Phoenix/Tucson Commercial Real Estate News From CoStar Group


    Phoenix Warehouse Sells for $5.2 Million
    The Window Co. purchased 2417 S. 50th Ave. in Phoenix for $5.2 million, or $63.84 per square foot. Built in 1988, the property totals 81,458 square feet and sits on 4.9 acres. The building was delivered vacant at close of escrow with both buyer and seller executing a 1031 exchange. David Johnson and Jerry Marrell of Lee & Associates represented the buyer and seller, Robert C. & Colleen L. Cookson Family Trust. The Cookson Co. had occuppied the...

    Two-Parcel Retail Center Sells for a Combined $10.1 Million
    Red Mountain Retail Group Inc. acquired the retail building at 3514-3540 N. 35th Ave. in Phoenix, AZ for $6.7 million, or about $108 per square foot, from Pacific Companies. The 61,852-square-foot property is located in the Osco Center and was constructed in 1970 on 2.97 acres in Maricopa County. The buyer also purchased the CVS ground lease in this Osco Center, which closed the same day for $3.4 million. Please see CoStar Comp # 3552690. Other...

    TruAmerica, Investcorp Team Up to Acquire 379-Unit Tempe Multifamily
    In one of the largest multifamily transactions so far this year in Phoenix, TruAmerica and Investcorp teamed up to buy the 379-unit Little Cottonwoods Apts. located at 1820 E Bell De Mar Rd in Tempe, AZ, for $56.7 million, or about $149,604 per unit. The 389,601-square-foot apartment complex was built in phases between 1985 and 1991 on 19.71 acres in Maricopa County. The property consists of one-, two-, and three-bedroom units located in 31 two...

    Indigo Lofts Sold for $6.2 Million
    Indigo Lofts LLC sold the 65-unit Indigo Lofts at 737 E. Brown Road in Mesa, AZ, to the Restated Trust of Alden E. & Carol M. Seifried for $6.2 million or about $95,385 per unit. The 65-unit complex on 2.28 acres in Maricopa Countyvwas built in 1985 and renovated in 2014. The property consists of two-bedroom units. Todd Braun of Lee & Associates represented the seller. No brokers were involved on the buyer side. Please refer to CoStar COMPS...

    Petherbridge to Assume Role of President and CEO of Excel Trust
    San Diego-based Excel Trust has selected current DDR Corp. treasurer and CFO Luke J. Petherbridge as the firm's new president and CEO. Petherbridge will head up a retail-focused REIT that oversees more than 80 open-air, power and grocery-anchored shopping centers comprising 19 million square feet predominantly in California, Texas, New York and Florida. Acquired by a fund managed by Blackstone Real Estate in 2015, Excel Trust operates within...

    CoStar's People of Note (Apr. 29)
    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: Washington DC, New York City, Dallas / Ft. Worth, Northern New Jersey, South Florida, Boston, Chicago, Cincinnati, Detroit / Grand Rapids, Portland, Inland Empire, Los Angeles and Houston. WASHINGTON DC Hilton Appoints RLJ Exec to President, CEO of Hotel REIT By Bryce...

    You?re on Your Own Houston: Cousins To Merge With Parkway Properties; Spin-Off Houston Assets
    Cousins Properties Inc. and Parkway Properties Inc. agreed this morning to a stock-for-stock merger and the simultaneous spin-off of their combined Houston-based property into a new publicly-traded REIT (referred to as HoustonCo). The transactions will result in a larger and more diverse Cousins, which will continue its investment strategy of owning Class A office towers in high-growth urban Sun Belt markets, and a smaller new REIT seeded with...

    W.P. Carey Completes $217 Million Sale-Leaseback with Forterra
    W.P. Carey (NYSE: WPC) engaged Irving, TX-based Forterra in a sale leaseback transaction that will keep the multinational manufacturer of concrete and clay building products and its subsidiaries in 49 of its facilities throughout North America for a period of 20 years. An internally-managed net lease REIT headquartered in New York City, WPC paid $217 million, or approximately, $54 per square foot, for the four million-square-foot portfolio, which...

    Metro Gateway Shopping Center Sells
    TitanStar Properties, Inc. acquired the retail property located at 3315 - 3443 W. Peoria Ave. in Phoenix, AZ from Metro Gateway LLC for $9.1 million, or about $140 per square foot. Originally built in 1977, the multi-tenant, single-story property totals 64,793 square feet and sits on 6.5 acres. Andrew Fosberg and Joseph Compagno of CBRE represented both parties in the sale. Please see CoStar COMPS #3554249 for additional information on this...

    Vibe on Thomas Sold for $5M
    2735 East Thomas Road LP sold the 100-unit Vibe on Thomas apartments at 2735 E. Thomas Rd. in Phoenix, AZ to The Vibe LP for $5.03 million, or about $50,000 per unit. The 60,395-square-foot apartment complex was built in 1969 on 2.3 acres in Maricopa County. The property consists of a unit mix of 36 studios, 63 one-bedroom units and one two-bedroom. Cliff David and Steven Gebing of Marcus & Millichap represented the seller. The buyer handled...

    Developer Acquires Land for $8.2M
    The City of Tucson sold a 172-acre parcel at the corner of Irvington Rd. and Houghton Rd. in Tucson, AZ to Mattamy Homes for $8.2 million, or about $47,000 per acre. The parcel is located adjacent to the existing Civano residential community. Mattamy Homes have plans to develop another residential community on the parcel. Ian Stuart, Ben Becker and Adam Becker of CBRE represented the seller. Thrac Paulette of Cantera Real Estate LLC represented...

    Tri-City Pavilions in Mesa Trades for $13.1M
    J.G. Management sold the Tri-City Pavillions shopping center in Mesa, AZ to BKR Lamar Retail Services for $13.1 million, or about $135 per square foot. The sale included a 4,547-square-foot outparcel and a pad-site for up to a 10,000-square-foot, build-to-suit opportunity. The 96,790-square-foot neighborhood shopping center is anchored by 55,000-square-foot Safeway and had occupancy at time of sale of approximately 75 percent. Additional tenants...

    SYNLawn and Omni Coming to Phoenix
    SYNLawn Synthetic Grass, a national provider of artificial turf and lawn products for both the commercial and residential industries has leased 20,163 square feet at Parc 17. In a separate lease deal, sheet metal fabricator Omni Manufacturing signed a lease for 28,302 square feet in the industrial building. Located at 1800 S. 7th Ave. in Phoenix, AZ, Parc 17 is a single-story property built in 2015 and is situated on a 6.6 acre parcel. It...

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