Phoenix Commercial Real Estate News From CoStar Group


    Apollo Corp HQ Sold for $183M
    Epic Apollo LLC and Crown Properties, Inc. acquired the Apollo Riverpoint Center campus at 4025-4045 S. Riverpoint Pky in Phoenix, AZ from American Realty Capital Properties, Inc. for $183 million, or about $305 per square foot. The asset is fully leased to Apollo Group, Inc., one of the nation's largest providers of higher education programs for working adults. It is comprised of three office buildings including a 10-story building totaling 267...

    Special Devices Acquires Mesa Expansion Site for $5.5M
    Special Devices, Inc., a specialized manufacturer based in Simi Valley, CA that has become a leading maker of precision engineered energetic devices, recently acquired a 19.59-acre development site next to its Mesa manufacturing center just south of Loop 202 at Virginia St and Greenfield Rd. The industrial-zoned land will provide space for expansion of SDI's current facilities at the site to accommodate the company's air bag division. The manufacturer...

    CoStar's People of Note (Feb. 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: Chicago, San Diego, New York City, Dallas / Ft. Worth, San Francisco Bay, Greenville / Spartanburg, Seattle, South Florida, Los Angeles, Detroit, Chicago, and Charlotte. CHICAGO CBRE Appoints Two in Chicago By Bryce Meyers CBRE

    Market Trend: Phoenix Industrial Deliveries, Construction and Inventory
    During the fourth quarter 2014, 14 Industrial buildings totaling 1,069,221 square feet were completed in the Phoenix market area. This compares to seven buildings totaling 677,658 square feet that were completed in the third quarter 2014. There were 3,986,684 square feet of Industrial space under construction at the end of the fourth quarter 2014. Warehouse Owners Enjoy Another Quarter of Accelerating Rent Growth, Developers Ramp Up Construction...

    Tempe Industrial Sold for $3.4M
    Texas Medical Distributors, Inc. purchased the industrial building at 1510 W. Bell De Mar Dr. in Tempe, AZ for $3.36 million, or about $80 per square foot, from AV-Air, Inc. The 42,000-square-foot building is located in the Tempe Southwest Industrial submarket and features four loading docks, four drive-in bays, heavy power, 24-foot clear heights, and a three-acre fenced yard. Lee & Associates' Phoenix office brokered the sale, with Matt Fredrick...

    The Glen Sells for $5M
    North63 Holdings LLC has purchased 118 condominium apartments at 6240 N. 63rd Ave. in Glendale, AZ for $5 million from private owners. Built in 1985, the 87,259-square-foot building sits on 6.9 acres. At the time of sale, the property was 98 percent occupied. Chris Roach and Joe Dietz of ORION Investment Real Estate represented both the buyer and seller in the sale. Please reference CoStar COMPS #3224470 for more information on this transaction.

    Table Rock Apts Sold for $14.4M
    Red Rock Investment Management acquired the Table Rock Apartments at 3400 S. Lake Mary Rd. in Flagstaff, AZ from Virtu Investments for $14.35 million, or about $144,000 per unit. The 100-unit block was constructed in 1998 across five buildings on 11.2 acres in Coconino County, just one mile from Northern Arizona University. "A student-oriented property with strong operations and proven rent increases, Table Rock Apartments [...] features an...

    California Investor Acquires 364 Units in Phoenix
    ColRich sold the 364-unit The Pointe at South Mountain to The ConAm Group of Companies for $33 million, or approximately $91,000 per unit. Located at 8809 S. Pointe Pky in Phoenix, the 310,088-square-foot apartment community is comprised of 206 one-bedroom and 158 two-bedroom units on 11.9 acres. The asset was 95 percent occupied at the time of sale. Tyler Anderson, Sean Cunningham, and Asher Gunter of CBRE represented the seller. The buyer...

    CORRECTION: Office Lease Up (Feb 23) Comcast to Expand Regional HQ in Atlanta, Add 300 Jobs
    Georgia Governor Nathan Deal confirmed earlier this week that Comcast will relocate its southeast regional headquarters to the Peachtree Corners office park in Peachtree Corners, GA. The new 87,776-square-foot office will keep Comcast's regional headquarters in Gwinnett County and will house the company's 532 full-time local employees on four floors at 6200 The Corners Pky. The space will also feature build-out for a demonstration lab and Comcast...

    Market Trend: Phoenix Retail Deliveries, Construction and Inventory
    During the fourth quarter 2014, 21 buildings totaling 377,959 square feet were completed in the Phoenix retail market. Over the past four quarters, a total of 700,237 square feet of retail space has been built. There were 427,089 square feet of retail space under construction at the end of the fourth quarter 2014. Some of the notable 2014 deliveries include: 19403 N R H Johnson Blvd, a 94,000-square-foot facility that delivered in fourth quarter...

    Camelback Square Sold for $42.3M
    Lincoln Property Company and Oaktree Capital Management LP sold the Camelback Square office building at 6991 E. Camelback Rd. in Scottsdale, AZ to Dallas-based Velocis Partners for $42.3 million, or about $242 per square foot. The three-story, 174,917-square-foot office building was constructed in 1978 on 7.6 acres in the Scottsdale South submarket of Maricopa County, near the heart of Old Town and adjacent to the 2 million-square-foot Scottsdale...

    RightSource RX Renews 98,000-SF Lease in Tempe
    RightSourceRX, the home delivery prescription service of healthcare provider Humana, Inc. renewed its 98,052-square-foot lease at 7333 S. Hardy Dr. in Tempe, AZ. Bldg E in the Tempe Commerce Park has been home to RightSourceRX since 2008. The single-tenant office building was constructed in 1997 on a 7.4-acre parcel in the SOuth Tempe / Ahwatukee submarket. Dave Seeger and Karsten Peterson of JLL represented the landlord, Deutsche Asset & Wealth...

    Sunburst Plaza Sells for $9.3M
    An investor affiliated with Phillips Edison & Co. acquired the Sunburst Plaza shopping center at 4315-4357 W. Bell Rd. in Glendale, AZ for $9.3 million, or about $91 per square foot, from Bilak Investments. Situated on 11.8 acres, the five-building retail center is anchored by a 56,000-square-foot Fry's Food Store and fuel station. Additional tenants include Just Brakes, Epic Thrift and Fresh Vitamins. The 102,587-square-foot property was more...

    Wood Partners Teams With American Realty Advisors to Buy Phoenix Apts.
    A joint venture between Wood Partners and American Realty Advisors has purchased a 350-unit apartment complex at 1601 E. Highland Ave. in Phoenix, AZ for $57 million, or about $163,000 per unit, from Essex Property Trust. The buyers plan to convert the former Pinnacle Towne Centre in Phoenix?s Camelback East submarket into an upscale townhome community named Altera Highland. Jane Maushardt, senior vice president of acquisitions for Wood Partners...

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