Author Archives: 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.

Tech firm Zenreach signs lease for office in Phoenix

Biltmore Center
by in AZRE Magazine | Brokerage

Zenreach, a San Francisco-based technology company, will open its first major office outside of its headquarters at Biltmore Center, 2390 E. Camelback Rd.  The company plans to employ approximately 350 people at the Camelback Corridor office.  “This makes a major win for Phoenix and the Biltmore Center property,” says Ryan Timpani, Vice President with Colliers… Read More →

Valley Partnership examines Valley as a logistics hub

by in AZRE Magazine

Valley Partnership has announced the topic for the August 26 breakfast. This month’s panel will discuss Arizona’s future as a hub for manufacturing and logistics and what business and economic development leaders are doing to ensure viability in these industries going forward. The logistics and manufacturing panel will feature Nicholaus Fischer, Merit Partners; Mark Lashinske,… Read More →

Construction input prices remain stable in July

construction worker
by in AZRE Magazine | Construction

Nonresidential construction input prices were unchanged in July according to an analysis of the Bureau of Labor Statistics Producer Price Index released today by Associated Builders and Contractors. Input prices for both the nonresidential construction segment and construction as a whole are 2.3 percent lower than they were a year ago. “ABC has been predicting… Read More →

Marcus & Millichap sells Glendale LA Fitness for $12.5M

Glendale LA Fitness
by in AZRE Magazine | Brokerage

Commercial real estate firm, Marcus & Millichap (NYSE: MMI), arranged the sale of a freestanding 46,000-square-foot LA Fitness in Glendale, Arizona for $12.5 million. The property, which is located at 5536 W. Bell Rd., Glendale Ariz., 853058, sale equates to $272 per square foot. The property is located inside a shopping center within one of Glendale’s busiest… Read More →

Phoenix retail vacancy falls despite national tenant closures

by in AZRE Magazine | Industry Insiders

The Greater Phoenix retail market is improving at a steady pace with vacancy dropping, rents ticking higher and investment activity gaining momentum.  The city has seen positive trends despite the store closures of such national chains as The Room Store and Sports Authority. Retail vacancy fell 10 basis points in the second quarter, reaching 9.4… Read More →

SVN sells Red Mountain Plaza in Mesa for $2.5M

Building Angle pic
by in AZRE Magazine | Brokerage

SVN Advisor, Beau Flahart has stated before that the secondary markets are said to be lucrative investments.  That statement rings true since Desert Commercial Advisors closes its second multimillion dollar deal this week with the $2,500,000 sale of Red Mountain Plaza in Mesa, AZ. Arizona’s value-add and stable retail strip centers are currently in high… Read More →

Greater Phoenix commercial property sales mixed in Q2

Deal, WEB
by in AZRE Magazine

Sales of commercial properties in Greater Phoenix were uneven in the second quarter of 2016 with a surge in industrial buildings and shopping centers, while office properties and medical office condos dropped in volume.  This finding is part of the mid-year report from Colliers International in Greater Phoenix. Sales velocity, in most cases is ahead… Read More →

CBRE completes 5 multifamily transactions in Metro Phoenix

by in AZRE Magazine | Brokerage | Multi-Family

CBRE has completed the sale of five multifamily properties in the metropolitan Phoenix area totaling $11.7 million. Brian Smuckler and Jeff Seaman, of the firm’s Multifamily Investment Properties group, brokered the following transactions: Sandalwood Square is a 68-unit community located at 4325 N. 23rd Avenue in Phoenix.  The Buyer was HK 24th Street, LLC of… Read More →

SVN retail team represents buyer in $7 million sale

Village Grove Plaza
by in AZRE Magazine | Brokerage

Village Grove Plaza is just another shopping center that Beau Flahart has added to his portfolio of closed deals this year. The 82,373 square-foot property sold for a flat $7,000,000.00 this week. It was a sweet deal for all the parties involved, including Rommie Mojahed and Mary Nollenberger, who were equally part of the sale transaction and… Read More →

Venues of North Scottsdale expands portfolio

Photo: 1971yes / 123RF Stock Photo
by in AZRE Magazine

Venues of North Scottsdale, an event production provider and exclusive venue rental agency, added a 33,000-square-foot airport hangar to its offering of unique venues for hosting private or corporate events. Located within the Scottsdale Airport this hangar is the firm’s nineteenth addition, boasts 30 foot ceilings, accommodates 1,000 to 2,000 for dinner, and provides a dramatic backdrop… Read More →

Colliers adds associate VP to retail group

by in AZRE Magazine | Newsmakers

Summer Jackson joined Colliers International in Greater Phoenix as an associate vice president in the Retail Group. She joins Associate Vice Presidents John Jackson and Larry Miller on their team. “Mrs. Jackson came from a competitor where she started the retail leasing division eight years ago,” says Bob Mulhern, senior managing director of Colliers. “Her… Read More →

224-unit Mesa apartment complex sold for $25.6M

Mesa apartment
by in AZRE Magazine | Brokerage | Multi-Family

A 224-unit Mesa apartment complex, Windemere Apartments, sold for $25.6 million to San Diego-based Pathfinder Gilbert Holdings LLC., an entity of Pathfinder Partners, according to Cushman & Wakefield, who represented the seller. The apartment community, located at 2020 E. Inverness Ave. in Mesa, was sold by Phx E. Inverness 11-B LLC, an entity of California-based Acacia Property Corporation. Located… Read More →

Sundt names Teri Jones as senior VP

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

Sundt Construction, Inc. named Teri Jones as its senior vice president and Building Group manager. Jones previously served as vice president in charge of business development for Sundt’s Northern California District. In her new role, Jones is responsible for the overall performance of the entire Building Group. A 37-year veteran, Jones has developed expertise in nearly… Read More →

Commercial Properties Inc. reports on Q2 market activity

Commercial Properties Inc.
by in AZRE Magazine | Brokerage

Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, released a brief overview of Phoenix’s commercial real estate activity, and reports on the top five transactions in June from second quarter. Jeff Hays, senior vice president of Corporate Services commented on the Phoenix industrial sector”  “In general, the industrial market continues to improve in… Read More →

Scottsdale and Pinnacle Peak Roads retail center sold for $47M

by in AZRE Magazine | Brokerage | Retail

JLL Income Property Trust, an institutionally-managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), acquired a newly built Scottsdale retail center for $47 million. Silverstone Marketplace is anchored by a Sprouts Farmers Market, and the 78,000-square-foot property is 100 percent leased to a variety of national and regional tenants with a weighted average remaining lease… Read More →