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.

Goodyear apartments sell for $15.5M

Park Shadows has 237 units, and is situated along Litchfield Road. (Photo courtesy of Berkadia)
by in AZRE Magazine | Brokerage | Multi-Family

Berkadia announced the recent sale of Park Shadows, a multifamily property located in Goodyear, Ariz. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Phoenix office organized the $15.5 million sale that closed on July 22. The buyer, JB Partners, LLC, a Nevada limited liability company based in… Read More →

6 Arizona cities named best places to rent in U.S.

Infill development
by in AZRE Magazine | Multi-Family

Arizona’s multifamily market has been enjoying a ten year high lately, so its no surprise six Arizona cities made WalletHub’s top ten best cities in the U.S. for renters. To help prospective renters get the most bang for their buck, WalletHub’s analysts compared the 150 largest cities based on their rental attractiveness and quality of… Read More →

Embassy Suites Scottsdale finishes $25M renovation

Embassy Suites Scottsdale (Photo by Mark Boisclair Photography, Inc.)
by in Experience AZ Magazine | Stay

The last piece of art has been hung, the last section of paint dry. After a year and a half, $25 million and seemingly infinite amounts of carpet, tile, paint, plaster, furniture and dedicated staff hours, the former Chaparral Suites Scottsdale is now officially the Embassy Suites by Hilton Scottsdale Resort, Scottsdale’s newest all-suite resort… Read More →

CBRE completes $10.85M sale of JCPenney

JCPenny
by in AZRE Magazine | Brokerage

CBRE has completed the sale of a single-tenant, JCPenney located in the Ahwatukee Foothills, on East Ray Road and the I-10 freeway. Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Yorktown Corporation of Santa Cruz, Calif., and the buyer, GRT Ray JCP, LLC of Santa Monica, Calif. The 104,880-square-foot retail property commanded a… Read More →

Irgens announces upcoming Gilbert medical campus

Gilbert medical campus
by in AZRE Magazine | Construction | Medical

The Irgens Phoenix office announced plans to develop Spectrum Medical Commons, a multi-building medical campus near Val Vista Drive and the 202 Santan Freeway. The Spectrum Medical Commons property is located immediately adjacent to Dignity Health Mercy Gilbert Medical Center. Groundbreaking of the first building is scheduled for January 2017 with completion slated for fall 2017.… Read More →

22-acres of Deer Valley industrial land sells for $7M

Industrial land
by in AZRE Magazine | Site Selection

Daum Commercial Real Estate Services negotiated the 22-acre industrial land purchase located at the southeast corner of 23rd Avenue and Alameda Road in Deer Valley. The land sold for $7 million. The transaction was made successful through Robert Lundstedt, Trevor McKendry, and Chris Rogers of Daum Phoenix, who represented both the buyer, Griffin Opportunities of Los… Read More →

Phoenix multifamily market hits strongest level in 10 years

Capital Place, Downtown Phoenix
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix released its mid-year 2016 Multifamily Statistics, which reports that the past three months were the strongest quarter in 10 years for property sales. The multifamily market is expected to continue its improvement during the second half of the year. Investment activity reached its highest point since 2007 this past quarter… Read More →

Evergreen Development acquires 1.12-acre parcel in Peoria

Evergreen Development
by in AZRE Magazine | Site Selection

Evergreen Development acquired 1.12 acres of land adjacent to the new Fry’s Marketplace development at 25355 N. Lake Pleasant Pkwy., on the northeast corner of Happy Valley Road and North Lake Pleasant Parkway in Peoria. Evergreen plans to break ground on the planned 7,550-square-foot multi-tenant building this month. The Shops at Lake Pleasant are already 70… Read More →

Arizona Oncology breaks ground on state-of-the-art treatment center

Arizona Oncology
by in AZRE Magazine | Construction | Medical

Arizona Oncology, one of the largest medical groups in Arizona devoted exclusively to cancer care and a practice in The US Oncology Network, held a groundbreaking ceremony Friday for its new state-of-the-art cancer treatment center in the East Valley. The new 21,000-square-foot facility will be located at Arizona State University Research Park.  Scheduled to open in April 2017, it will offer patients in the growing… Read More →

Kitchell starts industrial park expansion near Sky Harbor

construction industry
by in AZRE Magazine

Kitchell recently commenced construction on the expansion of an industrial park near Sky Harbor International Airport, consisting of two class “A” general industrial buildings comprising 212,000 square feet. Located on roughly 20 acres near Interstate 10 and 28th Street in Phoenix, the development is south of Sky Harbor, with primary frontage along Interstate 10 offering excellent… Read More →

Colliers negotiates $5.45M west Phoenix apartment sale

Colliers
by in AZRE Magazine | Brokerage | Multi-Family

Colliers International of Greater Phoenix negotiated the $5.45 million sale of Bella Rio Apartments at 4903 W. Thomas Rd. in West Phoenix. The property was sold to a local investor who is adding the development to his existing portfolio of local apartment projects. “Bella Rio is a perfect example of a property purchased to take… Read More →

ABI Multifamily negotiates Biltmore Corridor sale

ABI Multifamily
by in AZRE Magazine | Brokerage | Multi-Family

Brokerage firm ABI Multifamily negotiated the $6,045,000 ($118,529/Unit) sale of the 18 at Biltmore Apartments, a 51-unit apartment community located in Phoenix, Arizona. 18 at Biltmore is a low density, one and two-story apartment community built from 1957 to 1962 of concrete construction and sits on approximately 3.5 acres of land. The property consists of… Read More →

AZRE Forum recap and Live Blog

AZRE Forum
by in AZRE Magazine

Last night, AZ Big Media hosted the AZRE Forum, where a packed crowd of commercial real estate pros listened in on a mid-year market update from some of the Valley’s premiere experts.   Photos by Shannon Finn and Mike Mertes About 300 people were in attendance and they heard a breakdown on the state of the… Read More →

NAI Horizon negotiates $3.3M investment property sale

NAI Horizon
by in AZRE Magazine | Brokerage

NAI Horizon Associate John Toben represented the buyer in the acquisition of the $3.33 million investment property sale of a newly constructed Kneaders Bakery and Café at 4126 E. Indian School Rd., in Phoenix. Toben represented Scottsdale-based LEP Properties, LLC, in the transaction. “The highly-desired Arcadia neighborhood is now home to a healthy option on… Read More →

Phoenix medical office space leasing faster than space is added

Healthcare Reform Impacting Healthcare Real Estate
by in AZRE Magazine | Medical

Colliers International in Greater Phoenix released its mid-year 2016 Medical Office Market Report for Greater Phoenix. Vacancy of Medical Office space in Greater Phoenix dropped in the second quarter to 16 percent, which is 180 basis points below mid-year 2015. Vacancy in both on-campus and off-campus locations has declined during second quarter. Net absorption of… Read More →