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.

Optima Kierland opens to highly receptive market

Optima Kierland
by in AZRE Magazine | Multi-Family

The $500 million project, Optima Kierland, a high-rise luxury condominium community in the North Scottsdale Kierland neighborhood, has opened for sales to a highly receptive market. Optima Kierland, situated on 9.5 acres at Scottsdale Road and Kierland Boulevard, showcases signature Optima architecture design aesthetics with lush vertical gardens, floor-to-ceiling glass allowing unencumbered desert and mountain… Read More →

CBRE closes sale of Shops at Arrowhead Gateway

Arrowhead Gateway
by in AZRE Magazine | Brokerage | Retail

CBRE has completed the sale of the Shops at Arrowhead Gateway located at 17560 and 17570 N. 75th Ave. in Glendale, Arizona. The ±35,684 square-foot shops on an outparcel of Arrowhead Towne Center Mall commanded a sale price of $10.1 million. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf of… Read More →

Stratford Plaza sells for $2.27M

Stratford Plaza
by in AZRE Magazine | Brokerage | Retail

CBRE has completed the sale of Stratford Plaza located at 1219 E. Glendale Ave. in Phoenix. The ±20,400 square-foot retail strip center was 84 percent occupied at time of sale and commanded a sale price of more than $2.27 million. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction. The seller was La… Read More →

Daum names Carl Johnson executive VP

ALTA
by in AZRE Magazine | Newsmakers

Daum Commercial Real Estate Services of Phoenix has named Carl Johnson an executive vice president. A 35-year veteran in the commercial real estate industry, Johnson is a highly accomplished industrial investment professional with an extensive background in industrial land, building sales and leasing. He has been with Daum for 19 years where he most recently served as vice… Read More →

CBRE appoints Darin Mellott to director of research

123rf.com: Jakub Jirsak
by in AZRE Magazine | Newsmakers

CBRE announced Wednesday that Darin Mellott has been promoted to Director of Research and Analysis for the Southwest Region. As part of CBRE’s industry-leading Research and Consulting group, Mellott joins a team of senior analysts around the country who develop in-depth insight and analysis on a variety of topics and trends impacting commercial real estate clients… Read More →

Gilbert land purchased for new retail center

Rendering of SanTan Pavilions (Photo courtesy of Remington Nevada, Intercapital Development and Capital Asset Management)
by in AZRE Magazine | Retail

In its second Valley purchase to date, Nevada developers Remington Nevada (David Delzotto, owner-developer) and Intercapital Development have once again teamed up with locally-based Capital Asset Management to purchase a prime 32.9-acre site located on the southwest corner of Williams Field Road and SanTan Parkway in Gilbert. The site, cash purchased for $13,613,437, will be… Read More →

Medical office demand on rise

Multi-State Medical Office Building Portfolio
by in AZRE Magazine | Medical

Colliers International in Greater Phoenix released its Medical Office Research and Forecast Report for first quarter 2016. Conditions were mixed in the Greater Phoenix medical office market in the first quarter. Vacancy ticked lower, but the rate rose in on-campus buildings. Across the market, rents dipped in the first quarter, but have inched higher over… Read More →

Retail center is part of $2B Ritz-Carlton project

$2B Ritz-Carlton Project
by in AZRE Magazine | Construction | Retail

Five Star Development announced Wednesday its detailed plans to develop a retail and dining destination, The Palmeraie, in the heart of Scottsdale that will be connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned community. The initial phase of The Palmeraie will encompass approximately 160,000 square feet of high-end, mixed-use space located on 18 acres at… Read More →

TruAmerica bolsters portfolio with Tempe buy

TruAmerica
by in AZRE Magazine | Multi-Family

In one of the largest apartment transactions this year in Phoenix, TruAmerica Multifamily and institutional capital partner Investcorp have acquired Little Cottonwoods, a 379-unit multifamily community in Tempe for $56.7 million.         This is the third and largest multifamily investment in the Phoenix area for TruAmerica and its fourth joint venture with Investcorp in… Read More →

CBRE completes sale of Shops at Desert Ridge

CBRE
by in AZRE Magazine | Brokerage

CBRE completed the sale of the Shops at Desert Ridge Corporate Center located at 20910 N. Tatum Blvd. in Phoenix. The 17,953 square foot freestanding specialty retail building sold for $9.15 million. Barry Gabel, Chris Marchildon, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, Regent Properties out of Los Angeles.… Read More →

Gould Evans celebrates 20 years in Phoenix

Gould Evans Principal and Board Chair Trudi Hummel and Principal Krista Shepherd in the company’s Warehouse District office in Phoenix.

This has been a big week for Gould Evans Phoenix. On Friday, the nationally recognized design and planning firm earned a 2016 PRIDE (Professional Recognition of Interior Design Excellence) Award in the category of commercial space under 10,000 square feet. The awards were presented by the International Interior Design Association (IIDA). And this week, Gould Evans Phoenix celebrates… Read More →

Homes by Towne purchases 10 acres for $1.99M

Homs by Towne
by in AZRE Magazine | Site Selection

Cushman & Wakefield announced Monday Homes by Towne purchased ±10 acres at 40th Street and Lone Mountain Road in Phoenix for $1.99 million. The homebuilder plans to develop 20 lots with an average size of 80-feet by 130-feet. Cushman & Wakefield Vice Presidents Brian Rosella and Will French represented the seller, 45 Lamar LLC of Phoenix.… Read More →

Report: March construction starts see increase

Arizona leads nation in Construction Employment
by in AZRE Magazine | Construction

Dodge Data & Analytics reported on March construction starts in the metropolitan statistical area of Phoenix-Mesa-Scottsdale, consisting of Maricopa and Pinal counties. According to Dodge Data & Analytics, the latest month’s construction activity followed this pattern: According to the Dodge’s data, construction spending in 2016 on nonresidential properties totaled $158,064,000, a four percent increase from 2015’s… Read More →

IPA starts building Generations at Ahwatukee

Flagstaff lost the highest percentage of construction jobs
by in AZRE Magazine | Construction | Medical

Investment Property Associates LLC (IPA) and Retirement Community Specialists (RCS) announced construction is now underway on its senior living community, Generations at Ahwatukee. The project, located at the southeast corner of Chandler Boulevard and 50th Street is targeted for completion by mid-summer 2017. The community will include a total of 137 units, comprised of 97 independent/assisted living… Read More →

Vestar adds 350K SF to Phoenix portfolio

Vestar
by in AZRE Magazine

Vestar, one of the leading privately held real estate companies in the western United States, has been retained by a family owned company as the property management firm for Superstition Springs Center, a 186,766-square-foot community retail center located in Mesa, Ariz. and Ancala Village, a 173,185-square-foot community retail center located in Scottsdale, Ariz. Vestar now manages more than 26 million square feet. Vestar’s team brings a… Read More →