Phoenix/Tucson Commercial Real Estate News From CoStar Group


    U.S. Office Sector Enjoys Steady Q2 Leasing Momentum Even as Rent Growth Slows, Sales Stall
    The U.S. office market continued its steady momentum in the second quarter, recording 39.4 million square feet of net absorption in the first six months of 2016, nearly equaling the 40.2 million square feet absorbed during the record-setting first half of last year. The U.S. office vacancy rate ticked down another 15 basis points to 10.6% in the second quarter of 2016, well below the long-term historical vacancy rate of 11.3%. CoStar analysts...

    Investor Buys 180-Unit Bella Rio Apts
    Seville Garden Apartments LLLP sold the Bella Rio Apartments at 4903 W. Thomas Rd. in Phoenix, AZ to Lilly Phoenix Investments LLC for $5.45 million, or about $30,000 per unit. Built in 1977, the 68,150-square-foot multifamily complex totals 180 units on four acres in the Maryvale MF submarket of Maricopa County. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International represented the seller. The buyer was self-represented...

    Syndicated Equities Sells 25,000-SF Federal Government Bldg
    Boyd Watterson Asset Management acquired the industrial building at 3265 E. Universal Way in Tucson, AZ from Syndicated Equities for $4.63 million, or about $188 per square foot. Built in 2004, the 24,622-square-foot Federal Government Building sits on 2.4 acres and features a fenced lot and easy access to the I-10. This single-tenant building is fully occupied by National Advanced Fire & Rescue Institute on a triple-net lease through 2017 with...

    Reliance Mgmt Picks Up Chandler Tech Center
    Buchanan Street Partners sold the Chandler Tech Center at 7400-7408 W. Detroit St. in Chandler, AZ to Reliance Management for $7.1 million. The 120,522-square-foot flex park consists of five buildings on a single 9.1-acre parcel located adjacent to the I-10 at W. Chandler Blvd. in the Chandler Industrial submarket. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan represented the buyer and the seller. For more information on this...

    Xenia Hotels & Resorts Sells Hilton Phoenix Suites
    True North Management Group and Hospitality Ventures LLC acquired the Hilton Phoenix Suites at 10 E. Thomas Rd. in Phoenix, AZ from Xenia Hotels & Resorts for $29.25 million, or about $129,000 per unit. Completed in 1988, the 226-room hotel totals 191,120 square feet on 1.4 acres in the Midtown submarket of Maricopa County. Teague Hunter with Hunter Hotel Advisors and Danny Givertz with Hunter Realty Associates, Inc. represented the seller...

    Big Buyer Revealed for Liberty Property Trust Portfolio
    It turns out the big buyer with which Liberty Property Trust said it was in discussions for a sizable portion of its suburban office and flex is a familiar name. Workspace Property Trust said it has finalized an agreement to buy 108 office and flex buildings in four states from Liberty Property for approximately $969 million. Led by industry veterans Thomas Rizk and Roger Thomas, Workplace is the same firm that purchased 41 office and flex buildings...

    InvenTrust Sells University House Communities Portfolio for $1.4 Billion
    InvenTrust Properties Corp. has closed on its previously-announced stock sale of University House Communities Group, Inc., the Maryland-based investment company's wholly-owned student housing ownership and management subsidiary, trading a portfolio of 13,205 beds, including 11,039 beds in 18 stabilized student housing communities and 11,039 beds in four more communities currently in development spread across 14 states. The 6.34 million-square-foot...

    CoStar's People of Note (July 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: Minneapolis / St. Paul, Washington DC, Vancouver / Calgary, South Florida, Cleveland, Orange County, Northern New Jersey, Philadelphia, Dallas / Ft. Worth, Chicago, Long Island, Richmond / Hampton Roads, Boston, New York City, Phoenix / Tucson, and more! MINNEAPOLIS...

    Mueller Joins 29SC as Associate for Firm's Southwest Expansion
    29th Street Capital (29SC) has hired Christine Mueller as an associate. In her new role, Mueller will focus on the Phoenix, Las Vegas and San Diego markets while handling all facets of the firm's asset management strategies and assisting with the company's multifamily acquisition platform while it expands into Southern California. Mueller brings more than five years of institutional experience in financial analysis, asset management and acquisitions...

    Velocis Closes Second Fund After Raising $270 Million
    Velocis, a Dallas-based private equity real estate manager, successfully closed its Velocis Fund II. Equity commitments exceeded $270 million, bringing Fund II assets under management to $400 million. The current equity commitments provide Fund II with $775 million in purchasing power, incorporating moderate leverage. Management anticipates raising an additional $50 million of co-investment equity from investors, giving Fund II approximately...

    iStar Financial Sells Interest in Tanger Outlet Center Westgate
    Tanger Factory Outlet Centers, Inc. acquired iStar Financial, Inc.?s remaining stake in the Tanger Outlet Center at 6800 SE 95th Ave. in Glendale, AZ for $66.99 million, or approximately $388 per square foot. The single-story property totals 410,664 square feet on 37.9 acres in the Glendale Retail submarket of Maricopa County. Both the buyer and seller were self-represented in the sale. Please refer to CoStar COMPS #3637444 for more information...

    The Place at El Prado Trades
    MC Companies purchased The Place at El Prado apartments at 1050 S. Longmore in Mesa, AZ for $34.35 million, or about $80,000 per unit, from P.B. Bell & Associates, Inc. Built in 1979 and renovated in 2006, the property is comprised of 47 two-story buildings and totals 339,168 square feet. It sits on 22.5 acres in the Casa Mesa II / Alma Meadows MF submarket of Maricopa County. Steven Gebing and Cliff David of Marcus & Millichap, Inc. represented...

    Paradise Hills Shopping Center Sold
    Kornwasser Realty Advisors sold the Paradise Hills Shopping Center at 10602 N. 32nd St. in Phoenix, AZ to Abington Emerson Investments for $9.25 million, or approximately $117 per square-foot. Built in 1962, the 79,105-square-foot center sits on 8.6 acres in the East Phoenix Retail submarket of Maricopa County. Sean Thomas and Ed Beeh of SRS Real Estate Partners represented the buyer. Sanford Burstyn of Marcus & Millichap, Inc. represented...

    DC Ranch Crossing Sells
    KDI Investments acquired the DC Ranch Crossing at the corner of Legacy Blvd. and Pima Rd. in Scottsdale, AZ from Stockbridge Capital Group LLC for $29.85 million. Built in 2008, the retail center totals 72,867 square feet on 10.8 acres. Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE represented the seller. The buyer was unrepresented. Please refer to CoStar COMPS #3637172 for more details on this transaction.

    LPC Desert West Promotes Watkins
    Lincoln Property Company (LPC) Desert West has promoted Megan Watkins to associate director of management services in the firm's Phoenix, AZ office. In her new role, Watkins will assist with LPC's 6 million-square-foot regional portfolio while working with leadership to expand the company's property management footprint. The 17-year industry veteran has been involved in the management of more than 1.3 million square feet across Arizona, representing...

    Burlington Coat Factory Bldg Sold
    Starwood Property Trust, Inc., Walker & Dunlop LLC and CW Financial Services LLC sold the Burlington Coat Factory retail building located at 3660 S. 16th Ave. in Tucson, AZ to Agree Realty Corporation for $7.5 million, or about $98 per square-foot. Completed in 1983, the single-tenant building totals 76,240 square feet on 6.9 acres in the South Tucson Retail submarket of Pima County. Matt McNeill of Metro City Realty along with Tim Chichester...

    LPC Completes Industrial Sale
    XPO Logistics, Inc., formerly Menlo Worldwide, has purchased the industrial building at 7037 W. Van Buren St. in Phoenix, AZ from Lincoln Property Company for almost $30.38 million, or $55 per square foot. The 552,330-square-foot distribution facility was constructed in 2004 on 31 acres in the Tolleson Industrial submarket. The property is one mile from I-10, and 15 minutes from Sky Harbor International Airport. No Brokers were involved in...

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Jon Hammond, CCIM
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