hirschfeld comes to SRS from Navigation Solutions where she was a GIS data coordinator. There, she used internal systems to edit points in the GPS system, Neverlost. Neverlost is used in all Hertz Rental Cars and Hirschfeld worked to maintain and update their database systems which included addresses, restaurants, hotels, and more.  Hirschfeld graduated from Arizona State University where she majored in geography and minored in sustainability.

Houston

• Adrian Ramirez joined NAI Houston as Associate.  Ramirez, a native of Mexico is fluent in Spanish and has lived in the South Texas border region for over 20 years. He received his degree in business from  Texas A & M University. Ramirez will focus on Industrial, Office and Retail properties. In other NAI Houston news, Clay Pritchett and Chris Kugle have been promoted to vice president.