Commercial Transactions

Thu, 08/11/2011 - 00:00 -- Jeff

Phoenix - Birchwood Heights Equity Corp. in Kelowna, B.C., Canada (Andre Gardzella, principal) paid $2.225 million ($34.82 per foot) to buy 63,896 sq. ft. of shell, flex space within the Deer Valley Commerce Center Park at 2330-2340 W. Parkside Lane in Phoenix. The seller was Next Gen Commercial LLC in Phoenix (Ryan Spiekerman, principal). The buyer was represented by Jim Keeley of Colliers International in Scottsdale, Mike Ciosek and Eric Bell of Colliers in Phoenix, and Bob Lundstedt and Chris Finnerty of DAUM Commercial in Phoenix. The seller was represented by Darren Tappen of Voit Real Estate Services in Phoenix, and Pat Harlan, Steve Sayre and Kyle Westfall of Cushman & Wakefield of Arizona Inc. in Phoenix. The escrow was handled by Rebecca Damian of Thomas Title & Escrow in Scottsdale. Birchwood Heights Equity acquired the property with a $825,000 down payment and a $1.4 million loan from RRS Ventures II LLC in Tempe (Randy Stolworthy, principal). The Canadian investor intends to resell the industrial condominiums, which are within the 19-acre Deer Valley Commerce Center Park. Keeley, Lundstedt and Finnerty have the marketing assignment to sell the condos for Gardzella. The investment is the first in the Valley for the Canadian investor. In January, BREW reported Next Gen Commercial paying $2.7 million to acquire 66,255 sq. ft. of shell, flex space and 11 acres of land within the Deer Valley Commerce Center Park.