Phoenix/Tucson Commercial Real Estate News From CoStar Group


    CoStar's People of Note (June 24)
    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, Northern New Jersey, Denver, Chicago, Columbus, Boston, Sacramento, Atlanta, Florida and more! NEW YORK CITY Klein Joins Monday Properties as EVP, Capital Markets Lead By Justin Sumner Desert Troon Cos Sells Portion of Scottsdale Business Park
    Wentworth Property Company LLC (WPC) and Northwood Investors LLC have purchased a portfolio of five office properties in the eight-building Perimeter Center business park, including 8660, 8665, 8667-8701 and 8777 E. Hartford Dr. and 16767 N. Perimeter Dr. in Scottsdale, AZ. Scottsdale-based real estate development and investment firm Desert Troon Companies sold the assets for $122 million, or about $191 per square foot. "As one of the premiere...

    Munroe Joins ABI
    Royce Munroe has joined ABI MultiFamily in the firm's most recent addition. He will serve as the vice president of the firm's small / mid-size apartment group in their Phoenix headquarters. Prior to joining ABI, Royce was a top producer with West USA Realty. He also served in management roles with both Intel and B.F. Goodrich.

    Boise Cascade Corp Sells 98,000-SF Industrial Bldg
    A private investor acquired the industrial building at 440 N. 51st Ave. in Phoenix, AZ from Bosie Cascade Corporation for almost $5.56 million, or $57 per square foot. The 97,500-square-foot building was constructed in 1988 in Maricopa County. The property was 100 percent vacant at the time of sale. Ted Liles of Cresa represented the seller. Steve Sayre of JLL represented the buyer. Please refer to CoStar COMPS #3630742 for more information...

    Ace Hardware Coming to Tucson
    Ace Hardware leased 9,895 square feet in the Tucson Place shopping center at 406-425 E. Wetmore Rd. in Tucson, AZ. The 251,237-square-foot neighborhood center was built in 1989 on 21.7 acres in the Central West Retail submarket of Pima County Andy Seleznov and Melissa Lal of Larsen Baker represented the landlord. Marty Olejarczyk of De Rito Partners, Inc. represented the tenant.

    Kimco Divests North Canyon Ranch SC
    Town West Realty, Inc. purchased the North Canyon Ranch shopping center at 23425 N. 39th Dr. in Glendale, AZ from Kimco Realty Corp. for $8.7 million, or about $124 per square foot. The 70,428-square-foot retail property is anchored by Goodwill. It is situated at the northeast corner of W. Pinnacle Peak Rd. Patrick Dempsey and Jan Fincham of Lee & Associates Commercial Real Estate Services represented the buyer and the seller in the sale...

    WP Glimcher CEO Steps Down In Leadership Overhaul
    WP Glimcher Chief Executive Michael P. Glimcher has resigned in a round of executive changes at the retail REIT, which is in the midst of investigating strategic alternatives. The Columbus, OH-based company also announced plans to change the company's name back to Washington Prime Group Inc., Inc., its identity when the Simon Property Group spinoff acquired Glimcher Realty Trust in 2014. The company said it will consider the change at its annual...

    LPT Promotes Creecy-Herman to VP of Leasing & Development for Arizona Region
    Liberty Property Trust (NYSE: LPT) has promoted Megan Creecy-Herman to vice president of leasing and development for the Arizona region. In her new role, Creecy-Herman will manage leasing for Liberty's regional portfolio, totaling nearly 4 million square feet while continuing to work on all new developments in the area. Creecy-Herman joined LPT in 2012 as a director of leasing and development before quickly moving into a senior director position...

    Levine Investments Sells Scottsdale's Zocallo Plaza
    Enright Capital Ltd. sold the Zocallo Plaza shopping center at 15505 - 15507 N. Scottsdale Rd. in Scottsdale, AZ to Levine Investments LP for $15.55 million, or about $304 per square foot. The single-story, 51,195-square-foot retail strip was built in 1999. It sits on four acres in the North Scottsdale Retail submarket of Maricopa County. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller. The buyer handled the...

    35-Unit Rezide at Uptown Trades Hands in Phoenix
    Bethany Gardens Investments LLC sold the 35-unit Rezide at Uptown apartments located at 1420 E. Bethany Home Rd. in Phoenix, AZ to Campbell Loding, Inc. for almost $6.3 million, or about $180,000 per unit. The 31,500-square-foot multifamily complex was built 1978 on 2.3 acres in Maricopa County. The property consists entirely of two-bedrooms units. Kevin Barr of Maxmont Realty, Inc. represented the seller and buyer in the sale. Please refer...

    Werner Investments Buys Palm Desert Apts on 27th
    Hirano Enterprises sold the Palm Desert Apartments at 8429 N. 27th Ave. in Phoenix, AZ to Werner Investments for $7.15 million, or $44,000 per unit. Built in 1970, the 161-unit apartment building totals 142,590 square feet on 3.4 acres in Maricopa County. Cliff David and Steve Gebing represented the seller. The buyer handled the sale in-house. Please reference CoStar COMPS #3612756 for more information on this transaction.

    CA Investor Acquires Tucson Shopping Center
    Central One, Inc. sold the Golf Links & Kolb Shopping Center at 2530-2580 S. Kolb Rd. in Tucson, AZ to Gaslamp Investments LLC for $4.4 million, or approximately $167 per square foot. The properties were occupied by tenants such as O'Reilly Auto Parts and Discount Tire. Debbie Heslop of Volk Company represented the seller. Shawn Heacock of CIRE Partners represented the buyer. Please refer to CoStar COMPS #3599562 for more information on this...

    Emma Capital Buys Crosswinds
    P.B. Bell Asset Management, Inc. and Stonecutter Capital Management LLC have sold the Crosswinds apartments at 868 S. Arizona Ave. in Chandler, AZ to Emma Capital for $22 million, or about $58,824 per unit. The property was originally completed in 1985 and renovated in 2006. The two-story, 374-unit multifamily complex totals 150,998 square feet on 11.1 acres in the Price Corridor MF submarket of Maricopa County. Brad Cooke and Cindy Cooke...

    BKM Capital Ptnrs Acquires Tempe Flex Portfolio
    BKM Capital Partners LP paid a total of $24.14 million for three business parks in Tempe, AZ. SFERS REal Estate Corp. sold the Twins Business Park, Elliot Park-10 and Ash Business Center. The properties are located in the Tempe Southwest and Northwest Industrial submarkets, and combined total more than 305,500 square feet of flex and industrial space. Bob Buckley, Steve Lindley, Tracy Cartledge and Ben Geelan with Cushman & Wakefield represented...

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