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.

Grandview Terrace finishes last phase of assisted living project

Grandview

Grandview Terrace Health and Rehabilitation by Sun Health has finished building an upscale 20-suite residence for up to 30 people who need assistance with activities of daily living. Grandview Terrace’s Assisted Living project is the last phase of a multi-million dollar, top-to-bottom renovation of the Grandview Terrace Health and Rehabilitation campus — previously known as… Read More →

Ruaha River Power launches Lukosi River Feasibility Study

ruaha

Ruaha River Power Company Limited (“Ruaha Power”) has announced that Ritoch-Powell & Associates (RPA), a Phoenix, Arizona based engineering consulting firm has been selected to undertake a feasibility study for a cascading series of run-of-river hydropower projects on the Lukosi River in central Tanzania. The feasibility study is being partially funded by a US $600,000… Read More →

Norterra West breaks ground in Phoenix

Norterra Rendering 01

USAA Real Estate Company of San Antonio, Texas, in association with Tempe, Arizona-based Metro Commercial Properties, has broken ground on a speculative office development in the I-17 / Deer Valley submarket in Phoenix. The development, named Norterra West, will include two (2), three-story Class-A office buildings approaching 300,000 square feet, and will capitalize on the… Read More →

SRS Real Estate Partners hires new senior vice president

123rf.com: inq
August 24, 2015 by in AZRE Magazine | Newsmakers

SRS Real Estate Partners has welcomed Brad Balbo as senior vice president in the Phoenix office. A well-known individual in the Phoenix industry with an established reputation, he specializes in the leasing, valuation, and operations of retail shopping centers and excels in all things restaurant related. He will focus primarily on landlord and tenant representation… Read More →

Sundt to redevelop Pima Animal Center in Tucson

kitten

Sundt Construction, Inc. was selected as the Construction Manager at Risk (CMAR) for the redevelopment of the Pima Animal Care Center in Tucson, Arizona. Once completed, the project will replace most or all of Pima County’s outdated animal care center originally built in 1968, when the County  had less than a third of its current resident population… Read More →

After 40 years, family sells redevelopment in Payson

Sold Sign

An era spanning over four decades of property ownership came to an end for three retired school teachers, which so happen to be sisters. The family owned and operated assorted businesses which had been previously used as a gas station and grocery store, operated by the parents, an ice store that was operated by the… Read More →

Cathedral Development Group closes on $44M refinancing

Westward Ho

Cathedral Development Group, Inc. (CDG) of Providence, RI has closed on a $44-million refinancing on the Westward Ho Apartments, a 289 unit Elderly Designated affordable housing property in Phoenix, AZ. The refinancing program on the project includes an FHA 221 D4 Substantial Rehabilitation loan, 9% Low Income Housing Tax Credits (LIHTC) and Federal Historic Tax… Read More →

L.I.F.E. replaces Rancho Solano Gilbert Campus for $4.5M

Rancho Solano

Cushman & Wakefield (C&W) of Arizona negotiated the $4.5 million sale of the Rancho Solano Gilbert Campus, 1305 S. Gilbert Road, to IPF Rancho Solano, LLC of San Diego. Jim Wilson, Executive Director with Cushman & Wakefield’s Phoenix office and Scott Shelbourne of C&W’s Chicago office represented the seller, Arizona Prep Real Estate, LLC of… Read More →

Ground breaks on 386,100 SF industrial project in Tolleson

First Industrial Rendering

Sun State Builders has broken ground on the First Industrial project in Tolleson, AZ. The 386,100-square foot cross dock distribution facility situated on 21.2 Acres will be complete by December of this year and will serve as the new home of Mattress Firm and other tenants. The Class A building will offer 36-feet clear height, K-25 ESFR,… Read More →

Middlefork sells Phoenix office building for $2.25M

32nd-Street-Sale
August 22, 2015 by in AZRE Magazine | Brokerage | In The Spotlight

Middlefork Commercial has sold Campbell Commons, a 14,855 square foot multi-tenant office building at 4501-4517 N. 32nd Street, Phoenix, AZ. The property sold for $2,250,000. A local investor purchased the property from GTT Investments, LLC. Sean Bishop of Middlefork Commercial represented the seller in the transaction. Approximately 85% of the office building was occupied at… Read More →

McGough Construction expands team to support growth

123rf.com:  Sergey Nivens
August 22, 2015 by in AZRE Magazine | Newsmakers

McGough Construction has announced the addition of several senior team members to support and drive recent growth of its Phoenix office and Southwest Regional hub. Oscar Salazar has joined the McGough Southwest team as Director of Preconstruction Services. With 20 years of experience, Oscar has a proven ability to control costs and perform detailed value… Read More →

C & W | PICOR recent August transactions

lease
August 21, 2015 by in AZRE Magazine | Brokerage | New to Market

SALE SEGUE Property Portfolio, LLC purchased a 9,000 square foot industrial building at 2481 W. Poppy Ave. in Tucson from John W. and Kimberly J. Harshbarger for $600,000. Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the seller and Robert DeLaney with CBRE, represented the buyer in this transaction. LEASE Malena Produce, Inc. subleased 1,885… Read More →

Moon Valley Shopping Center gets renovations and new lease

Safeway Scottsdale, WEB

Safeway and Triumph Properties Group, the owners of the Moon Valley Shopping Center which is located at 13440 N. Seventh Street, Phoenix, Ariz., at the northwest corner of Thunderbird Road and Seventh Street, have recently entered into a new twenty year lease. Safeway has agreed to invest several million dollars in the expansion, renovation and… Read More →

P.B. Bell earns top honors for safety

safety

P.B. Bell, a leader in multi-family housing development, management and acquisitions, is being recognized for its commitment to safety.  For the eighth consecutive year, P.B. Bell has been included on CopperPoint Mutual Insurance Company’s exclusive “Best of the Best” list for its efforts to keep employees safe. The Phoenix-based CopperPoint Mutual Insurance Company, an advocate… Read More →

Harrah’s Ak-Chin Casino plans multi-million dollar expansion

Harrah's Ak-Chin Resort

Chairman Louis J. Manuel, Jr., members of the Ak-Chin Indian Community Tribal Council as well as representatives from the Community recently announced plans for a multi-million dollar expansion at Harrah’s Ak-Chin Casino. With initial work to begin in spring 2016, the expansion is expected to include a spa, a conference center with multi-use ballroom space,… Read More →