Phoenix/Tucson Commercial Real Estate News From CoStar Group


    CoStar's People of Note (Feb. 5)
    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: New York City, Washington DC, Orange County, Los Angeles, San Francisco, South Florida, Dallas / Ft. Worth, Houston, Chicago, Phoenix / Tucson, Inland Empire, Northern New Jersey, Charlotte, and Detroit / Grand Rapids. NEW YORK CITY Bralower Joins Avison Young as Principal...

    Colliers International Promotes Six Brokerage Professionals in Phoenix
    Colliers International in Greater Phoenix has promoted six brokerage professionals across the region. Kim Soulé, Brian Woods and Philip Wurth (pictured, right) were promoted to senior vice president. Peter Bauman and Matt Fitz-Gerald were recognized with promotions to vice president, and Greg Guglielmino becomes the company's newest associate vice president. "Colliers is pleased to announce the well-deserved promotions of six key professionals...

    Tempe Office Bldg Soldfor $6.3M
    Wells Fargo Bank sold the office building at 711 W. Broadway Rd. in Tempe, AZ to Evergreen Development Co. for $6.25 million, or approximately $83 per square foot. Built in 1970, the 75,000-square-foot building sits on 8.68 acres. Wells Fargo signed a short-term leaseback to continue to occupy the office space there. Don Rodie and Jim Crews of Cushman & Wakefield represented the seller. Tivon Moffitt of Colliers International represented the...

    Peoria Land Sells for $5M
    The Kroger Co. acquired 20.2 acres located north of the northeast corner of W. Happy Valley Rd. and N. Lake Pleasant Pkwy in Peoria, AZ for $5 million, or about $248,000 per acre. Construction of a new Fry's Grocery Store is projected to start this month, with an anticipated delivery date in late 2016. Ed Beeh, Brian Polachek and Alan Houston of SRS Real Estate Partners represented the seller. Greg Laing of Phoenix Commercial Advisors represented...

    Sun Home Divests Portfolio of Mobile Home Parks in Mesa, Apache Junction
    A joint venture between Tricon Capital Group, Inc. and Cobblestone Real Estate LLC has purchased a portfolio of five age-restricted, manufactured housing communities in Mesa and Apache Junction, AZ from Sun Home Communities Management LLC for $34.25 million. The portfolio includes Cherokee Village, Sundowner, New Hope/Park Place, Ambassador Downs, and Wickiup. Together the communities offer more than 1,300 pad sites comprising a mix of mobile...

    Investor Buys Tucson Office for $12.4M
    Diamond Ventures sold the Rio Nuevo Professional Plaza at 201 N. Bonita Ave. in Tucson, AZ to Boyd Watterson Asset Management for $12.4 million, or about $168 per square foot. Built in 2002, the two-story office property totals 73,826 square feet on a five-acre parcel in the Downtown Tucson submarket of Pima County. Michael Sandahl and David Montijo of CBRE represented the seller. The buyer handled the sale in-house. Please see CoStar COMPS...

    Hoskin-Ryan Consultants Leases 13,000 SF
    Civil engineering firm Hoskin-Ryan Consultants, Inc. leased 12,808 square feet of office space at 5050 N. 40th St. in Phoenix AZ. The three-story property, built in 1990, is known as 5050 @ Camelback and totals 71,717 square feet. It's situated in the Camelback Corridor submarket of Maricopa County. Craig Coppola, Andrew Cheney and Gregg Kafka of Lee & Associates represented the landlord. Scott Nelson of Commercial Properties, Inc. represented...

    Investors Acquire Raintree Corporate Center
    CCM-VWP Raintree Corporate Center LLC acquired the office buildings at 15111 and 15333 N. Pima Rd. in Scottsdale, AZ. The price was just under $52 million, or $174 per square foot. Built in 2001 and 2004, the two buildings combine for a total of 299,075 square feet and are situated on 13.4 acres in the Scottsdale Airpark submarket of Maricopa County. Will Sledge and Kyle Kaminski of Mission Capital Advisors in New York represented the seller...

    Desert Vista Commerce Center Sells for $8.9M
    The Niru Group purchased the office and flex buildings at 7810-7890 S. Hardy Dr. in Tempe, AZ from Desert Vista LLC for $8.91 million. Built in 1998, the three buildings total 98,678 square feet. At the time of sale the Desert Vista Commerce Center was 68 percent occupied. Darren Tappen, Mike Kasulaitis and Aric Adams of Kidder Matthews represented the buyer. Joe Blegen of Camidor Properties represented the seller. Please reference to...

    Luxe Scottsdale Sold for $52.5M
    PASSCO Companies LLC acquired the 218-unit Luxe Scottsdale apartments at 8444 E. Indian School Rd. in Scottsdale, AZ from Wood Partners for $52.53 million, or about $241,000 per unit. The multifamily community is a four-story mid-rise complex built in 2015. It totals 220,000 square feet and sits on 5.7 acres in the Indian School Park MF submarket of Maricopa County. Tyler Anderson, Sean Cunningham, Asher Gunter and Matthew Pesch of CBRE represented...

    Scottsdale 101 Power Center Sold for $81M
    On behalf of an institutional owner, AEW Capital Management sold the leasehold interest in the Scottsdale 101 power center at 7000 E. Mayo Blvd. in Phoenix, AZ. YAM Properties paid $81 million, or approximately $144 per square foot, for the asset, according to public records. The 563,878 square foot retail shopping center was constructed in 2003 and had 95,194 square feet of vacant space available for lease at time of sale. The buyer will continue...

    Farmer Ave Lofts Sold for $9.1M
    Bruckal Properties USA, Inc. and Synergy Properties Ltd. sold 18 units at the Farmer Avenue Lofts located at 352-398 S. Farmer Ave. in Tempe, AZ to a private investor for $9.18 million, or $510,000 per unit. Farmer Avenue Lofts is a three-story, townhome-style condominium project built in 2008. It is comprised entirely of three-bedroom layouts. Bill Hahn, Jeffrey Sherman, and Trevor Koskovich of Colliers International represented the seller...

    Horne Plaza Sold for $6.9M
    J2 Properties, Inc. acquired the Horne Plaza at 750 N. Gilbert Rd. in Gilbert, AZ for $6.9 million, or about $130 per square foot, from Brixton Capital AC LLC. The property is comprised of 52,949 square feet and was completely renovated in 2015. Jereme Snyder, Eric Carlton and John Sharpe of Colliers International represented the seller. Andrew Bogardus of Cushman & Wakefield represented the buyer. Please refer to CoStar COMPS #3486224...

    Office Lease in Scottsdale
    Sunrun, Inc., a residential solar energy equipment provider, has leased 48,447 square feet at the Kierland II office building at 16260 N. 71st St. in Scottsdale, AZ. The property was built in 2001, and is located in the Scottsdale Airpark submarket. Jerry Roberts, Corey Hawley and Pat Boyle of CBRE represented the landlord, LBA Realty. Matt Fitz-Gerald of Colliers International represented the tenant.

    Assisted Living Facility Sold for $16M
    Innovative Senior Management sold the Villas at Houghton Assisted Living facility at 844 N. Houghton Rd. in Tucson, AZ to Pathways Assisted Living for $15.95 million, or about $177,000 per bed. The 56,700-square-foot property was built in 2012 and consists of nine buildings on 13.6 acres in the East Tucson submarket of Pima County. Both the seller and buyer were self-represented in the sale. Please see CoStar COMPS #3489079 for additional...

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