NZ Properties Pays $8.6+ Million for 190,000 sq. ft. of Industrial-Office Space

Wed, 01/12/2011 - 00:00 -- Jeff

Gilbert/Phoenix - - In two deals totaling just over $8.63 million, NZ Properties Inc. in Phoenix (AMEX:NZ, Randy Stolworthy, chief operating officer) acquired almost 190,000 sq. ft. of industrial and office space in Gilbert and Phoenix. NZ Properties, also known as New Mexico and Arizona Land Co., spent just over $5.9 million to purchase a 113,100-square-foot "flex" industrial-office project located in Gilbert. The seller of that two-building development was a partnership formed by Jackson-Shaw Co. of Dallas (Lewis Shaw, pres.). The sale was negotiated through Steve Lindley, Bob Buckley and Tracy Cartledge of Insignia ESG in Phoenix. The project includes a 60,320-square-foot structure at 1019 N. Colorado Street, and a 52,789-square-foot building at 973 N. Colorado. The larger structure is about 68 percent leased and the smaller building is fully occupied. Ken McQueen and James Harper of Insignia have the leasing assignment. And in another transaction, NZ Properties paid $2.72 million to acquire a 76,800-square-foot warehouse property located at 215 E. Watkins Street in Phoenix. The seller was a company formed by investors Jim Stevenson and Greg Stevenson in Phoenix. Lindley, Buckley and Cartledge brokered that deal, along with Don MacWilliam and Payson MacWilliam of Insignia. That building is fully occupied. NZ Properties will manage the projects. Stolworthy says the properties were acquired using 1031 Exchange proceeds from the sale of some apartment developments in New Mexico. He adds that NZ is looking to spend another $5 million in the Phoenix Metropolitan to buy additional industrial buildings . . . preference is for the Phoenix Sky Harbor International Airport area and the southeast Valley. Find out more from Stolworthy at (602) 952-8836. Jeff LaPour is contact for Jackson-Shaw . . . reach him in Las Vegas at (702) 732-7400. Talk to the Insignia agents at (602) 912-1700.