Corridors Phoenix in Deer Valley sells for $21M

 

Cushman & Wakefield announced that Libitzky Property Companies of Emeryville, Calif. purchased Corridors Phoenix, located at 1925, 2001, 2075 and 2095 W. Pinnacle Peak Road in Phoenix, from Adler Realty Investments of Woodland Hills, Calif. for $21.17 million.

Bob Buckley, Tracy Cartledge and Steve Lindley with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller.

Corridors Phoenix is a four-building, single-story office campus totaling 164,437 square feet (SF). Located in the Deer Valley submarket, the property is currently 80 percent leased to a diverse tenant base including Mars Petcare, Amica Insurance and Belcan Engineering.

“Corridors has a strong tenant mix due to the quality of the property and its location in the dynamic Deer Valley area,” said Buckley. “This sale completes a successful investment for Adler Realty, and Libitsky can now realize investment upside through the lease up of the Corridors’ vacant space.”

Deer Valley is Metro Phoenix’s ninth largest submarket, and has been consistently in the top four submarkets for net absorption over the past five years. The Deer Valley submarket has already experienced almost 150,000 SF of net absorption as of midyear 2018, with a vacancy rate that has fallen to 12.1%.

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Libitzky Property Cos. And Sunwest Real Estate Group Bought 200K SF Of Office Space In Plano

Libitzky Property Cos. and Sunwest Real Estate Group purchased 1800 and 1820 Preston Park from Alexander & Baldwin. The properties total 199K SF of rentable, Class-A office space, and they are 81% leased. A CBRE team made up of Eric Mackey, Gary Carr, John Alvarado, Robert Hill, Evan Stone and Jared Chua represented Alexander & Baldwin in the sale.

“1800 and 1820 Preston Park presented investors with a stable, in-place cash flow and near-term upside through the lease-up of the existing vacancy as well as increasing the below-market rents upon the rollover of the existing leases,” CBRE Senior Vice President Eric Mackey said in a statement. “The property is very well-suited to office users who live in the nearby affluent neighborhoods of West Plano.”

Located on the east side of Preston Park Boulevard south of Park Boulevard, 1800 and 1820 Preston Park are in the Far North Dallas submarket, one of the hottest in the metro going into this year.

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New York investor snaps up Dallas’ Meadow Central office building

A New York-based investor through a joint venture with EY Ventures LLC of Dallas has purchased a recently upgraded building along North Central Expressway, which has been attracting other major investment firms.

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International group buys Las Colinas office building

An Irving office building has changed hands.

The Canal Centre building at 400 E. Las Colinas Boulevard was purchased by an investment group that includes international funding.

Canal Centre Investors LLC bought the building from a partnership of Libitzky Property Companies and Sunwest Real Estate Group, which had owned the property since 2015.

The 10-story, 237,894-square-foot office building is in the Las Colinas Urban Center, an area seeing a boom in apartment and retail construction.

CBRE’s Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill brokered the sale with Bruce Marshall from Sperry Van Ness.

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Tempe industrial park sold for $19.1M

Cushman & Wakefield completed the sale of Kachina Industrial Park, located at 1805-1850 W. Drake Drive in Tempe on behalf of Northern California-based Kieckhefer Properties. Libitzky Holdings LP of Emeryville, Calif. purchased the property for $19.1 million.

Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller.

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Area Firm sells 2 office buildings along the Dallas North Tollway in Addison

Dallas-based real estate investment firm TriGate Capital has sold two of its office buildings along the Dallas North Tollway in Addison after holding the buildings for the past six years. The two buildings were part of a three-building portfolio TriGate Capital acquired in 2010. The original portfolio also included an office building at 14850 Quorum Drive, which was sold last year. Link to original article

TRINITY RIDGE BUSINESS CENTER SELLS FOR $16M

Tuesday, October 27, 2015 Memphis Daily News California-based Corsair Boulevard LLC, affiliated with Libitzky Property Cos., has purchased the Trinity Ridge Business Center in Cordova for $16 million, according to a special warranty deed signed Oct. 15. The sale included the five parcels located at 7730 Trinity Road, 7740 Trinity Road, 7750 Trinity Road, 7760 Trinity Road and 7866 Trinity Road. The eight-building, 235,000-square-foot industrial park sits on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. It was built between 1998 and 2007. Montreal-based Dalfen America Corp. had owned the center since 2011 when it purchased the parcels for $7.6 million. A mortgage of $11.5 million was issued at the time of sale by Wells Fargo Bank. The seven-year loan matures Oct. 10, 2022. The properties have a combined tax appraisal value of $8.4 million. Link to original article

LIBITZKY PROPERTY COS. BUYS HIGH-PROFILE LAS COLINAS OFFICE BUILDING

Monday, February 23, 2015 Dallas Business Journal California-based real estate investor Libitzky Property Cos. has bought a high-profile building in Las Colinas’ Urban Center for an undisclosed price. The firm bought a recently redeveloped 10-story, 238,051-square-foot Class A office building, named Canal Centre, within the Urban Center, which also includes a six-story parking garage. The building’s location in the Urban Center of Las Colinas, along with a favorable balance of long-term tenants, will give the investment firm some compelling opportunities for future income growth, said Eric Mackey, a senior vice president at CBRE. Link to original article

HAYWARD HOUSING DEVELOPMENT SITE SELLS FOR 11 TIMES WHAT OWNER PAID

Friday, January 23, 2015 San Francisco Business Times Libitzky Property Cos. sold a Hayward residential development site for $23.7 million – more than 11 times the $2.1 million that it paid in 1999 for the property. Public homebuilder TRI Pointe Homes Inc. was the buyer of the site at 199 Filbert Street, which has entitlements for 157 residential units, including 105 townhouses and 52 single-family homes. Buildable home sizes range from 1,342 square feet to 1,908 square feet, according to the property’s offering document. The sale reflected the strong demand for housing in the East Bay, said Kevin Perkins, associate principal at Emeryville-based Libitzky, which controls around 6 million square feet in industrial property. Link to original article

JAPANTOWN APARTMENT PROJECT REVIVED AS SILICON VALLEY RENTAL MARKET SURGES

Friday, July 25, 2014 Silicon Valley Business Journal An 8-acre industrial site in San Jose’s Japantown neighborhood is back in play for apartments, as continued strength in the region’s rental market revives long-dormant plans up and down Silicon Valley. The owner of the site at 357 E. Taylor St. expects to go into contract soon with a major multifamily developer, said Kevin Perkins, associate principal of Emeryville-based Libitzky Property Companies, which has long owned the property. The land is fully entitled for about 400 residential units. Link to original article

RALEY’S BAKERY BUILDING SELLS FOR $9.675 MILLION

Tuesday, October 8, 2013 Sacramento Business Journal A bakery, used by Raley’s for its breads, cakes and cookies sold at stores under its banner, has sold, with whether the local retailer will stay there beyond the end of the lease in a few years an open question. Libitzky Property Companies, based in Emeryville, bought the 135,885-square-foot building from Portview Investors of Chico for $9.675 million. according to a broker. Link to original article