Phoenix Commercial Real Estate News From CoStar Group


    Villas De Merced Sold for $6.2M
    ReNue Properties acquired the Villas De Merced apartments at 520 N. Mesa Dr. in Mesa, AZ from Mercy Housing Arizona - ILP for $6.2 million, or about $65,000 per unit. Originally built in 2000, the two-story, 96-unit, multifamily property totals 72,000 square feet on 5.8 acres in the Evergreen/Escobedo multifamily submarket of Maricopa County. Ric Holway and Daniel Cheyne of Berkadia represented both the seller and buyer in the sale. Please...

    Investor Purchases Scottsdale Office for Corporate HQ
    Homesmart has purchased the office building at 8388 E. Hartford Dr. in Scottsdale, AZ from Buchanan Street Partners for $7.02 million, or about $105 per square foot. The buyer plans to renovate the property and occupy half of the building while leasing out the remainder. The single-story office building was constructed in 2000 and sits on 5.5 acres in Maricopa County, part of the Perimeter Center office park in the Scottsdale Airpark submarket...

    Promenade at Desert Sky Sold for $11.9M
    Pacific Life Insurance Company acquired the 300-unit Promenade at Desert Sky apartments at 6233 W. Thomas Rd. in Phoenix, AZ from Woodspear Properties for $11.85 million, or $39,500 per unit. Built in 1987, the 216,140-square-foot, 17-building multifamily community sits on 11.4 acres in the Maryvale submarket of Maricopa County. It is comprised of 192 one-bedroom and 108 two-bedroom apartments with asking rents between $375 and $595 per month...

    CoStar's People of Note (Oct. 19 - 25)
    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: Greenville / Spartanburg, Cleveland / Northern Ohio, San Diego, South Florida, Atlanta, Washington DC, Northern New Jersey, Philadelphia, and Chicago. GREENVILLE / SPARTANBURG Colliers Taps Pollard as Vice Chair, Retail Services USA By Justin Sumner
    Market Trend: Phoenix Retail Vacancy Decreases to 10.1%
    The Phoenix retail market experienced a slight improvement in market conditions in the third quarter 2014. The vacancy rate went from 10.4% in the previous quarter to 10.1% in the current quarter. Net absorption was positive 745,818 square feet, and vacant sublease space decreased by 1,601 square feet. In second quarter 2014, net absorption was positive 395,191 square feet. Tenants moving into large blocks of space in 2014 include: At Home...

    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...

    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...

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Jon Hammond, CCIM
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