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.

Opus Airport Industrial Development sold

Opus

The Opus Group  sold Opus Airport Industrial, a 393,300-square-foot Class A warehouse and distribution center it recently completed. The building was sold to an entity formed by Principal Real Estate Investors, a subsidiary of the global asset management company Principal Financial Group. Opus reports it is unable to disclose the project’s cost or sale price. The… Read More →

Nonresidential construction spending gains momentum

PHOTO BY: Risk Management | Monitor
by in AZRE Magazine | Construction

Nonresidential construction spending totaled $699.7 billion on a seasonally adjusted, annualized basis in October, a 0.3 percent decrease from September’s significantly upwardly revised total, but an increase of 2.6 percent year-over-year, according to analysis of U.S. Census Bureau data released Thursday by Associated Builders and Contractors (ABC). September’s nonresidential spending estimate was revised from $690.5 billion… Read More →

Construction starts on uptown Phoenix luxury apartments

Peak 16 is located near the Camelback Corridor in uptown Phoenix. Construction started on the luxury apartments in November. (Photo courtesy of VanTrust Real Estate)
by in AZRE Magazine | Construction

Construction is underway on Peak 16, a luxury apartment community located on 16th and Colter Streets in uptown Phoenix, by Kansas City-based VanTrust Real Estate. Designed by Phoenix-based ORB Architecture, the four-story, wood-framed, podium deck development sits on nearly four acres and is planned to be finished in March 2018. Phoenix-based Wespac Construction Inc. is the general contractor… Read More →

Chandler industrial facility sells for $2.456M

Chandler industrial facility
by in AZRE Magazine | Industrial

NAI Horizon Senior Vice President Jeff Adams represented the buyer, Phoenix-based Marx Properties LLC, in the $2.456 million sale of a 26,199-square-foot industrial building at 4151 W. Lindbergh Way in Chandler, Ariz. The property sits on 1.83 acres along the Loop 202 with proximity to Stellar Airpark. It will be used for corporate event planning… Read More →

Denver developers announce plans for McDowell Medical Commons

McDowell Medical Commons
by in AZRE Magazine | Medical

Denver-based National Healthcare Realty and Development announced plans to build McDowell Medical Commons, a medical office building to be located at 10650 W. McDowell Rd. in Avondale. “This building will be strategically located in the health-tech corridor of Avondale,” says Rachael Thompson, senior associate of Colliers International in Greater Phoenix. The project will be located near Banner… Read More →

Camelback Corridor office building sells for $42.6 million

Camelback Corridor
by in AZRE Magazine | Office

A Class A 175,835-square-foot office building in Phoenix’s Camelback Corridor area sold for $42.6 million, or approximately $242 per square foot, according to CBRE. The office complex is located at 5090 N. 40th St., and Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was a joint venture between Lowe Enterprises and J.P.… Read More →

Earthworks Environmental expands, opens Florida offices

Earthworks Environmental
by in AZRE Magazine | Construction

Earthworks Environmental LLC expanded its operations to Florida and added two employees at its Arizona office, Principal Cherie Koester announced. Mark Hubbard will run the Orlando/Tampa/Jackson, Fla., office as a Lead Compliance Manager. Hubbard will be responsible for Storm Water Pollution Prevention (SWPP) manual preparation, notice of intent/notice of termination filing, SWPP program management, site inspections,… Read More →

Construction starts on McKesson Corporation offices in Scottsdale

McKesson Corporation
by in AZRE Magazine | Construction

Ryan Companies broke ground Wednesday on a 271,000-square-foot, two-story twinned office complex at the Chaparral Commerce Center, which will serve as McKesson Corporation‘s regional headquarters. Upon completion in 2017, the new building will be home to McKesson’s existing Scottsdale-based workforce of more than 1,400, with room to accommodate nearly 2,200 total jobs over the next five… Read More →

Construction unemployment rates improve in 33 states

Copper State Rubber
by in AZRE Magazine | Construction

October not seasonally adjusted (NSA) construction unemployment rates were down in 33 states and the nation on a year-over-year basis, according to analysis released Tuesday by Associated Builders and Contractors (ABC). The national NSA construction unemployment rate of 5.7 percent was down 0.5 percent from a year ago, according to data from the Bureau of Labor Statistics (BLS). Arizona… Read More →

Avnet headquarters sell for $32M

Avnet Headquarters
by in AZRE Magazine | Brokerage

The corporate headquarters of Avnet Inc. has been sold to Phoenix-based Cole Office & Industrial REIT (CCIT II) Inc. for $32 million. The Class A, 176,402-square-foot building at 2211 S. 47th St. has been the technology company’s worldwide headquarters since 1997. “This signature property provided an opportunity to acquire a global corporate headquarters with a long-term,… Read More →

$63M Mesa multifamily project breaks ground

Mesa multifamily project
by in AZRE Magazine | Multi-Family

Multifamily developer Housing Trust Group (HTG) closed on financing and broke ground on Aviva, a new $63 million, multifamily development in Mesa, according to a Tuesday announcement. The luxury gated community, located at 8350 E. Baseline Rd., will consist of 325 one-, two-, and three-bedroom apartments, a large state-of-the-art clubhouse, a 150-foot resort-style pool, and extensive green space.… Read More →

CoreNet Global Arizona to host inaugural golf tournament

PGA
by in AZRE Magazine

CoreNet Global Arizona is sponsoring an inaugural golf tournament on Feb. 7, 2017, two days after the Waste Management Phoenix Open wraps up, at the TPC Scottsdale. The event begins with a 10 a.m. shotgun start at the Tournament Players Club, 17020 N. Hayden Rd., Scottsdale. Foursome registration is $2,500 until Jan. 7, 2017; foursome… Read More →

Nominate CRE projects for 2017 RED Awards before time runs out

RED
by in AZRE Magazine

Don’t forget to nominate your company’s biggest, best and most notable commercial real estate projects for the 2017 Real Estate Development Awards before the deadline closes on Friday, Dec. 16. Now in its 12th year, the RED Awards are Arizona’s most comprehensive annual real estate awards, recognizing the top projects of 2016 along with the people… Read More →

Land Advisors Organization to host forum, forecast on land transactions

Copyright: wollertz / 123RF Stock Photo
by in AZRE Magazine | Site Selection

Proper site selection is vitally important for any development’s success. Land Advisors Organization is hosting a forum, on Wednesday, Dec. 7 that will analyze the past, present and future of land transactions and the data behind these land deals. The program will feature industry experts such as John Burns, CEO of John Burns Real Estate Consulting; Elliott Pollack,… Read More →

Developers buy North Scottsdale land occupied by LA Fitness

North Scottsdale land
by in AZRE Magazine | Brokerage

Fenix Development purchased the land occupied by LA Fitness, located at 13220 N. Scottsdale Rd. in Scottsdale, from Bayport Scottsdale Road Associates, LP for $9.85 million, according to Cushman & Wakefield. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the Fenix Development. Fenix Development is the developer of the Watermark… Read More →