Phoenix Commercial Real Estate News From CoStar Group


    CoStar's People of Note (May 17 - 23)
    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: South Florida, Charlotte, Los Angeles, Orlando, Atlanta, New York City, and Northern New Jersey. SOUTH FLORIDA Nostrand Named CEO for NAI Miami By Esmeralda McKie Industry veteran Stephan Nostrand is relocating to NAI Miam

    NBS Financial Arranges Combined $52M in Acquisition Financing
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    Former Lund Dealership Sells for $6M
    Leelanlau Properties LLC sold the retail building at 1311 E. Bell Rd. in Phoenix, AZ to Smith's Food & Drug Centers, Inc. for $6.05 million, or approximately $117 per square foot. The 51,667-square-foot former auto dealership sits on 12.2 acres in the East Phoenix Retail submarket of Maricopa County. The buyer plans to demolish the existing building to create a 123,000-square-foot Fry's Food Store on the site. Martin Leon and Marty De Rito of...

    Stone Canyon Sells for $47M
    SCI Real Estate Investments sold the 392-unit Stone Canyon multifamily community at 5210 E. Hampton Ave. in Mesa, AZ. The asset was purchased by three tenant-in-common companies formed by Khosro Khaloghli in Costa Mesa, CA for $47 million, or approximately $120,000 per unit. The 358,168-square-foot apartment community was built in 2000 on 23.6 acres in the Route 60 Corridor to Apache Junction submarket. Tyler Anderson, Sean Cunningham, Asher...

    Mesa Self Storage Facility Trades for $6.3M
    A private owner sold the self-storage facility at 1055 W. Guadalupe Rd. in Mesa, AZ to a local investor for $6.3 million, or about $75 per square foot. The 83,810-square-foot Arrow Self Storage property totals 858 storage units and sits on 4.5 acres. The property was 71 percent occupied at time of sale. Bill Alter and Denise Nunez of Rein & Grossoehme represented both parties in the sale. Please see CoStar COMPS #3287151 for additional information...

    LNR Ptnrs Sells Portfolio for $29.9M
    True North Management Group and Crown West Realty LLC acquired the three office and flex buildings at 4625 - 4675 E. Cotton Center Blvd. in Phoenix, AZ from LNR Partners LLC for an aggregate $29.93 million, or about $113 per square foot. In the first transaction, the joint venture acquired Cotton Corporate Center II & III, two flex buildings totaling 147,627 square feet, for $17.85 million, or about $121 per square foot. The two single-story assets...

    LPC, Oaktree Pay $58M for Biltmore Comm Ctr
    Lincoln Property Co. and partner Oaktree Capital Management closed on the acquisition of the Biltmore Commerce Center at 3200 E. Camelback Rd. in Phoenix for $58 million, or about $223 per square foot. DPC Development Cos. and Bridge Investment Group Partners sold the three-story, 259,730-square-foot building located at the northeast corner of 32nd Street. The building is known for its copper exterior and street-facing water feature, and features...

    44Monroe Sold for $50.7M
    HSL Properties, Inc. acquired the 44Monroe hi-rise apartment building at 44 W. Monroe in Phoenix, AZ from Winthrop Realty Trust (NYSE: FUR) for $50.65 million, or about $275,000 per door. The seller will use the entire net proceeds from the sale, totaling roughly $50 million, to pay down the loan secured by its ST Residential Luxury portfolio, in which it holds an 84% interest. Following the paydown, the outstanding principal balance is now $77...

    Cushman & Wakefield Set To Merge with DTZ
    DTZ has confirmed it will buy rival Cushman & Wakefield from Exor, the investment company of Italy's billionaire Agnelli family, in a deal which will create one of the world?s largest global real estate services companies. DTZ owners, TPG Capital, PAG Asia Capital and the Ontario Teachers' Pension Plan, have committed to investing in the combined company?s future growth as well as retaining Cushman & Wakefield?s senior management and brokerage...

    Mirasol Sold for $8.6M
    Aliso Creek Ventures LLC acquired the Mirasol apartments at 8750 E. McDowell Rd. in Scottsdale, AZ for $8.6 million, or $68,800 per unit, from Caliber Companies LLC. Originally built in 1970 and renovated in 2005, the two-story, 125-unit multifamily property totals 87,755 square feet on four acres in the Scottsdale Estates / Summerfield submarket of Maricopa County. Amenities include a swimming pool and sauna. Bret Zinn and Derek Iannelli of...

    Northsight Village Sold for $11.6M
    Arizona Partners Retail Investment Group LLC acquired the Northsight Village shopping center at 15090 N. Northsight Blvd. in Scottsdale, AZ from GDA Real Estate Services LLC for $11.6 million, or about $132 per square foot. The 88,031-square-foot shopping center was built in 2001 on 8.9 acres in the North Scottsdale Retail submarket of Maricopa County. The asset was 90 percent leased at the time of sale. Ari Spiro and Sean Stutzman of ORION...

    It's Goodyear for REI's New Distribution Center
    REI, the outdoor equipment retailer, will break ground early in the second quarter 2015 on a 400,000-square-foot distribution warehouse in the PV303 Business Park at 4877 S. Cotton Ln. in Goodyear, AZ. The 34-acre parcel will allow a facility expandable to 600,000 square feet. REI has chosen Sunbelt Holdings/Merit Partners to develop the project. Merit Partners also broke ground in January on the Dick's Sporting Goods warehouse located in the...

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