Phoenix/Tucson Commercial Real Estate News From CoStar Group


    CoStar's People of Note (June 28 - July 4)
    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, Houston, Northern New Jersey, San Francisco, Seattle, Washington DC, Los Angeles, Chicago, South Florida, Phoenix / Tucson, and San Antonio. NEW YORK CITY Eastern Consolidated Promotes Schnurman By Justin Sumner Hayden Ferry III Now 90% Preleased
    PHOENIX – Zenefits FTW Insurance Services has signed a 135,000-square-foot lease at the Hayden Ferry Lakeside III development rising at 40 E. Rio Salado Pky in Tempe, AZ. The deal brings the asset to 92% pre-leased, up from just 28% back in April. Parkway Properties, Inc. (NYSE: PKY) expects to deliver Hayden Ferry III during the third quarter 2015. The ten-story, 264,235-square-foot, 5-Star office tower began construction in 2014....

    Lowe Ents, Alecta Pay $75.7M for Phoenix Gateway Center
    PHOENIX – Lowe Enterprises Investors and Alecta Real Estate USA have completed the acquisition of three office buildings known as One, Two, and Three Gateway. Oaktree Capital Management LP and Pearlmark Real Estate Partners LLC sold the three-building office portfolio located in Phoenix, AZ for $75.7 million, or about $173 per rentable square foot. At the time of sale, the 437,603-square-foot Phoenix Gateway Center boasted an aggregate...

    Kirby Joins Cushman & Wakefield
    PHOENIX – John Kirby has joined Cushman & Wakefield of Arizona, Inc. as a director with the firm's valuation and advisory group. Kirby brings 11 years of commercial real estate appraisal experience, including litigation support. He most recently served a senior appraiser with CBRE for the past six years, and before that was a commercial appraiser with Scott Neibling Valuation Group in Phoenix. "John is an integral addition to our V&A...

    Legacy Suites Sells for $8.3M
    PHOENIX – The Siegel Group has purchased the Legacy Suites Extended Stay building at 540 N. Cacheris Ct. in Casa Grande, AZ from Heers Management Company for $8.3 million, or about $23,000 per room. Built in 2008, the hospitality building totals 132,950 square feet on eight acres in Pinal County. The building was sold as-is, and the new owner will continue to operate the property as a hotel. Rue Bax of ABI Multifamily represented the seller...

    Arizona Dept of Child Safety Leases 46,000 SF
    PHOENIX – The Arizona Department of Child Safety signed a lease for 46,401 square feet at the Mesa Financial Plaza building at 1201 S. Alma School Rd. in Mesa, AZ. The 16-story, 306,571-square-foot office building was constructed in 1986 on eight acres in the Superstition Corridor of Maricopa County. Matt Nebeker of Cushman & Wakefield, Inc. represented the landlord, Wilson Property Services, Inc. in direct negotiations with the tenant.

    Office Lease Up (June 29) NVIDIA Agrees To New 500,000-SF Build-To-Suit HQs
    NVIDIA Corp., one of the top makers of graphics chips for computers and other devices, has arranged to lease 500,000 square feet of to-be-constructed office space for its new corporate headquarters. The new building will be built across the street from its current headquarters at 2701 San Tomas Expressway in Santa Clara, CA. NVIDIA Land Development LLC, a wholly owned consolidated subsidiary of NVIDIA Corp., Wachovia Service Corp., Wells Fargo...

    Western Refining Takes Over Full Occupancy of Papago Buttes Corporate Plaza
    PHOENIX – Western Refining expanded its leased space at Papago Buttes Corporate Plaza at 1250 W. Washington St. in Tempe, Arizona. Western Refining agreed to lease 17,723 square feet of additional space on the fourth floor of the West Washington Street office structure. The expansion results in the company occupying an entire four-story, 105,000-square-foot building. The firm took the opportunity to expand its administrative offices when...

    Arcadia Park Apts Sold for $17.5M
    TUCSON – Holualoa Companies sold the 288-unit Arcadia Park Apartments at 250 N. Arcadia Ave. to APA228 Partners for $17.53 million, or about $61,000 per unit. The 330,579-square-foot multifamily community is comprised of one- and two-bedroom layouts. The property had recently been updated with new balcony/patio fencing, paint, pool area improvements, and interior upgrades to a portion of the units. Michael Sandahl, Tyler Anderson, and...

    Darby Returns to Colliers
    Ruth Darby has joined Colliers International in Greater Phoenix as a vice president. One of the region's top tenant representation brokers, Darby brings more than 16 years of corporate real estate experience. She has completed transactions in more than 30 markets throughout North America, specializing in planning, lease administration, and project and transaction management on the national and local level. Darby was previously with Colliers...

    One North Central Sells for $93.8M
    Mitsubishi Estate New York, Inc. sold the office tower at 1 N. Central Ave. in Phoenix, AZ to San Diego-based Parallel Capital Partners, Inc. for $93.75 million, or about $229 per square foot. The 20-story, 410,053-square foot property was built in 2001 on 1.3 acres in Maricopa County. "This was a highly attractive investment for us," said Matt Root, CEO of Parallel Capital Partners. "Downtown Phoenix has consistently performed and remains one...

    El Dorado Tech Ctr Bldg Sells for $17.8M
    First Technology Capital, Inc. sold the flex building at 2299 W. Obispo Dr. in Gilbert, AZ to Everest Holdings LLC for $17.85 million, or approximately $98 per square foot. The 182,363-square-foot building was built in 1998 on 7.7 acres in Maricopa County. The property currently has one tenant, GoDaddy, which occupies about 65 percent of the building. In connection with this deal, the buyer purchased 1.7 acres of adjacent vacant land to use for...

    Olympus Property Buys Cactus Forty-2 Apts for $36M
    A joint venture of Cachet Homes, Southwest Next Capital Management, and Strand Properties Corp. sold the Cactus Forty-2 multifamily community at 4242 E. Cactus Rd. in Phoenix, AZ to Texas-based Olympus Property for $36 million, or $180,000 per unit. Built in 2014, the 200-unit, 203,732-square-foot multifamily community is located in the Greenway Park Plaza submarket of Maricopa County. It is comprised of 20 studios, 68 one-bedroom, and 112 two...

    Cold Beer & Cheeseburgers Coming to Phoenix
    Cold Beers & Cheeseburgers, a casual dining restaurant boasting cold beers and award-winning burgers, leased 13,500 square feet at 5625 N. 7th St. in Phoenix, AZ for a 20-year term. The former auto-repair facility was vacant at the commencement of the lease. It totals 13,500 square feet of retail space on seven-tenths of an acre in the East Phoenix Retail submarket of Maricopa County. Terence Plas of Ideal Commercial Development represented...

    Morgan Stanley Office Bldg Sold for $9M
    Syndicated Equities acquired the Morgan Stanley office building at 1617 E. Skyline Dr. in Tucson, AZ from DESCO Southwest for $9.05 million, or about $458 per square foot. The 19,761-square-foot office building is located at the Skyline Esplanade Professional Office Plaza - Phase 2 in the Foothills submarket of Pima County. Morgan Stanley signed a lease to occupy the entire building prior to the sale. Reportedly, all parties handled the direct...

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Jon Hammond, CCIM
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