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.

Cedar Court in Glendale sells for $6.25M

Cedar Court, WEB

Colliers International in Greater Phoenix recently completed the sale of Cedar Court in Glendale, a 116-unit class-B multifamily complex, for $6.25 million, or $53,879 per unit. Emma Capital Properties Inc. of Toronto, Ontario, purchased the property, at 5215 W. Peoria Avenue, from Cedar Court Condominiums LLLC of Glendale. Bill Hahn, Jeffrey Sherman, and Trevor Koskovich,… Read More →

Kitchell completes Casa Grande Medical Center renovations

Photo credit Stefan Yarish
October 30, 2014 by in AZRE Magazine | Construction | In The Spotlight

Kitchell recently completed a remodel of the lobby of the Banner Casa Grande Medical Center, part of a re-branding of the hospital as one of the Banner family of healthcare facilities. Additional work to be completed includes work on the main entrance, utilities, roofing, building envelope enhancements and site work. The 30-year-old facility, located at… Read More →

Southwest Industrial Center

Southwest Industrial Center

Southwest Industrial Center Developer: Hillwood, A Perot Company General Contractor: Hillwood Construction Services Location: 7775 W. Buckeye Rd., Phoenix Size: +/-684,420 SF (Expandable to 1,251,608 SF) Brokerage Firm: CBRE Start/Completion: March to October 2014 Subcontractors: Ace Asphalt, Aero Automatic, Bell Steel, Canyon State Electric, Levake Construction, Markham Contracting, Panelized Roof, Suntec Concrete Highlights: Phase I… Read More →

Chandler approves 20-acre industrial park plans

Chandler Airport Center rendering

The Chandler City Council approved the Planned Area Development (PAD) zoning request and site plan approval for Chandler Airport Center on Oct. 23, a general industrial park at the SWC of Germann and Cooper roads in Chandler. Meritex Chandler, LLC, a wholly owned subsidiary of Minneapolis based Meritex, will develop Chandler Airport Center in association… Read More →

Hayden House Tempe plans $200M mixed-use project

Mill & Rio Salado Rendering, DWC

Cassidy Turley has announced that Hayden House Tempe, LLC, a partnership between San Diego-based Douglas Wilson Companies (Douglas Wilson, Chairman and CEO), Hensel Phelps Development LLC, a subsidiary of Hensel Phelps based in Greeley, CO, (Jeff Wenaas, President) and Los Angeles-based Karlin Real Estate closed on 2.51 acres at the southwest corner Mill Avenue and… Read More →

Valley Partnership to transform local nonprofit campus

Perry Rehabilitation Center rendering, courtesy of Norris Design
October 29, 2014 by in AZRE Magazine | Events | Featured | In The Spotlight

This year, the Arizona Foundation for the Handicapped (AFH) was selected as recipient of the 2014 Valley Partnership Community Project. Each year, on one Saturday, hundreds of business leaders trade their business attire for T-shirts and gloves and help to transform a local nonprofit.  AFH applied to Valley Partnership to have its outdoor common areas… Read More →

Multifamily lending update: Quality over quantity

Silhouette of man with money

By Charlie Williams, Senior vice president, Berkadia   What do developers and investors have to be able to show lenders to improve their odds of getting financed? It is important that the major aspects of the developer’s business plan are viable and supportable. Lenders are not interested in relying on any assumption of a home run… Read More →

Rancho El Mirage Plaza sells for $3.07M

Rancho El Mirage, CBRE, WEB
October 29, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

CBRE has completed the sale of Rancho El Mirage Plaza, ±20,130 square foot retail strip center in El Mirage, Ariz. The asset commanded a sale price of $3.07 million. Andrew Fosberg, Cam Stanton and Molly Busch with CBRE’s Phoenix office represented the seller, El Mirage Partners, LLC of Portland, Ore. The buyer, Ladera Ranch, Calif.-based… Read More →

DriveTime Automotive signs 96KSF lease at Liberty Center

Stop 2: Liberty Center at Rio Salado

Liberty Property Trust announced the signing of a 96,000 square foot lease with DriveTime Automotive Group for a new corporate headquarters in Liberty Center at Rio Salado in Tempe.  It will be the third class-A office building that Liberty will deliver at its newly launched park since construction began in the fourth quarter of 2013.… Read More →

GDC/RE founders move retail team to NGKF

123RF.com, Copyright: valeriylebedev

GDC/RE founders Joe Doucett and Tim Gunnink are bringing their team of retail specialists to Newmark Grubb Knight Frank‘s (NGKF) Phoenix office, where the number of real estate professionals has grown fourfold in the past two years. With nearly 25 years of real estate experience between them, Doucett and Gunnink will join the retail division of… Read More →

New To Market: Broadway 101 Commerce Center Park – Phase III

Broadway101_Phase3_Elevations_CT

DEVELOPER: Property Realty Advisors General contractor: TBD Architect: Euthenics Architecture & Interiors Location: NWC of Broadway and Dobson roads, Mesa, Ariz. Size: 211,505 SF Brokerage Firm: Cassidy Turley Value: WND Start/Completion: December 2014 SUBCONTRACTORS: Parsons Design Studio, CaliChi Design Group Highlights: Commerce Center Park Phase III features two buildings totaling approximately 211,505 SF on the… Read More →

Canadian investor buys Gateway Office Center

Gateway Office Center, Cassidy Turley, WEB

Cassidy Turley announced the $3 million ($95.06/psf) sale of Gateway Office Center located at 4130 E. Van Buren Ave. in Phoenix. Garnett Capital Corporate from Victoria, British Columbia, purchased the ±31,557 square foot property from Brentwood Gateway Center (Victorville, CA.). Cassidy Turley Executive Managing Director Eric Wichterman and Senior Vice Presidents Mike Coover and Gordon… Read More →

Wayne Einbinder promoted at Sundt Construction

Wayne_Einbinder_high-res_Sundt
October 27, 2014 by in AZRE Magazine | Construction | Newsmakers

  Sundt Construction, Inc., Vice President Wayne Einbinder was recently promoted to director of the general contractor’s newly established National Projects Group. In his new role, Einbinder will lead the National Projects Group’s work within the hospitality, criminal justice and federal construction markets on a national level. Pooling top-level talent and resources from each of… Read More →

DCT Industrial Trust acquires Tempe portfolio

TempeWarehousePortfolio_BCL, WEB

Cassidy Turley announced that DCT Industrial Trust has acquired a three property warehouse portfolio from a Chicago-based global investment manager for $26.44 million.   Located in Tempe, the 355,371 SF portfolio includes: Roosevelt Center, 2405 and 2415 S. Roosevelt Street; Parkland Center, 7245 and 7307 S. Harl Ave.; and Wilson Center, 2636 South Wilson Street… Read More →

New to Market: Lux Air Jet Centers

LuxAir_Entry

OWNER: Lux Air Jet Centers Construction Manager: BSI Construction Services General contractor: Adolfson & Peterson Construction Architect: Larson Associates Location: Phoenix-Goodyear Airport – 1658 Litchfield Road, Goodyear, Ariz. Size: 67,290 SF Value: $8.2M Start/Completion: July 2014 to April 2015 Highlights: The Lux Air Goodyear location will be a fixed-base operator (FBO) facility for Lux Air… Read More →