Phoenix Commercial Real Estate News From CoStar Group

    CoStar's People of Note (Oct. 12 - 18)
    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, South Florida, Boston, East Bay, Tampa / St. Petersburg, Los Angeles, Houston, Washington DC, Chicago, Austin, Phoenix, Seattle, and Orange County. NEW YORK CITY Retail Power Broker Pomerantz Joins C&W By CoStar News Staff Market Trend: Phoenix Office Vacancy Decreases to 17.6%
    The Phoenix Office market ended the third quarter 2014 with a vacancy rate of 17.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 854,595 square feet in the third quarter. That compares to positive 172,278 square feet in the second quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 743,883 square feet. Tenants moving into large blocks of space in 2014 include...

    Cushman & Wakefield Promotes Ford
    Mackenzie Ford has been promoted to associate with the Industrial Properties Group at Cushman & Wakefield of Arizona, Inc. Ford previously served as a senior brokerage coordinator with the group, working with Jackie Orcutt, John Grady, and Keri Scott. Ford joined the team in 2012, and before that worked as an analyst for Stream Realty Partners in Dallas. "Mackenzie brings a great deal of professionalism and work ethic to her brokerage practice...

    Sandau Joins GPE Commercial Advisors
    Laurie Sandau has joined GPE Commercial Advisors as an associate vice president. Based in the firm's Phoenix, AZ office, Sandau will focus on investment sales, office, medical, leasing, and tenant representation. Sandau brings 11 years of commercial real estate experience in the local and national market, most recently with Lawyers Title NCS. Her unique expertise in marketing and business development combine with a knowledge of the title and...

    Glendale Seafood Leases 14,000 SF
    Glendale Seafood Supermarket signed a three-year lease for 14,365 square feet in the Glendale Center at 5107-5139 W. Glendale Ave. in Glendale, AZ. The single-story retail center totals 54,185 square feet in the Glendale Retail submarket of Phoenix. James Neal of Hinkson Company LLC represented the landlord in-house. Jared Lively of Rein & Grossoehme represented the tenant.

    SNS Investments Sells Two Anchor Spaces for $3.9M
    SNS Investments LLC sold a former 111,875-square-foot Walmart anchor space and a former 62,831-square foot Albertson's anchor space at the Peoria Town Center to State Trailer Supply for $3.9 million, or approximately $22 per square foot. State Trailer RV & Outdoor Supply will occupy approximately 60,000 square feet of the property. The majority of the buildings have been vacant since 2009. Shari Tucker-Gasser and Trenton McCullough of Sperry...

    Condos at Gilbert Business Center Trade for $3.6M
    First American Exchange Company has purchased 22 industrial condos totaling 74,633 square feet in two buildings at 1497 and 1501 E. Baseline Rd. in Gilbert, AZ from The Speros Companies for $3.55 million, or approximately $48 per square foot. The two buildings were constructed in 2006 and 2007 on 1.9 acres in the Chandler North / Gilbert Industrial submarket of Marciopa County, at the Southeast corner of Stapley Dr. The two buildings total 82...

    Hill N' Dell Apts Sold for $6M
    Dawson Holdings, Inc. acquired the Hill N' Dell Apartments at 502 N. 51st St. in Phoenix, AZ from a private trust for $6 million, or about $43,000 per unit. Originally built in 1971, the two-story, 140-unit, multifamily property totals 113,625 square feet on 6.5 acres in the Papago Vista submarket of Maricopa County. Mark Forrester, Ric Holway, and Daniel Cheyne of Berkadia represented the seller. Sally Schwenn of Newmark Grubb Knight Frank...

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