Phoenix Commercial Real Estate News From CoStar Group


    Plaza at Squaw Peak Sells for $25M
    Los Angeles-based BH Properties has acquired The Plaza at Squaw Peak office park directly off Route 51 at N. 16th St. and E. Morten Ave. in Phoenix, AZ for $25 million, or about $58 per square foot, from Starwood Capital Operations LLC. Centrally located in the Piestewa Peak submarket of Maricopa County, part of the revitalized Camelback Corridor in North Central Phoenix, the complex consists of three two-story office buildings on a 24.2-acre parcel...

    TriGate Closes on $53M Acquisition of National Retail Portfolio
    TriGate Capital LLC has acquired a national portfolio of retail properties spread across five states for an aggregate purchase price of $53 million, or an average $86 per square foot, from Project Development Services, Inc. (PDSI) The seven-property, 619,161-square-foot portfolio was 84.7% leased at the time of sale to 76 tenants. Almost 20% of the portfolio is occupied by grocery stores, with other anchor tenants including Rite Aid, Tractor...

    11 Acre Chandler Parcel Trades for $3.2M
    Chamberlain Development acquired a 10.5-acre parcel of vacant land at 11325 E. Willis Rd. in Chandler, AZ from local owners for $3.2 million, or about $305,000 per acre. The buyer plans to develop two multi-tenant industrial buildings on the site, totaling 75,217 square feet and 64,518 square feet. A first quarter 2015 ground-break is planned, with completion in late summer 2015. The improvements will be part of the Willis/AZ Avenue Corporate...

    Scottsdale Car Wash Sold for $3.8M
    Clear Sky Capital, Inc. acquired the retail property at 301 N. Scottsdale Rd. in Scottsdale, AZ from Quick N Clean XIX LLC for $3.8 million, or about $1,200 per square foot. Originally built in 2011, the single-story, 3,075-square-foot car wash facility sits on nine-tenths of an acre in the Scottsdale South submarket of Maricopa County. Jeff Pavone of Commercial Plus LLC represented both the buyer and seller in the sale. Please see CoStar...

    SHAKE UP: Santora Named To Replace Underhill as CEO of Cushman & Wakefield
    Jim Underhill's four-year tenure as CEO of Cushman & Wakefield's North American operations ended abruptly this week as the firm confirmed today that he had left the company and that longtime C&W insider John C. Santora had replaced him as head of the firm's largest global operating region. A 37-year veteran of the firm, Santora most recently served as president and CEO of Cushman & Wakefield?s Corporate Occupier & Investor Services group, which...

    Young's Market Leases 249,000 SF
    Young's Market Company of Arizona, one of the nation's largest distributors of wines and spirits, has leased 248,900 square feet in the industrial building at 402 S. 54th Pl. in Phoenix, AZ. The 248,900-square-foot refrigeration and cold-storage facility was built in 1999 on 18.4 acres in the Tempe Northwest Industrial submarket of Maricopa County. Formerly home to Crescent Crown Distributing, the building features 26 loading docks and five drive...

    Ocotillo Fiesta Sells for $11.8M
    Hemstreet Development Corp. acquired the Ocotillo Fiesta shopping center at 3125-3145 S. Alma School Rd. in Chandler, AZ from Southgate Mall Associates LLC for $11.4 million, or about $288 per square foot. The Ocotillo Fiesta consists of a 40,952-square-foot neighborhood center constructed in 1998 in Maricopa County. It was 97 percent occupied at the time of sale. Mindy Korth and Kirk Kuller of Colliers International represented the seller...

    Make-A-Wish Foundation Buys Scottsdale Bldg for New HQ
    The Make-A-Wish Foundation of Arizona has purchased the office building at 2901 N. 78th St. in Scottsdale, AZ from Collection Service Bureau, Inc. for $ 1.9 million, or about $167 per square foot. Reportedly, the foundation used funds from a large donation to purchase the property, and plans to completely remodel the buiding and use it as their headquarters. The two-story, 11,400-square-foot building was constructed in 1985 on 1.3 acres in...

    Broadstone Twin Fields Sold for $47.1M
    Farnam Realty, Inc. acquired the 314-unit Broadstone Twin Fields apartment complex at 2505 E. Williams Field Rd. in Gilbert, AZ from Alliance Residential Company and Phoenix Capital Partners, Ltd. for $47.1 million, or $150,000 per unit. In connection with the acquisition, NorthMarq Capital arranged new mortgage financing for the buyer in the amount of $25.91 million through its affiliate relationship with AmeriSphere Multifamily Finance, a Fannie...

    Trammell Crow/Clarion Breaks Ground On Next Phase of Warehouse Project
    Trammell Crow Co. and joint venture partner Clarion Partners have begun construction has begun on Coldwater Depot Logistics Center, Phase 3, a 187,000-square-foot speculative industrial building in Avondale, AZ. Construction is scheduled to be complete on the third and final phase of the venture?s 66 acre master-planned Coldwater Depot Logistics Center industrial Par in mid-2015. The building on 11.7 acres along Interstate 10 at 127th Avenue...

    Call for Entries Issued for 2014 CoStar Power Broker Awards!
    It's time for the Top Dealmakers in Commercial Real Estate to stand up and be recognized! Each year, CoStar Group is proud to present CoStar Power Broker AwardsTM to the top real estate brokerage firms and brokers who achieved remarkable sales and leasing success in their respective market. As the largest professional research organization serving the commercial real estate industry, CoStar is uniquely positioned to track leasing and sales transactions...

    Industrial Building Sold for $4.6M
    Alameda Investments LLC sold the industrial building at 24435 N. 20th Dr. in Phoenix, AZ to The Learning Journey International LLC for $4.6 million, or approximately $109 per square foot. Built in 2010, the single-story 42,623-square-foot warehouse features four loading docks, one truck well, and a 24' clearance height. It was reported that this transaction involved a 1031 Exchange and that the buyer, a designer of interactive educational products...

    PS Business Parks Sells Portfolio for $53.2M
    PS Business sold a multi-tenant industrial portfolio located across Arizona to the Stockbridge Capital Group LLC for $53.16 million The deal totals 678,887 square feet and includes Corporate Park and Metro Business Park at 2320-2432 W. Peoria Ave. in Phoenix, Mesa Station at 1833 W. Main St. in Mesa, University 1 & 2 at 1605-1797 W. University Dr. in Tempe, and McKellips Business Park at 1733 E. McKellips Rd. in Tempe. The assets were approximately...

    North Scottsdale Office Sells for $5.2M
    Lending Company, Inc. sold the office building at 6910 E. Chauncey Ln. in Phoenix, AZ to Garland's Oak Creek Lodge, Inc. for $5.18 million, or about $172 per square foot. The two-story, 30,120-square-foot office building was constructed in 2006 on two acres in the Scottsdale Airpark submarket of Maricopa County, part of the North Scottsdale Corporate Center - Phase II. At the time of sale the asset was 61 percent leased. Colton Trauter and...

    Market Trend: Phoenix Industrial Deliveries, Construction and Inventory
    During the third quarter 2014, six industrial buildings totaling 77,658 square feet were completed in the Phoenix market area. This compares to 12 buildings totaling 2,475,484 square feet that were completed in the second quarter 2014. There were 3,440,555 square feet of Industrial space under construction at the end of the third quarter 2014. Some of the notable 2014 deliveries include: 4500 S Dobson Rd, a 2,145,757-square-foot facility that...

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Jon Hammond, CCIM
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