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.

Rosalinda Apartments sells in Phoenix for $545K

Rosalinda Court Apartments_9-Units_Globe Street
December 17, 2014 by in AZRE Magazine | Economy | Featured

Cooper, Cardinal and Company LLC, a boutique multi-family investment brokerage firm with headquarters in Phoenix, Arizona, recently closed the transaction for Rosalinda Apartments, a 9-unit turn-key multi-family community located in Phoenix, Arizona. The sale price of $545,000 equates to $60,556 per unit or $61.44 per square foot. Jack A. Cardinal, a Managing Director of the… Read More →

BH Properties buys Plaza at Squaw Peak for $25M

Plaza SQ_PHOTO, WEB

On behalf of their client, IX CW Plaza Squaw Peak, LP, (an affiliate of Starwood Capital Group), Capital Asset Management announced today the successful sale of The Plaza at Squaw Peak, a 428,044-square-foot class-B office building, to BH Properties, a Los Angeles commercial real estate investment company. Located on 16th Street and Morten Avenue in… Read More →

New Ownership Renovates Scottsdale Hotel

Scottsdale_lobby-pro-search-plus.jpg.1920x807_default
December 17, 2014 by in AZRE Magazine | Featured | Hospitality

A critical financing package has led to an upgrade of one of south Scottsdale’s best-known hospitality facilities and will help modernize it to reflect the revitalization of the McDowell Road Corridor. The Best Western Papago Inn at 7017 East McDowell Road in south Scottsdale has undergone renovations and is now the Magnuson Hotel Papago Inn. The revitalization of the facility comes… Read More →

Peoria property sells for $2.1M

Lee and Associates, Industrial
December 16, 2014 by in AZRE Magazine

A 4-acre industrial property with two buildings totaling 18,373 SF at 12268 N. 92nd Dr. in Peoria sold for $2.1M, or $114.30 per SF. Matt Hobaica, principal with Lee & Associates brokered the transaction. The seller was One Cat Development Co., LLC of Peoria. The buyer was JAG Properties III, LLC of Shawnee, Kansas, dba… Read More →

PHX Architecture designs ASU doughnut shop

Fractured Prune
December 16, 2014 by in Architecture | AZRE Magazine | Construction | Featured

PHX Architecture has completed designs for a new doughnut shop near Arizona State University’s Tempe Campus- Fractured Prune Doughnuts. The shop is located in Tempe on Veterans Way and College Avenue inside of the new University House residential high rise. The shop is expected to open in late January, just in time for the Super… Read More →

Shops at Dynamite & Tatum sells for $1.9M

DynamiteTatum, WEB
December 16, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

CBRE has completed the sale of the Shops at Dynamite & Tatum, a retail strip center located at 28255 N Tatum Blvd, in Cave Creek, Ariz. The property commanded a sale price of $1.9 million. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf the seller, Bainbridge Island, Wash.-based Pacific… Read More →

Young’s Market Company leases 250KSF in Phoenix

Youngs Market, WEB
December 16, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

Cassidy Turley announced Tuesday that Young’s Market Company of Arizona leased 248,900 square feet at 402 S. 54th Pl. in Phoenix. Young’s Market Company is one of the nation’s largest distributors of wines and spirits with operations in California, Hawaii, Arizona, Oregon, Washington, Alaska, Idaho, Utah, Montana and Wyoming. Cassidy Turley’s Executive Managing Directors Andy… Read More →

Two Brothers Brewing Co. to open in Old Town Scottsdale

Rendering courtesy of PHX Architecture

PHX Architecture is currently designing a new restaurant, bar and brewery located in Old Town Scottsdale for Illinois-based Two Brothers Brewing Company. Formerly the SaddleRanch Chop House Restaurant, this renovation will bring a new brewery concept to the Old Town atmosphere, and have indoor and outdoor dining options, as well as an entire brewery system inside.… Read More →

Op-Ed: Read this before locking out a commercial tenant

123rf.com, tatiana53

Most commercial landlords and property managers are aware that, in Arizona, if a commercial property tenant neglects or refuses to pay rent and is in arrears for more than five days, or if a tenant violates another provision of the lease, under certain conditions and circumstances, Arizona law allows the landlord the option to reenter… Read More →

Cassidy Turley closed $71M in multifamily deals on Thursday

Broadstone Twin Fields
December 11, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

Cassidy Turley announced on Thursday the sale of Broadstone Twin Fields, a 314-unit apartment community located at 2505 E. Williams Field Road in Gilbert, Ariz., and  The Club at Coldwater Springs, a 251-unit apartment community located at 105 North Links Drive in Avondale, Ariz. Broadstone at Twin Fields, LP (Alliance Residential), represented by Cassidy Turley… Read More →

Kitchell returns to Phoenix Children’s Hospital for build-out

Blake Marvin/HKS

Kitchell has been engaged to improve shell space it built three years ago at Phoenix Children’s Hospital as part of the $356 million tower project. The $10 million build-out comprises design and construction of a 45,000-square-foot, 48-bed medical/surgical unit in existing shell space on the ninth floor of the main tower at 1919 E. Thomas… Read More →

Kurt Rosene creates new firm, NOVO Development

Kurt Rosene
December 11, 2014 by in AZRE Magazine | Featured | In The Spotlight | Newsmakers

Kurt W. Rosene, formerly Senior Vice President of The Alter Group, has transitioned to his new role as head of NOVO Development, LLC, headquartered in Scottsdale, Ariz. Although leaving as a full-time employee of The Alter Group, Rosene will continue to assist The Alter Group’s western region developments, including its signature Phoenix development, Riverwalk Arizona,… Read More →

AutoZone, Popeyes move into Pavilions at Talking Stick

Talking Stick Pavilions
December 11, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

Pavilions at Talking Stick adds AutoZone and Popeyes The Pavilions at Talking Stick added two new tenants to its expanding roster with the completion of two ground leases. AutoZone will add a new, approximately 6,200-square-foot store, while Popeyes Louisiana Kitchen plans on adding a 3,000-square-foot restaurant. Paul Serafin represented the landlord in completing the AutoZone… Read More →

TriWest Healthcare expands Phoenix HQ

TriWest-MRP, WEB
December 10, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

TriWest Healthcare Alliance has leased the entire 119,131-square-foot office building at 16010 N. 28th Ave. to accommodate its expansion for its recently awarded contract with the Department of Veterans Affairs (VA.). The company, which had previously occupied a portion of the building as its corporate headquarters, has committed to extend its lease and expand into… Read More →

NAIOP-AZ release year-end report

Photo of Thursday Night Live, courtesy of NAIOP

From philanthropy to tackling key issues affecting the industry to education and networking, NAIOP Arizona reports that its more than 700 members closed out a successful 2014. Events such as Night at the Fights, the new Signature Speaker Series, Thursday Night Live, the quarterly Market Leaders Series and the golf tournament attracted more than 3,500… Read More →