Phoenix Commercial Real Estate News From CoStar Group


    Nexius Solutions Signs Full-Building Lease in Gilbert
    Nexius Solutions recently negotiated a lease to occupy a 20,982-square-foot facility at 377 S. Hamilton Court in Gilbert, AZ. The company, which provides wireless services to carriers, will relocate to the Elliot Commerce Park site from its current location at 2601 S. 37th St. in Phoenix later this month. John Grady and Jackie Orcutt of Cushman & Wakefield of Arizona, Inc. represented the tenant. Eric Jones of Commercial Properties represented...

    Phoenix MOB Sells for $1.4M
    Jet Enterprises sold the Glenrose Medical Office Building at 1526 W. Glendale Ave. in Phoenix, AZ to Urban Pointe Properties for $1.35 million, or about $121 per square foot. The 11,170-square-foot medical property was built in 1985 on almost one acre in Maricopa County, to the west of the northwest corner of N. 15th Avenue. Marcus Muirhead and Greg Guglielmino of Colliers International in Phoenix represented the seller. Bob Bolan of West...

    Global Database Marketing Purchases Scottsdale Data Hotel
    Global Database Marketing, Inc. acquired two flex buildings at 14698-14746 N. 78th Way, in Scottsdale, AZ from Stearns Bank Arizona for $1.45 million, or about $108 per square foot. The two telecom / data hosting properties total 13,451 square feet in the Kitchell Airpark Square building park. The asset was unoccupied at time of sale. Neal Waldman of Marcus & Millichap represented the seller. Stephen Cross of Cross Commercial Realty Advisors...

    Market Trend: Phoenix Office Vacancy Down to 17.8%
    The Phoenix Office market ended the first quarter 2014 with a vacancy rate of 17.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 750,157 square feet in the first quarter. That compares to positive 701,474 square feet in the fourth quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 790,491 square feet. Rental rates ended the first quarter at $20.42, an increase...

    Colter Meadows Apts Sold for $4M
    Raven's View Development, Inc. acquired the 71-unit Colter Meadows multifamily complex at 3010 W. Colter St. in Phoenix, AZ from Andrea Theresa Mancuso Family LP for $3.97 million, or approximately $56,000 per unit. Built in 1985, the 115,784-square-foot property is situated on a 4.3-acre parcel in Maricopa County. The asset was approximately 97 percent occupied at time of sale. All units are comprised of two-bedroom, two-bathroom floorplans. It...

    CoStar's People of Note (Apr. 6 - 12)
    It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Chicago, New York City, Detroit, Philadelphia, East Bay, Orange County, Phoenix, Los Angeles, St. Louis, Seattle, and Northern New Jersey. CHICAGO Bertke to Direct CBRE's Asset Services in Eastern U.S. By CoStar Research

    Transwestern Welcomes Shields in Phoenix
    Andrina Shields has joined the Phoenix office of Transwestern as a vice president of multifamily investment services. She will work with the team of multifamily brokers to assist owners with operations, analysis, value-add opportunities, and the revitalization of troubled assets. A co-founder of Heads on Beds, a consultancy group advising the owners of multifamily properties on adding value to their holdings, Shields brings more than 25 years...

    QBE Insurance Grp Bldg Sells for $43.1M
    W.P. Carey & Co. LLC purchased the QBE Insurance Group headquarters building at 2700 W. Frye Rd. in Chandler, AZ from Regent Properties, Inc. for $43.1 million, or about $236 per square foot. The three-story, 183,000-square foot, single-tenant office building was constructed in 2011 on 14.5 acres in the Chandler submarket of Maricopa County. The facility includes covered parking for over 1,000 vehicles, a large cafeteria, reflective windows, and...

    Consumer Cellular Leases 85,000 SF in Tempe
    Consumer Cellular has signed an eight-year, 85,245-square-foot lease at 7410 S. Roosevelt St. in Tempe, AZ. The 85,245-square-foot flex building was constructed in 1998 on 6.5 acres in the Tempe Southwest Industrial submarket of Maricopa County, part of the Tempe Commerce Park, in close proximity to the I-10 and Sky Harbor International Airport. Rick Lee of Lee & Associates represented the landlord. Mike Nye of Capacity Commercial Group in...

    Opus Group Opens Phoenix Office, Taps Pobuda as SVP and GM
    The Opus Group is opening an office in Phoenix, and has hired Lawrence Pobuda as senior vice president and general manager of its Opus Development Company LLC. In his new role, Pobuda will pursue new business opportunities for the firm across a variety of property sectors in the Phoenix market. "We see significant growth potential in Phoenix, particularly in the sectors in which we have expertise," said Tim Murnane, president and CEO of Opus Holding...

    SPECIAL REPORT: CoStar Cracks Down On Data Thieves
    As part of a coordinated anti-piracy campaign aimed at ending theft of its services and protecting legitimate subscribers, CoStar Group this week announced it is filing a series of lawsuits against eight firms and individuals. The suits allege the defendants engaged in the systematic theft of CoStar's services though acts of online piracy and computer hacking via illegal password sharing. If found liable, the defendants in these cases could be...

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Jon Hammond, CCIM
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