Phoenix/Tucson Commercial Real Estate News From CoStar Group

    CoStar's People of Note (Sept. 23) FelCor Trust, Hunt Mortgage Name New Presidents
    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: Dallas / Ft. Worth, New York City, Chicago, East Bay, San Francisco, Columbus, Inland Empire, South Florida, Cincinnati, Denver, Baltimore, Boston, Washington DC, Vancouver / Calgary, Philadelphia, and Detroit / Grand Rapids. DALLAS / FORT WORTH FelCor's Pentecost...

    Ruble Rises to SVP, Investments at Marcus & Millichap
    Marcus & Millichap has named Mark Ruble a senior vice president investments, one of the highest levels an investment professional can achieve at the firm. He most recently held the title of first vice president investments, a designation he has held since 2013. Ruble joined Marcus & Millichap through the company's sales intern program back in 2004, becoming an agent in 2006. He serves as a senior director of the firm's national retail group and...

    Boyd Watterson Buys Westmount Place in Phoenix
    Mark IV Capital, Inc. sold the Westmount Place office building at 3010 N. 2nd St. in Phoenix, AZ to Boyd Watterson Asset Management for $14 million, or approximately $242 per square foot. Built in 1986, the 57,915-square-foot building features four levels and is situated on 1.7 acres. At the time of sale the building was occupied by federal government tenants including the Phoenix Division headquarters for the Drug Enforcement Agency (DEA). Palmer...

    Hersha Hospitality Continues Capital Recycling with Deal to Sell 5-Hotel Portfolio
    Philadelphia-based Hersha Hospitality Trust (NYSE: HT) has reached an agreement to sell a five-hotel suburban portfolio totaling 757 rooms for $185 million or $244,000 per room. Hersha expects to book approximately $105.3 million in net proceeds from the sale. The package, which is under contract to an undisclosed buyer, includes a pair of hotels in the Washington DC region, the 203-room Courtyard Alexandria Pentagon South in Alexandnria, VA,...

    Legacy Sells Tucson Flex Bldg
    EGAZ LLC purchased the flex building at 4700 S. Overland Dr. in Tucson, AZ from Legacy Property Management for $6.08 million, or about $133 per square foot. The 45,675-square-foot R&D building is fully occupied. The building delivered in 1999 on a 3.5-acre lot. Rob Glaser with Cushman & Wakefield | PICOR represented the seller. Patrick Lindley with Cushman & Wakefield represented the buyer. Please see CoStar COMPS #3698232 for more information...

    CubeSmart Acquires 7th & Dunlap Self Storage Facility
    Steppe Enterprises LLC sold the 7th Street and Dunlap Self Storage building at 533 E. Dunlap Ave. in Phoenix, AZ to CubeSmart LP for $14.53 million, or about $208 per square foot. The five-story property delivered in 2007. It totals 69,910 square feet in the Piestewa Peak Corridor submarket of Maricopa County. Michael Mele, Sean Delaney and Devin Beasley of Marcus & Millichap represented the seller. The buyer handled the sale in-house. Please...

    Armored Mini Storage Sold for $7.9M
    Cox Properties sold the self-storage facility at 13845 N. 7th St. in Phoenix, AZ to Advantage Self Storage, Inc. for $7.93 million, or approximately $162 per square foot. Built in 2000, the three-story, 49,000-square-foot property sits on a 1.2-acre parcel and is comprised of 575 storage units. Bill Alter of Rein & Grossoehme represented both parties in the sale. Please see CoStar COMPS #3699220 for more information on this transaction.

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