Phoenix Commercial Real Estate News From CoStar Group


    CoStar's People of Note (Nov. 16 - 22)
    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, Chicago, Los Angeles, Washington DC, Atlanta, Boston, Baltimore, and Dallas / Fort Worth. NEW YORK CITY Markowitz Takes Helm as President at Charles Rutenberg By Finn Raftery St

    Market Trend: Phoenix Retail Deliveries, Construction and Inventory
    During the third quarter 2014, nine retail buildings totaling 88,382 square feet were completed in the Phoenix market. Over the past four quarters, a total of 689,281 square feet of retail space has been built in Phoenix. There were 671,799 square feet of retail space under construction at the end of the third quarter 2014. Some of the notable 2014 deliveries include: 344 N Gilbert Rd, a 21,752-square-foot facility that delivered in third...

    Tempe Historic Site Sold for $16.9M
    A joint venture between Douglas Wilson Companies, Hensel Phelps Development, and Karlin Real Estate acquired 2.51 acres at the southwest corner of Mill Ave. and Rio Salado Pky in Tempe, AZ from Michael Monti's Restaurant & Catering, Inc. for $16.88 million, or about $6.7 million per acre. The site is currently home to Hayden House; the oldest continuously-occupied structure in Metropolitan Phoenix, it was built in 1873. It evolved from a Sonoran...

    Cedar Court Sold for $6.3M
    Emma Capital, Inc. acquired the Cedar Court Apartments at 5215 W. Peoria Ave. in Glendale, AZ from Cedar Court Condos LLLP for $6.25 million, or about $54,000 per unit. The 116-unit, 77,552-square-foot multifamily community was built in 1986 and sits on 4.1 acres in the Maryvale/GreenBrier Groves submarket of Maricopa County. It is comprised of 80 one-bedroom and 36 two-bedroom models with asking rents between $540 and $695 per month. Bill Hahn...

    LA Fitness in Goodyear Sold for $12M
    A California-based investor acquired the LA Fitness building at 1382 S. Cotton Ln. in Goodyear, AZ from Desert Troon Companies, Inc. for $12 million, or about $267 per square foot. The 45,000-square-foot, freestanding retail building was constructed in 2009 on 11.6 acres in the Goodyear Retail submarket of Maricopa County. The property was 100 percent leased to LA Fitness on a triple-net basis at the time of sale. Matt Mousavi, Patrick Luther...

    Gilbert Industrial Sold for $1.5M
    Herbally Yours, Inc., a manufacturer of nutritional supplements and skin care products, has purchased the industrial building at 150 N. Sunway Dr. in Gilbert, AZ from State Tool & Manufacturing Company for $1.5 million, or $100 per square foot. The 15,000-square-foot manufacturing building was constructed in 1996 on 1.4 acres in the Chandler North/ G ilbert Industrial submarket of Maricopa County. It features two drive-ins, 17-foot clear heights...

    Dobson Springs Apts Sold for $9.1M
    SPL Real Estate & Management Co. acquired the 120-unit Dobson Springs Apartment Homes at 1325 W. Guadalupe Rd. in Mesa, AZ from Bruckal Properties USA, Inc. for $9.12 million, or $76,000 per unit. Built in 1980, the garden-style, 102,600-square-foot multifamily community sits on 4.5 acres. It is comprised of 18 one-bedroom and 102 two-bedroom apartments across five three-story buildings. The complex has been extensively remodeled, inside and out...

    Tempe Retail Sells for $2.6M
    Greenwood & McKenzie sold the retail building at 1725 W. Ruby Dr. in Tempe, AZ to Salt Creek Office Furniture for $2.6 million, or about $68 per square foot. The 38,225-square-foot retail building was completed in 2007 on 3.7 acres in the Chandler Retail submarket of Maricopa County. The buyer was a tenant in the building prior to the sale, having occupied the building since 2010. Rick Robertson, David Johnson, and Jerry Marrell of Lee & Associates...

    Canadian Developer Buys Hidden Cove Apts for $7.8M
    Rosebud LLC sold the 150-unit Hidden Cove apartments to Coastal Group for $7.75 million, or approximately $52,000 per unit. Located at 2001 W. Union Hills Dr. in Phoenix, the multifamily community was built in 1984 on 4.7 acres. It is comprised of 36 studios, 78 one-bedroom, and 36 two-bedroom models. Bert Kempfert of CBRE represented the seller, while Brian Smuckler and Jeff Seaman of CBRE represented the buyer. Please see CoStar COMPS...

    Pathfinder Partners Launches New Opportunity Fund
    Pathfinder Partners LLC, a San Diego-based fund manager that makes opportunistic real estate investments, launched fund raising for its latest private real estate fund, Pathfinder Partners Opportunity Fund V, which will focus primarily on acquiring value-add multifamily and residential real estate in mid-tier cities in the western U.S. Fund V will target a $100 million to $150 million raise. The investment goal of the fund will be on acquiring...

    Whitestone Pays $47.9M for Pair of Chandler Retail Centers
    Whitestone REIT (NYSE: WSR) has acquired two community shopping centers, Towne Center and The Promenade at Fulton Ranch, in Chandler, AZ from RED Development for an aggregate $47.85 million, or approximately $226 per square foot. The two assets are located within Fulton Ranch, a 520-acre, high-end lakefront lifestyle village in Maricopa County. Average household incomes within Fulton Ranch average more than $106,000, outranking the household income...

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Jon Hammond, CCIM
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