CORFAC News

24 Apr2019

Commercial Properties Inc./CORFAC International Announces $8.6 Million in 1Q19 Sales for Jaffe/Griswold Team

Commercial Properties, Inc./CORFAC International, Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce $8.63 million in total sales activity for the Andy Jaffe and Rex Griswold team in the first quarter of 2019. Activity in the Phoenix market is strong and opportunities for users and investors supported by positive returns and growth continue to fuel demand in the Phoenix market.  

Just north of Falcon Field Airpark (shown above), the Jaffe/Griswold Team represented the seller, 3450 N Higley LLC, and completed a brand new ±22,000 build-to-suit warehouse. Andy Jaffe commented, “This facility was specifically built to meet the unique needs of the buyer, One Properties of Arizona, LLC. They needed fully air-conditioned warehouse space, heavy power and electrical drops for their equipment, in addition to additional office space.” The building is located just south of the Red Mountain Loop 202 on the southwest corner of Higley Road and Longbow Parkway at 3228 N Higley Road in Mesa. It just sold for $3,512,000 ($159.18 PSF).

Demand for entitled properties and opportunity zoned sites attracted AEI Arizona OZ Fund, LLC, to purchase five subdivided lots totaling nearly 10 acres for $2,856,000. The lots are located at South 71st Street near Phoenix-Mesa Gateway Airport. Andy and Rex represented this buyer and are working with their client on the proposed use. Andy commented, “The plan is to utilize three sites for two 24,000 square foot multi-tenant industrial properties. The remaining sites will be developed with a strong focus on retail. We are hopeful through our efforts to retain the leasing upon completion of this project.”

Thirty minutes south of Phoenix in Casa Grande, St. John the Baptist Orthodox Brotherhood needed help with an extensive search for land to develop into a multi-use property to serve the Brotherhood's long-term goals and needs. Andy and Rex represented them and ultimately identified an 80-acre site in Casa Grande near the I-10 freeway. “With our team’s advisement, along with the help of the city of Casa Grande, we were able to get this property permitted for their specific use,” stated Griswold. St. John the Baptist Orthodox Brotherhood acquired the site for $570,000.

Representing the seller, Louis Greco, in the sale of his 2.13 acre land site, Jaffe and Griswold enlisted the help of Ken Elmer from CPI’s Scottsdale office to find the buyer. Located at 7545 E. Broadway Road in Mesa, the local investor, Bella Beats, LLC purchased the site for $449,000 ($4.82 PSF) to be used for a proposed medical building.

In Falcon Field Airpark, LEMAC Aviation, LLC purchased hangar rights for a 3,755 square foot office/hangar built on city of Mesa leased land at 4542 E. McKellips Road. The team was helpful in representing both parties, having had extensive experience completing hangar sales transactions at Falcon Field Airpark. “This property offered an ideal location for LEMAC Aviation with a remote controlled 16-foot hangar door, a high-end furnished office with 2 bathrooms and a shower,” stated Griswold. The hangar was purchased for $365,000 ($97.20 PSF) along with a land lease with the airport.

East of Falcon Field Airpark, Extra Mile Auto Care, LLC exercised their option to purchase a ±7,965 industrial/automotive building with a ±11,235 SF gated yard industrial building with gated yard and paint booth at 8219 E. Main Street in Mesa. Jaffe and Griswold represented the owner and the tenant in this transaction which closed for $589,000 ($73.95 PSF).

An hour and a half north of Phoenix, Jaffe and Griswold represented the seller, Siegel Robert M Trust, with the help of a local broker, Lori Coleman of Bishop Real Estate Company, to sell a former medical facility in Payson, Arizona. The ±5,772 square foot medical office building is located  at 112 W. Cedar Lane right off Bee Line Highway 87 in the heart of downtown Payson. The buyer, Gila County, was represented by Berkshire Hathaway and purchased the building for $289,000 ($50.07 PSF) for the purpose of moving the Probate Division into the space.      

For additional information, please contact Andy Jaffe at ajaffe@cpiaz.com or Rex Griswold at rgriswold@cpiaz.com.

About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 55 brokers and occupies two offices locally. Currently, CPI's listings include over 21.6 million square feet for sale/lease, and 197 projects under property management, totaling over 11.6 million square feet. Please visit our website at www.cpiaz.com.

 

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CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 49 offices in the U.S., 5 in Canada and 17 in international markets, including Australia, Colombia, France, Germany, Ireland, Israel, Italy, Japan, Mexico, Netherlands, Romania, Russia, South Korea, Switzerland and the United Kingdom. CORFAC offices completed more than 10,000 lease and sales transactions totaling 620 million square feet of space valued in excess of $8.2 billion in 2018.