Phoenix/Tucson Commercial Real Estate News From CoStar Group


    Office Lease Up (Sept. 1) Valeant Pharmaceuticals Doubles Office Space to 620,000 SF
    Valeant Pharmaceuticals is doubling the size of its Bridgewater, NJ office space, leasing another 310,000 square feet at SJP Properties' Somerset Corporate Center in Bridgewater, NJ, to bring its total occupancy there to 620,000 square feet. The new lease comes less than two years after the maker of CeraVe skincare products, PreserVision and Ocuvite vitamins, and BioTrue lens care solutions first established its presence in the U.S. by setting...

    CoStar's People of Note (Aug. 23 - 29)
    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: Atlanta, Los Angeles, Indianapolis, Northern New Jersey, Dallas / Fort Worth, Chicago, Orange County, South Florida, Minneapolis, Phoenix / Tucson, and Boston. ATLANTA Ackerman & Co. Adds Key Retail Developer to Team By Max Williams Phoenix Office Tower Sells for $9.8M
    Ironline Partners LLC of Phoenix sold the 104,016 square foot 14-story office building at 2828 N Central Ave in Phoenix for $9,871,500, or about $94.90 per square foot. The buyer Granite Investment Group is based out of Irvine, CA. At time of sale, the office property was about 53% occupied. Built in 1985, the building was renovated in 2014 and is situated on just under a 1 acre parcel. Located in the Midtown Submarket, the office property has...

    Nelson Moves to NAI Horizon
    NAI Horizon has hired Troy Nelson as a vice president with the firm's Phoenix brokerage team. Nelson specializes in the leasing of medical office properties for investors, developers, and owner/users. He brings more than 16 years of experience in commercial real estate, site selection, corporate finance, and back office operations. Nelson began his brokerage career as a member of hte labor analytics group at CBRE. Nelson earned his bachelor...

    1,100 Apartment Units Sold for $116M
    BH Equities LLC acquired three multifamily properties in Phoenix and Mesa, AZ from The Bascom Group for $116 million, or a blended average price of $104,000 per unit. The sale included the Estates on Maryland in Phoenix, consisting of 330 units that traded for $41.2 million; Medera Point in Mesa, consisting of 256 units sold for $22.525 million; and Pointe at the Foothills in Phoenix, consisting of 528 units trading for $52.275 million. Occupancy...

    LIFE Leases 33,000 SF in Gilbert
    Lauren?s Institute for Education (L.I.F.E.) leased 33,265 square feet at 1305 S. Gilbert Rd. in Gilbert, AZ. The non-profit private school and treatment center for the differently-abled will expand their services at this new location. They will offer a private academy, therapy and treatment programs, and an adult program in addition to new therapy options. The transaction allows L.I.F.E. the ability to relocate from an office condo project...

    Mercado Properties Sells Scottsdale Center for $8.9M
    Arizona Partners Retail Investment Group LLC acquired the office and retail buildings at 8300-8320 N. Hayden Rd. in Scotland, AZ from Mercado Properties, Inc. for $8.88 million, or approximately $145 per square foot. The office building totals 32,260 square foot and was about 50 percent occupied at the time of sale, while the retail building totals 29,059 square feet and had just one space available for lease. Sharon Reeves and Lane Neville...

    Tucson Retail Center Sold in REO Auction
    West Coast Capital Partners acquired the shopping center at 12925 - 13005 N. Oracle Rd. in Tucson, AZ for $4 million, or about $48 per square foot, from CW Capital Asset Management LLC in an REO sale. The 84,098-square-foot Rancho Vistoso shopping center is located at the NEC of Rancho Vistoso Blvd. n the Oro Valley submarket of Pima County. The asset sold at auction, and was just 48 percent occupied at the time of sale. Phil Skllings of NAI...

    Glendale Market Square Sold for $24.6M
    California-based developer CIRE Partners has purchased the Glendale Market Square shopping center located at the northeast corner of N. 59th Ave. and W. Bell Rd. in Glendale, AZ from Kimco Realty Corporation for $24.6 million, or about $111 per square foot. Jan Fincham and Patrick Dempsey of Lee & Associates represented the buyer and the seller. For more information on this transaction, please see CoStar COMPS #3353954.

    Cohen Asset Mgmt Pays $20.3M for Phoenix Industrial
    Kansas City Life Insurance Company has sold the industrial building at 4550 W. Watkins St. in Phoenix, AZ to Cohen Asset Management, Inc. for $20.32 million, or about $65 per square foot. The 313,600-square-foot property is 100 percent occupied by a single tenant, OMCO Solar. In conjunction with the transaction the buyer has obtained a loan from Bankers Trust Company totaling $13.4 million. Don MacWilliam and Payson MacWilliam of Colliers...

    Balbo Joins SRS Real Estate in Phoenix
    SRS Real Estate Partners has hired Brad Balbo as a senior vice president in the firm's Phoenix, AZ office. In his new role, Balbo will focus on leasing, valuation, and operations of retail shopping centers. The industry veteran brings more than 21 years of experience, specializing in all things restaurant related. Balbo began his career with Trammell Crow Company, quickly growing a successful career in leasing, development, and investment sales...

    AZ Dept of Security Leases 15,000 SF
    The Arizona Dept. of Economic Security leased 14,529 square feet at the Phoenix West Plaza building located at 4302-4348 W. Indian School Rd. in Phoenix, AZ. The 171,689-square-foot retail building is situated on a 14.8-acre parcel with immediate access to Hwy 60. The tenant is a provider of basic needs including child care and support services, financial support, food, health insurance, utilities assistance, and support for caregivers. Stan...

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Jon Hammond, CCIM
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