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.

Stockbridge Capital Group buys Phoenix industrial portfolio

Metro Business Park

Cassidy Turley* announced Tuesday that San Francisco-based Stockbridge Capital Group, LLC, a fully independent real estate investment management firm, has closed on five of six properties that are part of a multi-tenant industrial portfolio in metro Phoenix for $53.16 million. Stockbridge is under contract with plans to close on the sixth building located in Tempe… Read More →

Tucker Macon promoted at Sundt Construction

November 25, 2014 by in AZRE Magazine | Blogs | Newsmakers

  Sundt Construction, Inc. recently promoted Tucker Macon from senior estimator to preconstruction project manager. In his new role, Macon oversees the planning, coordinating and directing of preconstruction services for various Southwest-area building projects, including the $136 million Biosciences Partnership Building in downtown Phoenix. With more than 28 years of industry experience, Macon has led projects in… Read More →

Old School O7 sells for record low cap rate

OldSchool07, WEB

Joe Compagno of CBRE has sold Old School O7, considered one of the most unique urban infill redevelopment projects in Phoenix. The 9,293-square-foot shopping center commanded a sale price of $6.1 million – or $656 per square foot – and a record low cap rate of 5.5 percent. The tenants include strong national tenants Starbucks,… Read More →

LA-based investor buys 90 Mountain View for $34.6M

90 Mountain View, Cassidy Turley, WEB

Cassidy Turley* announced Monday that Los Angeles based Regent Properties, a multi-faceted real estate investment company, has acquired 90 Mountain View, a 183,644 square foot office project located at 9977-9999 N. 90th St. in Scottsdale, Ariz., for $34.6 million ($188.41 per square foot). The seller was Principal Real Estate Investors, one of the largest institutional… Read More →

Continental Plaza sells for $2.1M

SVN-DEAL-855 W. University Drive in Mesa, WEB.
November 24, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

Rommie Mojahed, Mary Ridberg and Beau Flahart represented the buyer in the sale of a 37,171 SF shadow anchored retail center known as Continental Plaza for $2.1M.  The busy retail center is located at 855 W. University Dr., in Mesa, Ariz. The seller, Geyser Management, LLC, was represented by Jan Fincham of Lee & Associates. … Read More →

Newport Mesa apartments sell for $8.37M

Newport Mesa
November 24, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

Cassidy Turley*, a leading commercial real estate services provider in the U.S., announced Monday the sale of Newport Mesa, a 156-unit apartment community in Mesa, Ariz. Southern Avenue 156 Community, LLC (Unity Pacific Residential) purchased the property for $8.37 million ($53,686/unit) from Newport Mesa Apartments, LLC (Maxx Properties). Cassidy Turley Executive Managing Directors David Fogler… Read More →

H&M coming to Tempe Marketplace next fall

rsz_tempe-marketplace-01
November 24, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

Vestar announced Monday the signing of H&M at Tempe Marketplace, located at the southwest corner of Loops 101 & 202 in Tempe, Ariz. H&M will open in fall 2015 in 20,000 square feet. Established in Sweden in 1947, H&M is one of the world’s largest fashion retailers. They feature a wide range of fashion for… Read More →

APAC Customer Services’ expansion to create 1,100 jobs

economic development - 8 honored

APAC Customer Services, Inc., a leader in global customer care outsourcing solutions, in partnership with the Arizona Commerce Authority (ACA) and Tucson Regional Economic Opportunities, Inc. (TREO), announced Monday an expansion in Phoenix and Tucson that is expected to bring more than 1,100 jobs to Arizona’s Sun Corridor over the next three years. Jack Jones,… Read More →

Esplanade to undergo Gensler-designed renovations in 2015

Esplanade rendering, courtesy of CBRE

The Esplanade has announced that the mixed-use development will undergo renovations to its ground plane and retail space with work slated to begin in first quarter 2015. Renovation plans currently include strategies to open up the three main entry points to the retail portions of the property to make them more inviting and accessible to… Read More →

Prescott Valley shopping center goes for $2.75M

KohlsShops, WEB
November 24, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

CBRE has completed the sale of a net leased shopping center located at 3264 N. Glassford Hill Road in Prescott Valley, Ariz. Shadow-anchored by a Kohl’s department store, the 8,639-square-foot retail property commanded a sale price of $2.75 million. The property is known as The Shops at Glassford Hill Marketplace. Joseph Compagno with CBRE’s Phoenix… Read More →

Mark Seale joins Cushman & Wakefield

Mark Seale, CCIM-SIOR, has joined the Phoenix office of Cushman & Wakefield of Arizona, Inc., as a senior director.  He will be responsible for tenant and landlord representation for clients throughout the region. In a career spanning almost three decades, Seale has represented many of the largest corporations, developers and institutional owners in the commercial… Read More →

San Diego’s MG Properties Group acquires Tempe property

Garden Grove
November 22, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of two multifamily properties; the 376-unit Garden Grove Apartments in Tempe, Arizona and the 72-unit Bella Vista Apartments in Napa, California. “Both acquisitions leverage our existing management platform, creating operational efficiencies and allowing us to scale our portfolio in… Read More →

Logisticare Solutions leases 62KSF in Phoenix

2602 S 47th St, CPI, WEB
November 22, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

Commercial Properties, Inc. announce the lease of 2602 S. 47th St., Suite 100 in Phoenix on Friday.  Leroy Breinholt, Darin Edwards and John G. Soldo, SIOR of CPI’s Tempe Industrial Group represented the landlord in this transaction. The ±61,658 SF, multi-tenant, flex building was built in 1985 and is located just north of University Drive,… Read More →

Justin Kelton promoted at McCarthy Building Companies

November 22, 2014 by in AZRE Magazine | Construction | Newsmakers

  McCarthy Building Companies Inc. recently promoted Justin Kelton to executive vice president of Arizona construction in the Southwest Division. In his new role, Kelton will oversee operations and business development in airport, municipal, healthcare, commercial development, solar and renewable energy, parking, higher-education, K-12 and job order contracting construction projects in Arizona. He is also… Read More →

Glendale Raising Cane’s location sold

Raising Canes, WEB
November 21, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Raising Cane’s, a 3,033-square foot net-leased property located in Glendale on Friday, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,550,000. Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office,… Read More →