Author Archives: AZRE

AZRE

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.

North Scottsdale land sold for $7.1 million

North Scottsdale Land
by in AZRE Magazine | Construction

A 4.5-acre land parcel near Scottsdale Road and Princess Boulevard was sold for $7,128,728, according to Lee & Associates. The new owners plan to develop a mixed-use project, including a 300-unit,. 4-story luxury apartment complex, on the land at the southwest corner of Scottsdale road and Chauncey Lane. The mixed-use development also includes a four-building, 33,000-square-foot retail… Read More →

Hotel coming to First and Polk Streets in Downtown Phoenix

Hotel
by in AZRE Magazine | Construction | Hospitality

Development has started on a 210-room, 11-story Hampton Inn & Suites in Downtown Phoenix, near the ASU Downtown Campus, according to an announcement from Mortenson. The hotel is expected to be completed in the summer of 2018, and is located at the intersection of First and Polk Streets. PK Architects and Design Force are the… Read More →

ORION closes outparcel of Westgate Entertainment District

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by in AZRE Magazine

Located within one of the largest entertainment and retail districts in Arizona, Westgate 95, a 7,539 square foot retail center, sold for $1,500,000 ($199/SF). Built in 2008, Westgate 95 is located steps away from Westgate Entertainment District, which offers a unique outdoor setting with many vibrant restaurants that include: Johnny Rockets, Buffalo Wild Wings, Saddle… Read More →

Tempe data center sells for $16.4M

Tempe Data Center
by in AZRE Magazine

A Florida-based investment firm purchased a Tempe data center from a Scottsdale-based development company for $16,400,000, according to Colliers International. The data center includes 44,244 rentable square feet and was 100 percent leased at the time of the sale. Korth and Kirk Kuller of Colliers International in Greater Phoenix and Luke Denmon of CBRE handled… Read More →

CBIZ Plaza sells in Midtown following property improvements

sales

Houston-based Boxer Property announced today its acquisition of 3101 N. Central Avenue in Midtown on behalf of a third party client. Also known as the CBIZ Plaza, the property totals 248,863 square feet of Class A office space across 16 floors and includes an adjoining 2-story garden office/retail building and a six story parking garage. Having… Read More →

Peoria Avenue office space sells for $10.55M

Peoria Avenue
by in AZRE Magazine | Office

Desert Canyon 200, a 98,761-square-foot office space located at 2421 W. Peoria Ave. in Phoenix, was sold to Scottsdale-based G2 Capital for $10.55 million, according to CBRE. The seller was REEF Desert Canyon LLC, managed by Seattle-based Washington Capital Management. Barry Gabel, Chris Marchildon, Jim Bayless and Ashley Brooks with CBRE’s Phoenix office represented the… Read More →

17 retailers expecting to close stores this year

shopping
by in AZRE Magazine | Retail

Online shopping has been a force of change in the retail world, which has stirred many places to start redesigning and redeveloping to bring in more customers. There’s been news about many retailers closing around the Valley and the nation, but Phoenix has been seeing healthy leasing activity recently. Still, national retailers are closing doors,… Read More →

At Home will anchor San Tan Pavilions

San Tan Pavilions
by in AZRE Magazine | Retail

The San Tan Pavilions shopping center in Gilbert will be anchored by a home décor superstore, At Home, according to an announcement from the project developers. This will be the sixth At Home location in Arizona and will offer both in-home and outdoor furniture. At Home is stocked with quirky, traditional, modern and exotic home furnishings, and… Read More →

SmithGroupJJR promotes 3 to principal in Phoenix

engineering
by in Architecture | AZRE Magazine

SmithGroupJJR, one of the nation’s largest architecture, engineering and planning firms, has elevated Bryan Jehling, Russ Sanders and Robert Thompson to principal at the firm’s Phoenix office.  Bryan Jehling, PE, LEED AP Bryan Jehling is an electrical engineering lead at the Phoenix office. With more than 25 years of experience, primarily in the healthcare, data center… Read More →

NAI Horizon’s 2016 Top 10 sets the tone for 2017

NAI Horizon’s 2016 Top 10 producers (left to right) are Gabe Ortega, Rick Foss, Horth Hong, Isy Sonabend, Denise Nunez, Lane Neville, Shelby Tworek, Barbara Lloyd, Chris Gerow, and Russ Warner. (Photo courtesy of NAI Horizon)
by in AZRE Magazine | Newsmakers

NAI Horizon’s 2016 Top 10 Producers are highlighted by a diverse group of brokers whose transactions totaled more than $275 million representing multiple property types. The broad range of product type represented in NAI Horizon’s Top 10 is indicative of the overall health of the Valley’s commercial real estate industry.  The collective success of NAI… Read More →

Lee & Associates, RSP, Wespac will reposition Renaissance Square

Renaissance Square 2
by in AZRE Magazine

Owners of Renaissance Square, Downtown Phoenix’s iconic office towers at 2 and 40 N. Central Ave., have engaged Lee & Associates, RSP Architects and Wespac Construction to completely reimagine the nearly one million square foot Class A property. The ownership group, a joint-venture between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Cypress Office… Read More →

Report: 2016 gross retail lease activity beats out 2015

Copyright: 123kikovic / 123RF Stock Photo
by in AZRE Magazine | Retail

CBRE Research released its Q4 2016 Phoenix Retail MarketView and Big Box reports, and overall the Valley’s retail market performed well to close out the year. Top-level highlights included: Overall market fundamentals & general leasing activity: Q4 was highlighted by roughly 600,000 square feet of positive net absorption, which was the greatest amount of any… Read More →

Report: Phoenix office market ends 2016 with ‘strong momentum’

Phoenix
by in AZRE Magazine | Office

CBRE Research released its Q4 2016 Phoenix Office MarketView report, and overall the Valley’s office market finished the year much the way it started – with strong momentum and healthy lease activity. Driven by improving economic fundamentals and steady job growth, demand from office users can be seen in the significant amount of net absorption… Read More →

NAIOP Arizona wins national awards for 2 initiatives

NAIOP Arizona
by in AZRE Magazine

NAIOP Arizona continued its 12-year winning streak of bringing home national awards at the annual Merit Awards gala, earning large-chapter honors for both its Legislative and Communications initiatives. Last year NAIOP Arizona was named Large Chapter of the Year and won the Large Chapter Merit Award for Education. “Our streak of awards including the most recent… Read More →

Valley Partnership will feature Arizona State Land Department

Copyright: wollertz / 123RF Stock Photo
by in AZRE Magazine

The upcoming February Valley Partnership monthly breakfast will feature an update on the latest projects planned by the Arizona State Land Department. Land Commissioner Lisa Atkins and Deputy Commissioner Wesly Mehl will provide a comprehensive update on the State Trust Lands to kick off the Friday, Feb. 17 breakfast. The Arizona State Land Department is… Read More →