Phoenix Commercial Real Estate News From CoStar Group


    CoStar's People of Note (Jan. 25 - 31)
    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: Houston, Phoenix, New York City, Los Angeles, Baltimore, Greensboro / Winston-Salem, London, Philadelphia, Orlando, South Bay, and Chicago. HOUSTON Avison Young Hires Principal in Houston By Tanika Belfield-Martin Bringing mo

    Market Trend: Phoenix Retail Vacancy Decreases to 9.8%
    The Phoenix retail market experienced a slight improvement in market conditions in the fourth quarter 2014. The vacancy rate went from 10.1% in the previous quarter to 9.8% in the current quarter. Net absorption was positive 819,805 square feet, and vacant sublease space decreased by negative 25,345 square feet. In third quarter 2014, net absorption was positive 812,404 square feet. Tenants moving into large blocks of space in 2014 include...

    PMP Pays $34.5M for Scottsdale Office
    Palisades Private Capital Fund I (PPCFI), a $50 million fund sponsored by Palisades Mexico Partners (PMP), has acquired the office building at 4141 N. Scottsdale Rd. in Scottsdale, AZ from Westport Capital Partners (WCP) for $34.5 million, or about $234 per square foot. Built in 1989, the three-story, 147,356-square-foot, 4-Star office building sits on three acres in the Scottsdale South submarket of Maricopa County, at the corner of Indian School...

    Lee & Associates Asks Lord to Take The Wheel of Multifamily Practice
    David Lord has joined Lee & Associates Arizona as a principal, joining Todd Braun and Will Barnard to bolster the firm's multifamily practice in the Phoenix market. Lord brings 35 years of brokerage experience, most recently serving as senior vice president at Apartment Realty Advisors (ARA). Before that he was the chief operating officer for Hewson Development Corp., where he handled industrial and office development, management, acquisitions...

    JLL Secures $43M in Bridge Financing for Acquisition, Renovations of Scottsdale Hotel
    JLL has secured $42.7 million in bridge financing on behalf of Scottsdale-based Snyder Nationwide Real Estate, Inc. for the acquisition and planned renovations of the Chaparral Suites, which will be rebranded under Hilton's Embassy Suites Hotel flag. Prime Finance (PFP Holding Company IV LLC) provided the three-year, floating-rate loan. John Manning, Alex Witt, Mike Huth, and Pavan Malhotra with JLL represented the borrower. "Snyder Nationwide...

    Trammell Crow Announces 2-Bldg Office Campus In Chandler
    Trammell Crow Co. and Prudential Real Estate Investors have formed a joint venture to develop a speculative office campus in Chandler, AZ. The two-story Mach One project on 19 acres at the southeast corner of Loop 202 and Cooper Road near the Chandler Municipal Airport includes two buildings totaling 210,000 square feet. Construction at the site, near more than 1 million square feet of retail amenities, scheduled to begin within the next month...

    Por. Three Fountains Plaza Sold for $1.3M
    Topher II, Inc. purchased two retail buildings at 1310 and 1350 S. Longmore Rd. in Mesa, AZ from Three Fountains Plaza LLC for $1.28 million, or about $69 per square foot. The two freestanding outlot buildings are situated on a single parcel within the 200,000-square-foot Three Fountains Plaza. The 9,100-square-foot 1310 property is a vacant restaurant building, which the buyer plans to occupy. The 1350 building, totaling 9,400 square feet...

    Pathfinder Partners Completes Initial Closing of Multifamily Opportunity Fund
    Pathfinder Partners LLC, a San Diego-based fund manager that makes opportunistic real estate investments, had its initial closing of Pathfinder Partners Opportunity Fund V - a private real estate fund focused on acquiring multifamily and other residential real estate, both rental and for sale. The firm raised obtained $30 million in commitments from investors to the initial closing. With a target fundraise of $100 million to $150 million, the fund...

    Market Trend: Phoenix Office Vacancy Decreases to 16.9%
    The Phoenix Office market ended the fourth quarter 2014 with a vacancy rate of 16.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,199,018 square feet in the fourth quarter. That compares to positive 638,959 square feet in the third quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 664,578 square feet. Tenants moving into large blocks of space in 2014 include...

    Indian Wells Trades for $9.7M
    Sonoma Valley LLC acquired the 176-unit Indian Wells apartments at 975 S. Royal Palm Rd. in Apache Junction, AZ for $9.66 million, or about $55,000 per unit. The property totals 173,146 square feet across 11 buildings constructed in 2001 on approximately 9.9 acres in Pinal County. The property consists of a mix of two- and three-bedroom units. Bill Hahn, Trevor Koskovich, and Jeffrey Sherman with Colliers International represented the seller...

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