Phoenix Commercial Real Estate News From CoStar Group


    Office Lease Up (Mar 30) MetLife Leases Another 335,000 SF at its Namesake Building
    Metlife Inc. one of the largest insurance providers in the U.S., announced plans to consolidate several Manhattan offices in its namesake building, signing a 12-year lease for 335,000 square feet at 200 Park Ave. in New York City. The insurer, which currently occupies 110,000 square feet in the building, is leasing space currently occupied by Barclays Capital encompassing the third through fifth floors there. MetLife is in the process of consolidating...

    CoStar's People of Note (Mar. 22 - 28)
    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: Washington DC, Dallas / Fort Worth, St. Louis, New York City, South Florida, Philadelphia, and Northern New Jersey. WASHINGTON DC DTZ Hires Liss to Lead East Coast Offices By Adam Kosna DTZ has hired Roberta Liss to serv

    Security Title Plaza Sold for $18M
    Reven Capital acquired the Security Title Plaza office building at 3636 N. Central Ave. in downtown Phoenix, AZ from AEGON USA Realty Advisors, Inc. for $18 million, or about $82 per square foot. The 12-story, 219,032-square-foot office building sits on 4.2 acres in Maricopa County. The asset was 53 percent occupied at time of sale. "The buyer (Michael Heckethorn) was president of the company that sold Security Title Plaza for $38 million...

    Canyon Village Trades for $18.7M in Scottsdale
    DMB associates, Inc. sold the Canyon Village development at 18801-18899 N. Thompson Peak Pky in Scottsdale, AZ for $18.7 million, or about $199 per square foot, to Laurus Corporation, a California-based property investment firm. The four-building, mixed-use development totals 93,980 square feet on approximately 5.6 acres in the Scottsdale's Airpark submarket. The properties offer ground floor retail space, were built in 2008, and were 76 percent...

    ViaWest Purchases Tempe Bldg for $5.3M
    Aegon USA Realty Advisors, Inc. sold the ConneXion office building at 7855 S. River Pky in Tempe, AZ to ViaWest Properties LLC for $5.25 million, or approximately $106 per square foot. Built in 1986, the 49,464-square-foot building, formerly known as Transamerica Research Center, is the only multi-tenant property in the ASU Research Park. Glenn Smigiel, Bob Young, Steve Brabant, and Rick Abraham of CBRE along with Andrew Cheney and Craig Coppola...

    California Investor Acquires Peoria Center for $7.8M
    Vaquero Ventures sold the Peoria Center at 3121 W. Peoria Ave. in Phoenix, AZ to Roseben, Inc. for $7.7 million, or approximately $438 per square foot. The 17,755-square-foot, multi-tenant retail strip was built in 2014 and was fully occupied at the time of sale. Cam Stanton, Andrew Fosberg, Chris Ackel, and Molly Busch of CBRE represented the seller. The buyer handled the sale in-house. Please refer to CoStar COMPS #3221308 for more information...

    Camelback Village Square Property Sells for $8.5M
    Integrated Real Estate Services LLC purchased the fee-simple interest in a 45,000-square-foot LA Fitness and the lease-fee interest in an adjacent 14.5-acre site located within Camelback Village Square shopping center in Phoenix, AZ for $8.45 million. LA Fitness is located at 710 W. Camelback Rd. and the adjacent land parcel is situated on the northwest corner of Camelback and 7th Ave. in Northwest Phoenix. Jamie Medress and Mark Ruble of...

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Jon Hammond, CCIM
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