REAL ESTATE

Scottsdale, Glendale properties among $25M in business real estate deals

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A building/land portfolio sale and office property sale totaling $13.775 million, two retail property sales totaling $7.5 million, and the sale of an industrial building for $3.4 million highlight November transactions closed by LevRose Commercial Real Estate brokers. The five sales total $24.67 million.

The Kottler/Cosgrove team (Zak Kottler, Joe Cosgrove, Hunter Chasse, and Aaron Cook) represented the seller, Chalpin Family Enterprises, in the $8.775 million disposition of a Scottsdale Airpark portfolio. The property at 7428 and 7429 E. Karen Drive is situated in the heart of Scottsdale Airpark, and is one the largest sites sitting on the Scottsdale Airport Taxiway.

The new owner intends to renovate and occupy the existing building at 7428 E. Karen Drive while developing the vacant land at a later time.

The Kottler/Cosgrove team represented both the buyer and seller in the $5 million sale of 9089 E. Bahia Drive in Scottsdale. The office property totals 15,691 square feet, and was occupied by two tenants with brand new leases at close of escrow. The out-of-state buyer was seeking a well-positioned low maintenance asset in Arizona.

Keri Davies, Jason Reddington and Jon Rosenberg represented the seller, Triumph Glendale Crossing Acquisition, LP, in the $4.1 million disposition of a freestanding retail strip center at 5929 W. Peoria Ave., in Glendale. The buyer was RIMIC Properties, LLC.

The strip center is positioned at 59th and Peoria avenues. LevRose also represented Triumph in the acquisition of the property in January 2017 for $3.025 million. This is the eighth transaction in Arizona for Triumph, all represented by LevRose CRE.

Other November deals included a $3.4 million disposition of Chandler Airport Business Center, located at 2270 S. Airport Blvd., in Chandler, and a $3.4 million purchase of an auto dealership at 881 N. Arizona Ave., in Gilbert.

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