Phoenix Commercial Real Estate News From CoStar Group


    Regent Properties Pays $34.6M for 90 Mountain View
    Los Angeles-based real estate investment company Regent Properties has acquired 90 Mountain View Phase I & II at 9977 and 9999 N. 90th St. in Scottsdale, AZ from institutional real estate management firm Principal Real Estate Investors for $34.6 million, or about $188 per square foot. The 183,644-square-foot office project was built in 2000 and 2005 and includes two twin class A buildings at the northeast corner of 90th St. and Mountain View Rd...

    NorthMarq Capital Refinaces Scottsdale Offices
    NorthMarq Capital has assisted the owners of the Scottsdale Professional building and the Scottsdale Executive Office building in refinancing placements totaling $29 million. "Thrivent Financial was the lender and offered competitive terms and a borrower friendly execution," said James DuMars, senior vice president and managing director of NorthMarq Capital's Phoenix-based regional office who orchestrated the refinance. "Most Thrivent business...

    Hines Demolishes Huge Eyesore To Make Way For New Project
    Hines has razed the local eyesore known as Elevation Chandler, clearing the way for Chandler Viridian, a development with multifamily, a hotel, retail and 250,000 square feet of office space. The demolition occurred last weekend during "Elevating Chandler?s Economic Future," an event that included Hines Managing Director Chris Anderson and Chandler Mayor Jay Tibshraeny. For nearly two years, Hines has been working on the new project, Chandler Viridian...

    Agree Realty Acquires AutoZone, Sonic Portfolios
    Agree Realty Corp. has acquired 22 retail net lease properties in three separate transactions totaling $19.5 million, including 14 AutoZone stores, seven Sonic restaurants and a Dollar General Market. The AutoZone portfolio includes 14 auto parts stores in six states across the southeastern United States, including Alabama, Florida, Louisiana, Mississippi, South Carolina and Tennessee. All the stores are leased to AutoZone on an absolute net basis...

    Canadian Investor Snaps up 126 Units in Phoenix
    Tony Sibley Property Management sold the 126-unit Briarwood apartments to Vancouver, BC-based Terra Vista Investments USA (5) LP for $4.05 million, or approximately $32,000 per unit. Located at 3450 W. Missouri Ave. in Phoenix, AZ, the 68,250-square-foot multifamily community is comprised of mostly one-bedroom units in addition to eight studios and six two-bedroom units on 2.5 acres in Maricopa County. Brett Polachek and Jim Crews of Cushman...

    Dollar General Sold for $1.2M
    A private trust sold the freestanding retail building at 410 E. Southern Ave. in Phoenix, AZ to private investors for $1.15 million, or about $125 per square foot. Originally built in 2007, the single-story property totals 9,180 square feet on approximately one acre in Maricopa County. Sean Bishop of Middlefork Commercial represented the seller. Mike Dostalek of A1 West Commercial Real Estate represented the buyer. Please refer to CoStar...

    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...

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Jon Hammond, CCIM
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