Phoenix Commercial Real Estate News From CoStar Group


    Office Lease Up (Apr 27) Bloomberg Leases 255,000 SF in Midtown
    Information services provider Bloomberg LP signed a 15-year lease for 254,556 square feet covering eight floors at 919 Third Ave. in New York City. The 47-story building is owned by SL Green Realty Corp. and totals about 1.45 million square feet in Midtown Manhattan's Plaza District submarket, between East 55th and 56th Streets. Bloomberg?s lease includes space on the 2nd, 10th, 11th floors and the entire 14th - 18th floors, where asking rents...

    CoStar's People of Note (Apr. 19 - 25)
    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: Columbia, Denver, Boston, Chicago, Philadelphia, Baltimore, Inland Empire, Minneapolis, New York City, Phoenix, and Jacksonville. COLUMBIA EDENS Taps McLean as CEO By Justin Sumner Shopping center owner and developer EDENS has an

    Village Green Sells for $5.3M
    29th Street Capital purchased the Village Green apartments at 1045 S. San Jose St. in Mesa, AZ from Newport Home Loan, Inc. for $5.3 million, or about 49,000 per unit. Built in 1974, the multifamily property totals 60,762 square feet on 3.2 acres. At the time of sale, the property was 90 percent occupied. Ric Holway and Daniel Cheyne of Berkadia represented both the buyer and seller in the sale. Please see CoStar COMPS #3265660 for additional...

    Mixed-Use Property Sold for $11.3M
    MainStreet Core Properties LLC purchased the mixed-use office and retail property located at Verrado Main Street in Buckeye, AZ for $11.27 million, from DMB Associates, Inc. Totaling 66,085 square feet, the property is comprised of fully-leased office space and 94 percent-leased retail space. There were two land parcels that also traded between the same principals simultaneously. Barry Gabel, Chris Marchildon, and Amy Alschlager of CBRE represented...

    FFN Signs at Redeveloped Tempe 10/60 Corporate Center
    Freedom Financial Network LLC (FFN) agreed to lease one of two 45,000-square-foot buildings at Tempe 10/60 Corporate Center, a recently redeveloped office project in Tempe, AZ. Through its new lease, FFN now occupies all of the 45,000-square-foot, 4625 S. Wendler Drive building. The lease brings the property to 50% occupied. The lease will allow FFN to expand its neighboring Tempe operations. FFN was represented by JLL senior managing directors...

    Beepi Inks 50,000-SF Industrial Lease
    Beepi, Inc., an online marketplace for used cars, has leased 50,400 square feet at 2915 E. Washington St. in Phoenix, AZ. The 162,960-square-foot distribution property was constructed in 1960 on 5.7 acres in the North Airport Industrial submarket of Maricopa County. Leroy Breinholt, Darin Edwards, David Bean, and Cory Sposi of Commercial Properties, Inc. represented both the tenant and the landlord, GXI Holdings LLC.

    Market Trend: Phoenix Retail Vacancy Decreases to 9.7%
    The Phoenix retail market did not experience much change in market conditions in the first quarter 2015. The vacancy rate went from 9.8% in the previous quarter to 9.7% in the current quarter. Net absorption was positive 545,110 square feet, and vacant sublease space decreased by negative 61,704 square feet. In fourth quarter 2014, net absorption was positive 802,382 square feet. Tenants moving into large blocks of space in 2015 include...

    The Vintage Gilbert Sold for $14.3M
    Clear Sky Capital, Inc. acquired The Vintage Gilbert apartments at 1303 W. Juniper Ave. in Gilbert, AZ from Hub Realty for $14.25 million, or about $134,000 per unit. The 106-unit multifamily property was built in 2000 on 9.3 acres in the Upper Gilbert multifamily submarket of Maricopa County. This property was scheduled for a condominium conversion prior to the seller purchasing this property in a Trustee sale in 2013. It is comprised of 10 studios...

    GPE Promotes Jones
    GPE Management Services has promoted Kristie Jones to designated broker and director of operations. In her new role, Jones will handle daily operations and regulations compliancy while being involved in strategic planning and company decisions. She will also monitor corporate and property management practices and procedures. Jones began her career with GPE Companies in 2009 when she started working as a temporary receptionist. She was identified...

    Copper Ridge Apts Sold for $18.8M
    Aspen Square Management acquired the Copper Ridge on McKellips Apartment Homes at 550 E. McKellips Rd. in Mesa, AZ for $18.75 million, or about $60,000 per unit, from Latitude Management Real Estate Investors. Originally built in 1987, the two-story, 314-unit property totals 201,098 square feet on 14.5 acres in the Royal Palms / Sherwood submarket of Maricopa County. Jim Crews and Brett Polachek of Cushman & Wakefield, Inc. represented the...

    Palm Valley Medical Plaza Sold for $7.8M
    American Realty Capital V, Inc. has purchased the Palm Valley Medical Plaza at 13657 W. McDowell Rd. in Goodyear, AZ from Hassert LP for $7.8 million, or about $202 per square foot. The 38,637-square-foot medical office building is adjacent to the West Valley Hospital, a Level 1 Trauma Center. The two-story building, built in 1995, is situated on 3.8 acres and features a parking ratio of 5 per 1,000 square foot. The asset was fully leased at...

    AIG Insurance Bldg Sells for $16.9M
    Sabal Financial Group LP sold the AIG Insurance office building at 16001 N. 28th Ave. in Phoenix, AZ to REIT Management & Research LLC for $16.85 million, or approximately $158 per square foot. Located within the Arizona Business Park, the 106,397-square-foot office building was delivered in 1998. It was 100 percent leased by AIG Insurance with 7 years remaining on a 10-year lease. Barry Gabel and Chris Marchildon of CBRE represented the...

    JLL Expands Southwest Property Mgmt
    Mike Ruppert has joined JLL as a senior managing director, southwest region. Based in Los Angeles, Ruppert will serve as the property management lead for the Southwest region, which includes Southern California, Phoenix, and Las Vegas. Ruppert brings more than 25 years of commercial real estate experience, having recently served in leadership positions with notable services and development firms, a public office REIT, and a private ownership firm...

    Acker Joins SimonCRE
    Joe Acker joined SimonCRE as in-house general counsel in the firm's Scottsdale, AZ office. In his new role, Acker will identify and manage all facets of commercial real estate law for SimonCRE, including its purchase, sale and lease transactions. Acker's commercial real estate experience ranges from due diligence for development projects to corporate transactions. He was previously with Sandor Development, and founded his own firm, Acker...

    Developer Acquires West 35th for $8.8M
    ICON Builders sold the 144-unit West 35th multifamily community at 15615 N. 35th Ave. in Phoenix, AZ to Univest, Inc. for $8.82 million, or approximately $61,000 per unit. Built in 1983, the 92,789-square-foot property is situated on a 4.5-acre parcel The property received extensive renovations during 2011 and 2012, and was reported to be 96 percent occupied at time of sale. Alon Schnitzer and Edward Chang of ABI Multifamily represented both...

    CubeSmart Buys Gilbert Self-Storage Facility for $7.9M
    Omni American LLC sold the 664-unit self-storage facility at 17635 E. Riggs Rd. in Gilbert, AZ for $7.9 million, or about $12,000 per unit. The 115,266-square-foot facility was constructed in 2013 and sold for about $69 per square foot. The buyer was CubeSmart LP headquartered in Malvern, PA. CubeSmart is a national owner and operator of self-storage facilities, reportedly the fourth largest owner-operator in the U.S. The property was formerly...

    Glendale Commons Sold for $9M
    The 276-unit Glendale Commons apartments at 6565 W. Bethany Home Rd. in Glendale, AZ has sold for $8.95 million, or about $32,000 per unit. NV Investments LP sold the asset to Dalan Management. The property sits on approximately 10 acres spread across 11 buildings totaling 176,598 square feet in Maricopa County. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, and Edward Chang with ABI Multifamily represented the buyer and the seller...

  Logo
Jon Hammond, CCIM
Phone: 480-283-3740
Mobile: 480-283-3740
Fax: 866-239-9988
Email