Commercial Transactions

Sun, 01/16/2011 - 00:00 -- Jeff

Chandler - - NZ Properties Inc. in Phoenix (AMEX:NZ, Randy Stolworthy, chief operating officer) paid $5.15 million to acquire a 105,757-square-foot office-warehouse project located near Arizona Avenue and Elliot Road at 2873-2885 N. Nevada Street in Chandler. The seller was investor Myron Zimmerman in Oakland, Calif. The transaction was negotiated through Steve Lindley, Bob Buckley and Tracy Cartledge of Insignia ESG in Phoenix. The two-building project is reported to be 91 percent occupied. NZ Properties, also known as New Mexico and Arizona Land Co., to handle management and leasing. In May, BREW reported NZ Properties paying a combined $8.63 million to acquire almost 190,000 sq. ft. of industrial and office space in Gilbert and Phoenix. In Gilbert, the company purchased a 60,320-square-foot structure at 1019 N. Colorado Street, and a 52,789-square-foot building at 973 N. Colorado. In Phoenix, NZ Properties acquired a 76,800-square-foot warehouse property located at 215 E. Watkins Street.