Phoenix/Tucson Commercial Real Estate News From CoStar Group

    CoStar's People of Note (Oct. 21)
    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, Los Angeles, Boston, Atlanta, Philadelphia, Chicago, Dallas / Ft. Worth, Minneapolis, San Diego, Inland Empire, Baltimore, Kansas City, New York City, Houston, Orange County, Denver, and Detroit / Grand Rapids. SEATTLE KM Frames Independent Future with New...

    New OliverMcMillan COO Michael O?Hanlon Talks About Challenges, Opportunities of Mixed-Use Development
    San Diego-based OliverMcMillan recruited public markets veteran and respected REIT executive Michael O?Hanlon to be the firm?s new chief operating officer, charged with overseeing development projects nationwide, including Honolulu, Hoston, Denver, Nashville and Atlanta. OliverMcMillan, founded by lifelong friends Jim McMillan and Dene Oliver in San Diego in 1978, has grown into one of the nation?s leading privately-held developers of mixed-use...

    Affirming Commitment to Remain Independent, Kidder Mathews Appoints New President
    Defying expectations that he has been grooming his firm for a possible sale, Kidder Mathews Chairman and CEO Jeff Lyon appointed one of the firm's top brokers to become the firm's new president and said the leadership team is committed to ensuring the Seattle-based firm remains independent for the long term. Kidder Mathews has no plans "to get folded into a publicly held company," as many of his regional competitors have done in recent years...

    New REIT Planning to Roll Up Medical Marijuana Facilities
    The team at Innovative Industrial Properties Inc. contends there is serious money to be made acquiring industrial properties sanctioned to operate as medical cannabis facilities and leasing them back to licensed operators, and they plan to be among the first to bring the concept to market. This week, the group of experienced real estate investors backing the new REIT filed plans to pursue an IPO seeking to raise $175 million from an initial offering...

    Store Capital Prices $355 Million NNN CMBS Deal
    Store Capital Corp. (NYSE:STOR), a net-lease REIT that invests in single tenant real estate, priced a $355 million triple net lease commercial mortgage backed securitization (STR 2016-1). The loans in the deal were all issued by affiliates of Store Capital. The CMBS transaction is backed by 962 properties across various industry sectors. The properties are geographically diversified across 47 states. The properties have an aggregate collateral...

    Workspace Property's Roger Thomas Talks About Bold Contrarian Play for Liberty's Suburban Office Portfolios
    Workspace Property Trust (WPT) this week closed one of the largest suburban office portfolio acquisitions of the year, acquiring 108 office and flex buildings and 26.7 acres of land in five markets from Liberty Property Trust (NYSE: LPT). The $969 million purchase with partners Safanad, a Dubai-based global principal investment firm; and affiliates of diversified investment firm Square Mile Capital Management LLC is WPT's second major transaction...

    Bealls Outlet Inks Deal for 22,000 SF
    Bealls Outlet has leased 21,580 square feet of retail space at Circle Plaza at 7140-7260 E. Broadway Blvd. in Tucson, AZ. Circle Plaza totals 163,746 square feet in the East Tucson Retail submarket of Pima County. Bealls' ccupancy is set for January 2017. Andy Seleznov and Melissa Lal of Larsen Baker represented the landlord in-house in direct negotiations with the tenant.

    North Scottsdale Retail Center Sold for $7.2M
    A private investor sold the retail buildings at 11013 and 11015 N. Scottsdale Rd. in Scottsdale, AZ to a private investor for $7.2 million, or approximately $529 per square foot. Built in 1995, the buildings total 13,692 square feet on 2.3 acres. Tenants at the time of sale include Hopdoddy Burger Bar, Pacific Dental Services and Chipotle Mexican Grill. Steven Underwood of Phoenix Commercial Advisors represented the seller. Alex Goldstein...

    Phoenix Industrial Property Sold For $6.8M
    Rancho Industrial Park, Inc. acquired the industrial property at 2915 E. Washington St. in Phoenix, AZ for $6.8 million, or about $42 per square foot, from GXi Outdoor Power. The single-story distribution facility totals 162,960 square feet. It was built in 1960 on a 5.7-acre lot in the North Airport Industrial submarket of Maricopa County, near the Sky Harbor International Airport. Leroy Breinholt and Darin Edwards of Commercial Properties...

    Arlia Promoted to Senior VP at Velocity
    Bonnie Arlia has been elevated to senior vice president at Velocity Retail Group. Arlia brings many years of experience in the retail commercial real estate industry.

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