Phoenix Commercial Real Estate News From CoStar Group
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CoStar's People of Note (May 12 - 18)
This week's People of Note includes the following markets: Detroit, Charlotte, Phoenix, New York, Charleston, South Florida, and San Diego. DETROIT Farbman Group Promotes Gutman, Kalil By Tim Heise Farbman Group, a Southfield, MI-based, full-service real estate solutions company, has promoted CFO Andrew Gutman to president of the company. Gutman joined Farbman Group more than 18 years ago. He has worked in several areas of
Market Trend: Phoenix's Industrial Deliveries, Construction and Inventory
During the first quarter 2013, five buildings totaling 797,792 square feet were completed in the Phoenix Industrial market area. This compares to three buildings totaling 2,008,075 square feet that were completed in the fourth quarter 2012, one building totaling 80,000 square feet completed in the third quarter 2012, and 326,674 square feet in four buildings completed in the second quarter 2012. There were 5,317,779 square feet of Industrial...
JDM Ptnrs Pays $14.3M for Tempe Flex Bldg
An affiliate of iStar Financial, Inc. sold the Vital Processing Services industrial flex building at 8320 S. Hardy Dr. in Tempe, AZ to JDM Partners LLC for $14.32 million, or about $136 per square foot. The 104,836-square-foot R&D facility was built in 1997 on 7.9 acres in the Tempe Southwest Industrial submarket of Maricopa County, part of the Warner Crossing office park. The asset is fully leased by a single tenant, TSYS Acquiring Solutions...
The Kroger Co Buys Scottsdale Service Station
The Kroger Company acquired a gas station and convenience store at 7949 E. Thomas Rd. in Scottsdale, AZ, part of the Indian River Plaza, for roughly $1.09 million, or more than $1,000 per square foot. The service station was built in 1984. It will continue to be used as a service station operated by The Kroger Company. The gas station has six fuel pumps with 12 fueling stations. It is located on the corner of N. Hayden Rd. near the 96,595-square...
Village at Surprise Trades for $6M
A & C Properties, Inc. acquired The Village at Surprise shopping center at 13980 W. Bell Rd. in Surprise, AZ from Pacific West Land for $6.02 million, or approximately $221 per square foot. Built in 2003, this 27,205-square-foot retail strip is located on 3.3 acres in the Surprise / North Peoria Retail submarket. The property was 95 percent occupied at the time of purchase, shadow-anchored by a free-standing Kohl's not included in the sale. Glenn...
Foster Joins Colliers International
Kathleen Foster has joined the Phoenix office of Colliers International as a senior vice president. She specializes in portfolio management and corporate real estate strategy. Throughout her 20-year career, Foster has completed transactions totaling more than 8 million square feet in over 100 markets. Prior to joining Colliers, Foster was a principal with Cresa Phoenix for seven years, specializing in corporate real estate. Previously, she managed...
ESCEE Expands Retail Team
ESCEE Commercial Properties in Scottsdale has expanded its retail team with the addition of Craig Lebsack as senior leasing director and Mike Duffy as sales associate. Lebsack brings 25 years of experience in the retail center industry with CBL & Assoc. and RED Development. He focuses on all lease transaction structures and is skilled at increasing asset value through re-tenanting, temporary tenants, underutilized space and stabilizing challenged...
94 Hundred Shea Sells on Auction.com for $15.5M
Talia Jevan Properties LLP, based in Vancouver, BC, has acquired the 94 Hundred Shea mixed-use project at 9325-9397 E. Shea Blvd. in Scottsdale, AZ through an online auction at Auction.com for $15.55 million. The property consists of four retail and office buildings totaling 74,079 square feet on 7.03 acres, along with an adjacent parcel of 3.6 acres of vacant land. The buildings were 92 percent occupied at the time of sale. The adjacent land...
CoStar's People of Note (May 5 - 11)
This week's People of Note includes the following markets: Los Angeles, Minneapolis, Washington DC, New Jersey, Chicago, New York, and Indianapolis. LOS ANGELES Diaz Returns to Cushman & Wakefield By Allison Smith Lalo Diaz has returned to Cushman & Wakefield, Inc. as a market leader for the Downtown Los Angeles market. In his new role Diaz will be responsible for overseeing day-to-day activities, recruitment goals, an
Market Trend: Phoenix's Retail Deliveries, Construction and Inventory
During the first quarter 2013, seven buildings totaling 88,451 square feet were completed in the Phoenix retail market. Over the past four quarters, a total of 968,842 square feet of retail space has been built in Phoenix. In addition to the current quarter, 15 buildings with 542,958 square feet were completed in fourth quarter 2012, 10 buildings totaling 138,438 square feet completed in third quarter 2012, and 188,995 square feet in seven buildings...
Update: Cal Ranch, Hobby Lobby Ink Deals at Plaza Vista Mall
Cal Ranch Stores and Hobby Lobby have leased the former Wal-Mart space at Plaza Vista Mall, located at 657 Hwy 90 Byp in Sierra Vista, AZ. Cal Ranch signed a 10-year lease for 72,436 square feet, while Hobby Lobby signed a 10-year deal for 54,811 square feet. The 313,261-square-foot power center was built in 1983 on 13.7 acres at the northeast corner of Hwy 90 and Charleston Rd. in Cochise County, southeast of Tucson. Wal-Mart vacated the space...
Heatherwood Plaza Sells in Glendale
Westwood Financial Corporation acquired a portion of the Heatherwood Plaza from American National Insurance Co. for $3.6 million. The transaction included a free-standing outparcel building at the plaza plus a portion of the main strip attached to the Fry's building at the location, including the vacant former Dollar Tree space at the plaza. Alex Clark of BD Baker Company in Scottsdale represented the seller. David Bernstein, Dave Murphy, and...
Tempe Apartment Site Sold for $6M
Oliver McMillan purchased the 3.7-acre apartment site located at 260 E. Rio Salado Parkway in Tempe, AZ from a subsidiary of Sunbelt Holdings for $5.85 million, or about $1.58 million per acre. Oliver McMillan acquired preliminary approvals before the close of escrow. The proposed 264-unit apartment building will total 327,182 square feet of living space. It will be four-stories with a fifth-story loft. Including two levels of underground parking...
Tierra Partners Acquires Westwind Terrace for $7.1M
Tierra Partners VII LLC acquired the Westwind Terrace at Superstition Springs office building located at 6402 E. Superstition Springs Blvd. in Mesa, AZ from Westwind Holdings LLC for $7.1 million, or about $131 per square foot. The 53,823-square-foot, multi-tenant building was reportedly 91 percent occupied at the time of sale. The building delivered in 2000 situated on 3.6 acres in Maricopa County. Kenneth Elmer of Commercial Properties...
The CoStar Watch List Newsletter for May 9 - May 19
This Week?s Top Stories Multifamily GSE Lending Reform: Potentially Disruptive and Inherently Valueless "Borrowers would face higher borrowing costs and more variability in the price and availability of credit, with the greatest adverse impact likely to fall on low- and moderate-income families and renters in underserved markets. Some borrowers could lose access to credit altogether." Read the Full Story... Receiver Sets Liquidation Plan...
