Phoenix Commercial Real Estate News From CoStar Group


    Colliers Completes $1.9M Sale Leaseback for Arrowhead Health
    Scottsdale Health Office Properties LLC sold suite 100 of the medical office building located at 17061 N. Avenue of the Arts in Surprise, AZ to a private investor for $1.9 million, or about $309 per square foot. This was a sale leaseback deal. The 6,150- square-foot unit is fully occupied by Arrowhead Health, a medical practice group with multiple locations across the state. Arrowhead Health is now on a new, 10-year, triple-net lease with 3% annual...

    CoStar's People of Note (July 20 - 26)
    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, San Francisco, Sacramento, South Bay, Atlanta, Northern New Jersey, Phoenix, South Florida, San Diego, Denver, and Dallas / Ft. Worth. NEW YORK CITY Brookfield Promotes Schulman to President, COO of Office Operations By Justin Sumner
    Market Trend: Phoenix Industrial Vacancy Down to 12.4%
    The Phoenix Industrial market ended the second quarter 2014 with a vacancy rate of 12.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 4,050,647 square feet in the second quarter. That compares to positive 711,435 square feet in the first quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 1,980,221 square feet. Rental rates ended the second quarter at $6.53, a...

    Phoenix Retail Sells for $3.1M
    Orangewood Chandler LLC acquired the retail building at 3491 W. Frye Rd. in Chandler, AZ for $3.08 million, or about $469 per square foot, from Lawrence & Gyeser Development. The 6,556-square-foot property, an outparcel of the 294,000-square-foot Chandler Village Center, is 100 percent occupied by Jason's Deli and Luv My Bling Boutique. Chad Tiedeman of Phoenix Commercial Advisors represented the seller, and was the sole broker in the sale. Please...

    Zachary Joins Opus Design Build
    Louis Zachary has joined Opus Design Build LLC as regional director of construction in the greater Phoenix area. In his new role, Zachary will oversee the Opus Group's construction business and support the growth of the recently-opened office. Zachary brings 25 years of real estate experience, having worked at CSM Corporation for the past seven years, most recently as director of construction services. Before that he was with Cushman & Wakefield...

    East Valley Industrial Sale Closes for $1.1M
    Kiwa Properties LLC has purchased the industrial building at 4041 W. Milky Way in Chandler, AZ for $1.1 million, or approximately $108 per square foot. The 10,196-square-foot building was constructed in 2006 on approximately one acre in the Chandler Industrial submarket of Maricopa County. Leroy Breinholt of Commercial Properties, Inc. represented the seller, Stellar Autoplex Sales and Leasing LLC. Douglas Davies of d.m.d. real estate group...

    Corporate Center at Southbank Sells for $5.6M
    Jupiter Holdings LLC sold the office building at 3410 E. University Dr. in Phoenix, AZ to Highbrook Investment Management LLC for $5.6 million, or approximately $78 per square foot. The three-story, 72,257-square-foot building was constructed in 1989 and features a two-story lobby and stone flooring. The property features direct access to local hotels and the Sky Harbor International Airport. David Carder, Luke Walker, Nate Goldfarb, and Eric...

    Plaza Fountainside Retail Bldg Sold for $4.1M
    Lipa LLC purchased the retail building at 12645 N. Saguaro Blvd. in Fountain Hills, AZ for $4.1 million, or approximately $178 per square foot, from a private investor. The 23,031-square-foot, multi-tenant retail and office building was constructed in 2000 on 2.4 acres, the main building in the Plaza Fountainside shopping center at the northeast corner of El Lago Blvd. in Maricopa County. Brian Gausden with Western Retail Advisors LLC represented...

    Northern Greens Apts Sold for $21.2M
    GA Northern Greens LLC sold the Northern Greens Apartments at 8150 N. 61st Ave. in Glendale, AZ to RK Properties, Inc. for $21.2 million, or about $50,000 per unit. The 302,400-square-foot multifamily property was built in 1998 on 17.3 acres in the Glendale/Route 60 Corridor submarket of Maricopa County. It is comprised of 315 one-bedroom and 105 two-bedroom units with asking rents between $490 and $780 per month. Jeffrey Sherman, Bill Hahn...

    CoStar's People of Note (July 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: Seattle, Chicago, Houston, New York City, Washington DC, Los Angeles, San Francisco, Dallas, Memphis, Atlanta, Northern New Jersey, and Orlando. SEATTLE Taylor Named Global COO at Colliers Int'l By Justin Sumner Colli

    Industrial West Pays $1.1M for Tempe Retail
    Industrial West, Inc., a California-based commercial brokerage and property management firm, acquired the 12,012-square-foot retail condo, unit 108 at 1746 W. Ruby Dr. in Tempe, AZ from ACF Arizona for $1.18 million, or about $98 per square foot. The portion that sold was 100 percent leased by Casa Decor at the time of sale. The 71,982-square-foot retail building was delivered in 2006 in the Emerald Design Center. It was built in 2006 on...

    Market Trend: Phoenix Office Vacancy Down to 17.7%
    The Phoenix Office market ended the second quarter 2014 with a vacancy rate of 17.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 285,140 square feet in the second quarter. That compares to positive 792,884 square feet in the first quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 759,448 square feet. Rental rates ended the second quarter at $20.62, an increase...

    DTZ Names Senior Broker for GSA Pacific Rim/Region 9
    DTZ, a global property services firm headquartered in Chicago, tapped Mark Hefner to head up the firm's lease transaction team serving the General Services Administration's (GSA) Pacific Rim Region 9. Headquartered in San Francisco, GSA's Region 9 consists of California, Nevada, Arizona, Hawaii and the U.S. Pacific Territories. Hefner, a senior vice president and managing director of DTZ's Sacramento office, will step in as the senior broker. DTZ...

    Glimcher Names VP of Development
    Glimcher Realty Trust (NYSE: GRT), a Columbus, OH-based retail real estate investment trust, tapped Kenneth Marshall as its vice president of development. In his new position, Marshall will help cultivate Glimcher's development strategy through his contributions to the leadership and implementation of redevelopment projects within the company's portfolio. A 25-year industry veteran, Marshall comes to Glimcher from Colonial Properties Trust...

    Sprouts Farmers Market Leases 77,000 SF in Phoenix
    Sprouts Farmers Market, a grocery store company, will occupy 77,400 square feet of office space in addition to first-floor retail space in The Offices at High Street. The North Phoenix, AZ mixed-use development at High Street consists of several high-end office, retail, and multifamily buildings. Sprouts will be moving from Paradise Village Office Park into its new headquarters location at 5455 E. High Street during spring 2015. The grocer will...

    Western Sun Apts Sold for $3.1M
    BLVD Capital acquired the Western Sun Apartments at 612 S. Williams in Mesa, AZ from SK Management Company for $3.1 million, or about $52,000 per unit. Originally built in 1981, the two-story, 60-unit, multifamily property totals 88,156 square feet on 3.6 acres in the Reed Park submarket of Maricopa County. Both parties handled the direct sale in-house. Please see CoStar COMPS #3048897 for additional information on this transaction.

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Jon Hammond, CCIM
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