Phoenix Commercial Real Estate News From CoStar Group


    AZ Investor Acquires 51 Units in Phoenix for $5.6M
    1888 18th Street LLC sold the 51-unit multifamily complex known as the 18th at Biltmore to Hewson 75th LLC for $5.6 million or approximately $109,804 per unit. Built in 1962 and renovated in 2011, the 45,540-sqaure-foot complex is on 4.19 acres and was 100% occupied at time of sale.The property is comprised of 24 2-bedroom/2-bath units, 12 2-bedroom/1-bath units, and 15 1-bedroom/1-bath units. Brian Tranetzki and Rich Butler of Marcus & Millichap...

    Anixter International Signs Phoenix Lease
    Anixter International, a global distributor, leased 63,000 square feet at "Building E" in the Airport I-10 Business Park in Phoenix, AZ. Airport I-10 Business Park (Phase I) is at the northwest corner of Rio Salado and 24th St and totals over 600,000 square feet of under construction industrial buildings. The new 58-acre development project will be delivered fall 2014. Pat Harlan, Steve Sayre, and Kyle Westfall of JLL represented the developer...

    New Lee & Associates CEO Jeff Rinkov Putting Firm's New Strategic Plan Into Play
    Jeffrey M. Rinkov has been with Lee & Associates since 1995 and served in executive roles for nearly a decade, a period in which it has expanded from largely a Southern California-focused brokerage to a full-service real estate provider with an increasingly national reach. As Lee & Associates announces its 50th office today, entering the Ohio market in Cleveland, one of the Buckeye State's largest metro areas, Rinkov has assumed the Los Angeles...

    CoStar's People of Note (Aug. 10 - 16)
    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: Dallas / Ft. Worth, Chicago, New York City, Minneapolis, San Antonio, and San Francisco. DALLAS / FT. WORTH Mohr Partners Appoints President, Promotes Three By Bryce Meyers Global corporate real estate advisor M

    Humana Leases 79,000 SF in Tempe
    Humana, a leading provider of health care coverage and business services, leased 78,996 square feet at 7825 S. Hardy Dr. in Tempe, AZ Located in the Elliot Business Park, Bldg 5 features heavy power, a 30-foot clear height, four drive-in bays and 23 dock-height doors. It totals 157,992 square feet on a 42.8-acre parcel in Maricopa County. Jerry McCormick and Cooper Fratt of CBRE represented the landlord, Transpacific Development Company. Dev...

    Belleview Communities Sell Phoenix Multifamily Property for $12.5M
    Denver-based SPL Real Estate & Management Co. purchased the 355-unit Bella View Apartments in Phoenix from Scottsdale-based Belleview Communities for $12.5 million, or about $35,000 per unit. Bella View Apartments, renamed The Standard at 29th by the buyer, is a 176,220-square-foot community with studio and one-bedroom units in four buildings. The property in the Hoffman Terrace submarket was 93% occupied at the time of sale. The buildings were...

    Glendale Retail Sells for $2.1M
    Ariwah LLC sold the retail property at 7650 W. Bell Rd. in Glendale, AZ to Wadsworth Development Group for $2.11 million, or about $135 per square foot. The 15,549-square-foot property was 100 percent leased by Terris Consign & Design at the time of sale. The property is located in front of the Arrowhead Towne Center Mall, with visibility on Bell Road. Sharon Reeves, Barbara Llyod, and Lane Neville of NAI Horizon represented the seller. Please...

    Market Trend: Phoenix Industrial Deliveries, Construction and Inventory
    During the second quarter 2014, 13 industrial buildings totaling 2,386,694 square feet were completed in the Phoenix market area. This compares to three buildings totaling 2,790,757 square feet that were completed in the first quarter 2014. There was 2,876,549 square feet of Industrial space under construction at the end of the second quarter 2014. Some of the notable 2014 deliveries include: 4500 S Dobson Rd, a 2,145,757-square-foot facility...

    Key CoStar Composite CRE Price Index Flirting With Prerecession High
    CoStar?s value-weighted U.S. Composite Index, driven by the impact of larger, core property sales, increased 2.3% in the second quarter of 2014 and was up 9.7% for the 12-month period through June 2014. Although it dipped slightly in June, the index is approaching its prerecession highs in 2007. The value-weighted index, along with the equal-weighted U.S. Composite Index, which weights each sale equally and therefore is more influenced by the more...

    Health Choice Arizona Expands at Three Gateway
    Health Choice Arizona has signed a lease renewal and expansion for an additional 21,669 square feet, bringing its total occupancy to 74,000 square feet at the Three Gateway office building located at 410 N. 44th St. in Phoenix, AZ. Located in the center of the Phoenix metro, the 11-story, 217,314-square-foot, 4-Star office was built in 1988 on 4.7 acres in the 44th Street Corridor submarket of Maricopa County. It is part of the Phoenix Gateway...

    Jabil Circuit Sells Tempe Facility for $11.4M
    EverWest Real Estate Partners LLC and CarVal Investors acquired the flex building at 615 S. River Dr. in Tempe, AZ from Jabil Circuit, Inc. for $11.4 million, or about $59 per square foot. Jabil Circuit Commits to 102,000 SF in San Jose The 193,000-square-foot building was constructed in 1982 on 16.5 acres in the Tempe East Industrial submarket of Marciopa County. The buyer plans on redeveloping the building into creative, open-plan office...

    California Investor Acquires Phoenix Home of Motorcycle Mechanics Institute
    Hyperion Fund LP acquired the specialty building at 2932 W. Deer Valley Rd. in Phoenix, AZ from Rahlves & Rahlves, Inc. for $5.98 million, or about $148 per square foot. The 40,427-square-foot, three-building school campus was built in 2002 on four acres in the Deer Valley / Airport submarket of Maricopa County, a half-mile from I-17 and two miles from the North Loop 101. At the time of sale the asset is fully occupied by Motorcycle Mechanics...

    Sandro Named Director of Operations at Cushman & Wakefield
    Stephanie Sandro has joined Cushman & Wakefield of Arizona as director of operations. In her new role, Sandro will oversee the financial, administrative and human resources operations in the firm's Phoenix office. Sandro brings more than 12 years of operational leadership, having most recently served as director of operations with Syn-Apps LLC. In addition to her experience in the technology field, she has worked in the commercial finance and...

    Former Cook College Land Sold for $8.8M
    Capstone Properties Corp. acquired 14.6 acres at 708 S. Lindon Ln. in Tempe, AZ from Cook Native America Ministries for $8.75 million, or about $599,000 per acre. The former Cook College land site is located in the Airport Area submarket and consisted of a single lot. The buyer plans to develop student housing on-site, though no construction dates have been announced. Mark Forrester and Ric Holway of Berkadia represented the buyer and seller...

    Villas at Roger Road Sold for $5.6M
    Blue Valley Apartments, Inc. sold the 232-unit Villas at Roger Road in Tucson, AZ to Washington, D.C.-based Equilibrium Villas LLC for $5.6 million, or approximately $24,000 per unit. Located at 3985 N. Stone Ave., the 146,9000-square-foot multifamily complex was built in 1984 and later renovated in 2013. It was reported that the property was 28 percent vacant at time of sale. Bill Hahn, Jeffrey Sherman, and Trevor Koskovich with Colliers International...

    Chandler Corp Ctr I Sells for $13.9M
    Palisades Capital Realty Advisors acquired the Chandler Corporate Center I office building at 585 N. Juniper Dr. in Chandler, AZ from Held Properties, Inc. for $13.91 million, or about $206 per square foot. The two-story, 67,561-square-foot office building was constructed in 2008 on 7.2 acres in the South Tempe / Ahwatukee submarket of Maricopa County. At the time of sale the asset was 91 percent leased. Dennis Desmond and Dave Seeger of JLL...

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Jon Hammond, CCIM
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