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.

AC Hotel in Tempe sells to Pacific Hospitality Group

phxac_main01_r
by in AZRE Magazine

PHG Hotel Fund I, LLC, an affiliate of Pacific Hospitality Group (PHG), announced the purchase of AC Hotel® Phoenix Tempe/Downtown in Tempe and AC Hotel® Irvine in Irvine, Calif. from Woodbine Development Corporation and USAA. “We are excited to welcome AC Tempe as our company’s first hotel in the Phoenix area, and eager to unveil… Read More →

KBS REIT III renews lease at Anchor Centre

Anchor Centre
by in AZRE Magazine | Brokerage | Office

KBS Real Estate Investment Trust III (“KBS REIT III”), a non-traded real estate investment trust based in Newport Beach, California, announced the renewal of a 16,194-square-foot lease by Northwestern Mutual, a financial planning company, at Anchor Centre. The Class A, two-building office complex totals 333,014 square feet and is located in Phoenix’s Camelback Corridor. Northwester Mutual’s… Read More →

CBRE completes $42.65M sale of apartment communities

CBRE
by in AZRE Magazine | Brokerage | Multi-Family

CBRE finalized the sale of Highland Park and Park View, two multifamily communities totaling 472 units and located in Tempe. Together, the properties sold for $42.65 million. A joint venture sponsored by Scottsdale-based Everest Holdings purchased the communities from San Diego-based Stratford Partners. Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch negotiated the transaction with CBRE’s… Read More →

Woodside Health buys Arrowhead Creekside Medical Building

Woodside Health
by in AZRE Magazine | Medical

Ohio-based Woodside Health/Crescendo Commercial made its first Phoenix market purchase with a Glendale medical complex, Arrowhead Creekside, according to Newmark Grubb Knight Frank (NGKF), one of the brokers of the deal. The eleven building, 69,930-square-foot portfolio of single-story properties, at 7200 W. Bell Rd., was sold by IX CW 7200 West Bell Road, L.P. for $10,936,000,… Read More →

Goodyear RV resort sells for $6.15M

Goodyear
by in AZRE Magazine | Multi-Family

The NAI Horizon team of Russell and Andrew Warner represented the seller in the $6.15 million sale of Destiny Phoenix RV Resort at 416 N. Citrus Rd., in Goodyear. NAI Horizon represented Destiny-Phoenix West LLC, and the buyer was Walter Johnston. Destiny Phoenix RV Resort features 284 paved RV sites, a heated pool and spa,… Read More →

Cushman & Wakefield sells Zocallo Plaza for $15.55M

Zocallo Plaza
by in AZRE Magazine | Retail

Zocallo Plaza, a 51,195 square-foot retail center located near Scottsdale Road and Frank Lloyd Wright Boulevard in Scottsdale, sold for $15.55 million. Built in 1999, Zocallo Plaza is currently 100 percent occupied by a diverse, specialty tenant roster, including Corner Bakery Café, Pella Windows, Desert Schools Credit Union and Classy Closets to name a few. The… Read More →

North Scottsdale office portfolio sells for $122M

Scottsdale
by in AZRE Magazine | Office

A North Scottsdale Class-A office portfolio was sold by its developers for $122 million to a Phoenix-based property company. Wentworth Property Company purchased the 640,000 square-foot portfolio from Desert Troon Companies with plans to renovated the offices, and add two parking garages to the area, according to Cushman & Wakefield. The 640,000 square-foot office portfolio is… Read More →

Coldwell Banker Commercial Advisors expands Phoenix offices

Coldwell Banker Commercial Advisors
by in AZRE Magazine | Brokerage

Coldwell Banker Commercial Advisors is expanding its brokerage services in the Phoenix area with real estate veterans Chuck Wells and Trask Switzenberg leading the charge. Coldwell Banker Commercial Advisors has been expanding its services across the country recently, said Lew Cramer, president and CEO of the brokerage services provider. “Growing a full-service brokerage operation in… Read More →

First Vistancia rental community opens

Vistancia
by in AZRE Magazine | Multi-Family

Luxury rental home developer, BB Living opened its newest for-lease neighborhood in the award-winning Vistancia master plan. The neighborhood features 134 well-appointed townhomes in Acacia Grove in The Village at Vistancia and offers three- and four-bedroom with two-and-a-half baths starting in the $1,300s per month. A first of its kind rental home option at Vistancia, BB… Read More →

Arizona Builders Alliance announces new board members

homes
by in AZRE Magazine | Newsmakers

Arizona Builders Alliance (ABA), a statewide commercial construction trade association, recently elected a new board president and added four new directors to its board. Mike Epstein, owner and managing member of Tucson-based Epstein Construction, has been tapped as ABA’s new board president. Four new directors were also elected: Steve Grauer, vice president and district manager… Read More →

Gilbert’s Heritage Marketplace Phase 2 completed

LGE Design Build
by in AZRE Magazine | Mixed-Use

LGE Design Build has completed phase 2 construction of Heritage Marketplace in downtown Gilbert with trendy new restaurant and retail businesses such as Sushi Brokers and Tuft and Needle. Nico, a new restaurant by chef Gio Osso of Virtu Honest Craft in Scottsdale, has also opened in the completed Phase 1 building. Phase 2 tenants… Read More →

NAI Horizon completes sales, lease transactions

123rf.com: Vitaliy Vodolazskyy
by in AZRE Magazine | Brokerage

Commercial Real Estate firm NAI Horizon, announced $2.4 million worth of recent sales transactions, and 11 leases that were finalized. Sales transactions: Barbara Lloyd and Lane Neville negotiated the sale of a 3.86-acre parcel of land, representing the seller, Lindsay Square Care Center, LLC, for $1.3 million. The property is located at 940 E. Williams… Read More →

CBRE sells Courtney Village Apartments for $45.5M

Courtney Village
by in AZRE Magazine | Multi-Family

CBRE completed the sale of Courtney Village, a 368-unit multifamily community located at 4848 E. Roosevelt St. in Phoenix, Arizona. The property sold for $45.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, California-based PASSCO. The buyer was Denver-based Continental Realty Advisors. Developed in 2002,… Read More →

BKM Capital Partners acquires industrial asset for $58M

Industrial asset
by in AZRE Magazine | Industrial

BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, acquired Tempe Commerce Park, a 535,976 square-foot, five-building  property in Tempe in a limited marketing transaction for $58 million. This acquisition, which is BKM Capital Partners’ tenth acquisition in the Phoenix metro area this year, was acquired through… Read More →

Arrowhead Creekside in Glendale sells for $11.15M

Arrowhead Creekside
by in AZRE Magazine | Medical

An 11 building medical office campus, Arrowhead Creekside, sold for $11.15 million in Glendale at 7200 W. Bell Rd., according to Cushman & Wakefield on behalf of owner Washington D.C. based Starwood. Arrowhead Creekside is an 69,858 square-foot, medical office campus located in the prestigious Arrowhead Ranch area of Glendale. The project was 97 percent occupied at the… Read More →