Phoenix Commercial Real Estate News From CoStar Group

    Chandler Industrial Sold for $6.5M
    AICI LLC acquired the industrial building at 3191 N. Washington St. in Chandler, AZ from Dalfen America Corp. for $6.5 million, or about $84 per square foot. The 77,225-square-foot warehouse was built in 1997 on 6.9 acres in the Chandler North / Gilbert Industrial submarket of Maricopa County. It is part of the Eastpoint Business Center, a fully-occupied, multi-tenant general industrial park occupied by Presto-O-Fit Manufacturing, Port Plastics...

    Pinchot Greens Apartments Sold in Phoenix
    The Pinchot Greens Apartment Complex, a 54-unit complex at 2242-2302 E. Pinchot Ave. in Phoenix, AZ, has sold to a private investor for $3.6 million, or about $67,000 per unit. The 45,390-square-foot asset was 100 percent occupied at the time of the sale. Pinchot Greens is located in the Hoffman Terrace submarket of Maricopa County, on a 3.5-acre lot that was developed in 1967. The complex consists of 22 one-bedroom, 28 two-bedroom, and 4 three...

    Empire Group Acquires 9.7 Acres in Phoenix
    Empire Group acquired 9.7 acres at 3428 N. 40th St. in Phoenix, AZ for $9.35 million. The buyers purchased the land to build a single-family development. The land is currently improved with a 7,500-square-foot retail building, previously home to Baker Nursery. No outside brokers were involved in the direct sale. Please see CoStar COMPS #3129836 for more information on this transaction.

    PRO Residential Services Purchases 304-Unit Complex for $8M
    Chicanos Por La Causa, Inc. sold the 304-unit Emerald Shores multifamily complex at 7151 W. Indian School Rd. in Phoenix, AZ to Pro Residential Services, Inc. for $8 million, or approximately $26,000 per unit. The 117,647-square-foot apartment community consists of 20 studios and 284 one-bedroom units in 17 buildings. It was built in 1981 in the Maryvale submarket of Maricopa County, and was 96 percent occupied at time of sale. Brian Tranetzki...

    CoStar's People of Note (Oct. 12 - 18)
    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, South Florida, Boston, East Bay, Tampa / St. Petersburg, Los Angeles, Houston, Washington DC, Chicago, Austin, Phoenix, Seattle, and Orange County. NEW YORK CITY Retail Power Broker Pomerantz Joins C&W By CoStar News Staff Market Trend: Phoenix Office Vacancy Decreases to 17.6%
    The Phoenix Office market ended the third quarter 2014 with a vacancy rate of 17.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 854,595 square feet in the third quarter. That compares to positive 172,278 square feet in the second quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 743,883 square feet. Tenants moving into large blocks of space in 2014 include...

    Cushman & Wakefield Promotes Ford
    Mackenzie Ford has been promoted to associate with the Industrial Properties Group at Cushman & Wakefield of Arizona, Inc. Ford previously served as a senior brokerage coordinator with the group, working with Jackie Orcutt, John Grady, and Keri Scott. Ford joined the team in 2012, and before that worked as an analyst for Stream Realty Partners in Dallas. "Mackenzie brings a great deal of professionalism and work ethic to her brokerage practice...

    Sandau Joins GPE Commercial Advisors
    Laurie Sandau has joined GPE Commercial Advisors as an associate vice president. Based in the firm's Phoenix, AZ office, Sandau will focus on investment sales, office, medical, leasing, and tenant representation. Sandau brings 11 years of commercial real estate experience in the local and national market, most recently with Lawyers Title NCS. Her unique expertise in marketing and business development combine with a knowledge of the title and...

    Glendale Seafood Leases 14,000 SF
    Glendale Seafood Supermarket signed a three-year lease for 14,365 square feet in the Glendale Center at 5107-5139 W. Glendale Ave. in Glendale, AZ. The single-story retail center totals 54,185 square feet in the Glendale Retail submarket of Phoenix. James Neal of Hinkson Company LLC represented the landlord in-house. Jared Lively of Rein & Grossoehme represented the tenant.

    SNS Investments Sells Two Anchor Spaces for $3.9M
    SNS Investments LLC sold a former 111,875-square-foot Walmart anchor space and a former 62,831-square foot Albertson's anchor space at the Peoria Town Center to State Trailer Supply for $3.9 million, or approximately $22 per square foot. State Trailer RV & Outdoor Supply will occupy approximately 60,000 square feet of the property. The majority of the buildings have been vacant since 2009. Shari Tucker-Gasser and Trenton McCullough of Sperry...

    Condos at Gilbert Business Center Trade for $3.6M
    First American Exchange Company has purchased 22 industrial condos totaling 74,633 square feet in two buildings at 1497 and 1501 E. Baseline Rd. in Gilbert, AZ from The Speros Companies for $3.55 million, or approximately $48 per square foot. The two buildings were constructed in 2006 and 2007 on 1.9 acres in the Chandler North / Gilbert Industrial submarket of Marciopa County, at the Southeast corner of Stapley Dr. The two buildings total 82...

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