December 20, 2021 9:00 AM
Newmark[1]
announces it has completed the sales of Agave Executive Center, a 78,693-square-foot flex office park in Tempe, Arizona that sold for $16.80 million, and River Village, a 16,650-square-foot shopping center in Tucson, Arizona that traded for $4.15 million. Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Director Chase Dorsett were involved in the transactions.
Agave Executive Center comprises three single-story, flex buildings totaling 78,693 square feet and located at 1721, 1725 and 1729 Greentree Drive in Tempe, Arizona. The property is located South of Warner Road, just off the Interstate 10 freeway. The buildings, constructed in 2000, host tenants including Nuro Robotics, Roto Rooter and Banner Physical Therapy. The asset traded from DIG Agave Center, LLC to White Mountain Investment Management, LLC. Dorsett, Julius and Goldsmith represented the buyer in the transaction. Eric Wichterman and Mike Coover represented the seller.
“Our client was attracted to this asset due to its proximity to several major freeways, favorable neighborhood demographics and strong tenant mix,” said Dorsett. “Their goal was to purchase an asset with long-term, stable cash flow in a low vacancy submarket that will remain in demand for years to come.”
River Village is an approximately 16,650-square-foot shopping center attached to a high-performing Albertsons grocery store and located at 5075-5095 La Cañada Drive in the northwestern section of Tucson. The property hosts a strong mix of tenants including Great Clips, TitleMax, Subway, Papa John’s and Jackson Hewitt. Julius, Goldsmith and Dorsett were the sole brokers on the transaction, representing both the seller, VIG River Village, LLC, and the buyer, HAZ Holdings, LLC.
“The seller was able to execute its repositioning plan by leasing up roughly 30% of the property,” said Dorsett. “Meanwhile, the buyer was able to acquire a well-stabilized asset with a strong, grocery anchor tenant.”
Julius, Goldsmith and Dorsett continue to be active, completing 27 transactions year-to-date with 3 properties under contract, further confirming Metro Phoenix’s strong market fundamentals, the recovery of the real estate markets, and the expectation of continued growth for the market.
[1] Dba Newmark Knight Frank in Arizona
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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