Phoenix Commercial Real Estate News From CoStar Group


    California Casualty Renews 27,000-SF Lease
    California Casualty Insurance Co. signed a six-year renewal for 27,750 square feet at Talavi Corporate Center, located at 5651 W. Talavi Blvd. in Glendale, AZ. The 152,936-square-foot, multi-tenant office building was constructed in 2002 on 11.4 acres in the Deer Valley Airport submarket of Maricopa County. Ashely Brooks and Jenny Aust of CBRE represented the landlord. Craig Coppola and Andrew Cheney of Lee & Associates represented the tenant.

    CoStar's People of Note (Apr. 13 - 19)
    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: Indianapolis, New York City, Austin, San Antonio, Chicago, Boston, Washington DC, Milwaukee / Madison, San Francisco, South Florida, Houston, Phoenix, Dallas, Southern Connecticut, and Raleigh / Durham. INDIANAPOLIS Jackiw Joins Milhaus Management as President By...

    Market Trend: Phoenix Industrial Vacancy Rises to 13.1%
    The Phoenix Industrial market ended the first quarter 2014 with a vacancy rate of 13.1%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 597,026 square feet in the first quarter. That compares to positive 2,677,479 square feet in the fourth quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 2,026,589 square feet. Rental rates ended the first quarter at $6.68, an increase...

    Hines Completes Strategic Expansion of Phoenix Team
    Hines has hired four new employees and promoted an additional four employees to boost is robust and strategic Phoenix team. All told, the eight employees have decades of experience in development, property management, and construction. "We?re cultivating a talented team to reflect Hines? strong commitment and further investment in the Phoenix marketplace," said Chris Anderson, managing director of Hines. "With the addition of new top market leaders...

    Airport Industrial Sold for $2.1M
    Airport Business LLC sold the industrial building at 2328 E. Van Buren St. in Phoenix, AZ to WLA Investments, Inc. for $2.05 million, or approximately $52 per square foot. The 39,287-square-foot, multi-tenant warehouse building was constructed in 1982 on 2.4 acres in the North Airport Industrial submarket of Maricopa County, at the northwest corner of N. 24th Street. Leroy Breinholt and Cal Johnson of Commercial Properties, Inc. represented...

    Nexius Solutions Signs Full-Building Lease in Gilbert
    Nexius Solutions recently negotiated a lease to occupy a 20,982-square-foot facility at 377 S. Hamilton Court in Gilbert, AZ. The company, which provides wireless services to carriers, will relocate to the Elliot Commerce Park site from its current location at 2601 S. 37th St. in Phoenix later this month. John Grady and Jackie Orcutt of Cushman & Wakefield of Arizona, Inc. represented the tenant. Eric Jones of Commercial Properties represented...

    Phoenix MOB Sells for $1.4M
    Jet Enterprises sold the Glenrose Medical Office Building at 1526 W. Glendale Ave. in Phoenix, AZ to Urban Pointe Properties for $1.35 million, or about $121 per square foot. The 11,170-square-foot medical property was built in 1985 on almost one acre in Maricopa County, to the west of the northwest corner of N. 15th Avenue. Marcus Muirhead and Greg Guglielmino of Colliers International in Phoenix represented the seller. Bob Bolan of West...

    Global Database Marketing Purchases Scottsdale Data Hotel
    Global Database Marketing, Inc. acquired two flex buildings at 14698-14746 N. 78th Way, in Scottsdale, AZ from Stearns Bank Arizona for $1.45 million, or about $108 per square foot. The two telecom / data hosting properties total 13,451 square feet in the Kitchell Airpark Square building park. The asset was unoccupied at time of sale. Neal Waldman of Marcus & Millichap represented the seller. Stephen Cross of Cross Commercial Realty Advisors...

    Market Trend: Phoenix Office Vacancy Down to 17.8%
    The Phoenix Office market ended the first quarter 2014 with a vacancy rate of 17.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 750,157 square feet in the first quarter. That compares to positive 701,474 square feet in the fourth quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 790,491 square feet. Rental rates ended the first quarter at $20.42, an increase...

    Colter Meadows Apts Sold for $4M
    Raven's View Development, Inc. acquired the 71-unit Colter Meadows multifamily complex at 3010 W. Colter St. in Phoenix, AZ from Andrea Theresa Mancuso Family LP for $3.97 million, or approximately $56,000 per unit. Built in 1985, the 115,784-square-foot property is situated on a 4.3-acre parcel in Maricopa County. The asset was approximately 97 percent occupied at time of sale. All units are comprised of two-bedroom, two-bathroom floorplans. It...

    Transwestern Welcomes Shields in Phoenix
    Andrina Shields has joined the Phoenix office of Transwestern as a vice president of multifamily investment services. She will work with the team of multifamily brokers to assist owners with operations, analysis, value-add opportunities, and the revitalization of troubled assets. A co-founder of Heads on Beds, a consultancy group advising the owners of multifamily properties on adding value to their holdings, Shields brings more than 25 years...

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Jon Hammond, CCIM
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