Phoenix/Tucson Commercial Real Estate News From CoStar Group


    CoStar's People of Note (Dec. 2)
    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: Orange County, Greater Toronto Area, Chicago, Vancouver/Calgary, South Florida, New York City, San Francisco, Washington DC, Los Angeles, Minneapolis, Atlanta, Northern New Jersey and more! ORANGE COUNTY Colliers Names New Head of US Brokerage Ops By Randyl Drummer...

    Colliers Names New Head of US Brokerage Ops
    Colliers International has quietly promoted one of its senior managers to president of its U.S. brokerage operations. Martin Pupil, who previously served as president of the Colliers West Region, was promoted this week to the top position of president of U.S. brokerage for the global commercial real estate services company. Pupil, currently based in the company?s Orange County offices in Irvine, CA, previously served as executive vice president...

    Columbia Plaza Sold for $6.2M
    Columbia Group Ltd. sold the retail building at 10005 W. Camelback Rd. in Phoenix, AZ to Phoenix Goodwill Buildings LLC for $6.22 million, or about $282 per square foot. The 22,065-square-foot retail building was constructed in 2016 on two acres in Maricopa County. Goodwill Industries has a 15-year lease on the building. Kevin Held, Chuck Klein and Chris Hollenbeck of Cushman & Wakefield represented the seller. Rennie Dunn with Apex Real Estate...

    JV Buys 512-Unit Biscayne Bay Apts in Chandler
    Arizona-based Everest Holdings LLC and New York City-based investment manager Alliance Bernstein LP, an affiliate of AXA Equitable Life Insurance Company, has purchased the 512-unit Biscayne Bay apartments at 300 E. Warner Rd. in Chandler, AZ for $71.5 million, or about $140,000 per unit, from PrivatePortfolio Group LLC. The 475,720-square-foot multifamily community was built in 2000 on 30.7 acres in the Upper Gilbert MF submarket of Maricopa County...

    Sera Bella Apts Sold in Phoenix
    Pacific Terrace Commercial LLC acquired the 169-unit Sera Bella apartments at 2408 W. Myrtle Ave. in Phoenix, AZ from a private investor for $7.2 million, or about $43,000 per unit. Built in 1971, the single-story multifamily property totals 98,005 square feet on 7.8 acres in the Sunnyslope Multifamily submarket of Maricopa County. Eddie Chang, Rue Bax, Alon Shnitzer, Doug Lazovick and John Kobierowski of ABI Multifamily represented the seller...

    Western Wealth Capital Sells Casa Maribela Apts
    Western Wealth Capital sold the Casa Maribela apartments at 2540 W. Maryland Ave. in Phoenix, AZ for $9.4 million, or about $49,000 per unit, to Pro Residential Services, Inc. Built in 1985, the two-story multifamily property totals 141,600 square feet on 6.3 acres in the Glendale / Rt. 60 Corridor Multifamily submarket of Maricopa County. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International represented both parties in...

    Warmington Sells Scottsdale Retail Bldg
    Warmington Group of Companies sold the freestanding retail building at 13220 N. Scottsdale Rd. in Scottsdale, AZ to Neilson Hammer LLC for $9.85 million, or about $222 per square foot. The 44,374-square-foot retail building was constructed in 1994 on 6.6 acres in the North Scottsdale Retail submarket. LA Fitness currently occupies the entire building under a triple-net lease. Chad Tiedeman of Phoenix Commercial Advisors represented the seller...

    Planet Fitness Leases 20,000 SF at Former Fresh & Easy
    Planet Fitness leased 19,969 square feet of retail space at 858 S. Greenfield Rd. in Gilbert, AZ. The retail space is located in the 44,605-square-foot Warner Greenfield Square shopping center. The gym will take over the former Fresh & Easy supermarket space. Jason Fessinger and Matt Milinovich of Strategic Retail group represented the landlord. Chris Gerow, Shelby Tworek, Patrick Anthon and Gabriel Ortega of NAI Horizon represented the tenant...

    Paragon Plaza Office Bldg Sells for $9.5M
    Fenway Properties sold the Paragon Plaza office building at 5333 N. 7th St. in Phoenix, AZ for $9.5 million, or about $149 per square foot, to a private investor. The building totaling 63,851 square feet on 3.5 acres. It was built in 1984. Eric Wichterman and Michael Coover of Cushman & Wakefield represented the seller. For additional information about this transaction, please refer to CoStar COMPS #3731476.

    GPEC Renews in Phoenix
    The Greater Phoenix Economic Council (GPEC) has renewed its lease at the Hines One Renaissance Square office building at 2 N. Central Ave. in Phoenix, AZ. The tenant will continue to occupy 11,967 square feet on the 25th floor of the 26-story, 492,116-square-foot office tower built in 1987 on one acre in teh Downtown submarket of Maricopa County. Patrick Devine of Cushman & Wakefield represented the landlord, Hines REIT, Inc. Andrew Cheney...

    Paradise Hills Walgreens Sold for $6.6M
    Moinpour Investments acquired the Walgreens at 10602 N. 32nd St. in Phoenix, AZ from Kornwasser Realty Advisors for $6.59 million, or about $445 per square foot. The 14,820-square-foot, freestanding drug store delivered at the end of 2015 on a 1.2-acre lot in Maricopa County, part of the Paradise Hills Shopping Center. Ben Brown of Mountain West Retail Property Services LLC represented the seller. Alvin Mansour of Marcus & Millichap represented...

    Olympous Buys Vive Apts in Chandler
    Olympus Property purchased the 194-unit Vive apartments at 1901 W. Germann Rd. in Chandler, AZ from P.B. Bell Asset Management, Inc. for $41.5 million, or approximately $214,000 per unit. The 216,396-square-foot multifamily property was completed in 2014 on 10.8 acres in the Price Corridor MF submarket of Maricopa County. Cliff David and Steven Gebing of Marcus & Millichap, Inc. represented the seller. The buyer was self-represented. For...

    Emma Capital Sells Broadway Heights Apts
    Emma Capital sold the Broadway Heights apartments at 2107 W. Broadway Rd. in Mesa, AZ for $10.85 million, or $70,000 per unit, to a private investor. Built in 1983, the two-story multifamily property totals 108,279 square feet on 5.5 acres in the Casa Mesa II / Alma Meadows Multifamily submarket of Maricopa County. Alon Shnitzer of ABI Multifamily represented the seller. The buyer handled the sale in-house. Please refer to CoStar COMPS...

    Walgreens Sells for $7.2M
    Maricopa WG LLC sold the Walgreens building at 41840 W. Maricopa Casa Grande Hwy in Maricopa, AZ to Maricopa 7 LLC for $7.25 million, or about $500 per square foot. The 14,490-square-foot retail building was constructed in 2009 on 1.5 acres in the Outlying Pinal County Retail submarket. Walgreen's has 18 years remainig on its lease. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap, Inc. represented the seller. Michael Campbell...

    Mesa DriveTime Sells for $6.5M
    Verde Investments, Inc. sold the DriveTime building at 333 S. Alma School Rd. in Mesa, AZ to Paolone Holdings LLC for $6.5 million, or about $1,103 per square foot. The 5,891-square-foot, freestanding retail building was constructed in 1994 on 3.5 acres in Maricopa County. DriveTime Car Sales occupies the entire building under a brand-new, 15-year lease extension. Pat Luther and Travis Fidel with SRS NNN and Ed Beeh with SRS Real Estate Partners...

    Breakthru Beverage Completes Industrial Sale in Phoenix
    Cohen Asset Management, Inc. has purchased the industrial building at 1115 N. 47th Ave. in Phoenix, AZ from Breakthru Beverage Group for $33.55 million, or approximately $74 per square foot. The property measures 452,271 square feet on 23 acres in the SW N of Buckeye Road Industrial submarket. Don MacWilliam and Payson MacWilliam of Colliers International represented the seller. The buyer did not use a broker for the sale. For more information...

    Dorinda Vista Apts Sold for $27.9M
    Prime Group sold the Dorinda Vista apartments at 7596 N. Mona Lisa Rd. in Tucson, AZ to FW Group for $27.9 million, or about $109,000 per unit. Completed in 1998, the two-story, 254-unit property totals 270,000 square feet on 6.9 acres in the Outer Casas Adobes MF submarket of Pima County. Art Wadlund and Clint Wadlund of Berkadia represented the seller. The buyer was self-represented. For more information on this transaction, please see...

    Safeway Coming to Greenway Center
    Safeway Stores, Inc. leased 61,374 square feet at the Greenway Center at 4747 E. Greenway Rd. in Phoenix, AZ. The national grocer is slated for occupancy in early March 2017. Built in 1991, the retail property is situated on 6.2 acres in the North Scottsdale Retail submarket of Maricopa County. Both the landlord and the tenant were self-represented.

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Jon Hammond, CCIM
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