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.

Ahwatukee Chipotle sells for $2.551M

by in AZRE Magazine

Marcus & Millichap (NYSE: MMI), negotiated the sale of Chipotle, a 3,000-square foot net-leased property located in Ahwatukee in Phoenix, according to Donald D. Morrow, regional manager of the firm’s Phoenix office. The asset sold for $2,551,000. Jamie Medress, Mark Ruble, and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive… Read More →

CBRE promotes Jesse Blum to senior associate

Eric Forshee
by in AZRE Magazine

CBRE promoted Jesse Blum, an advisory and transaction professional at the firm’s Tucson office, to senior associate. Blum specializes in utilizing market research and database implementation to create proprietary, market-specific knowledge. These strategies are designed to solve regional and national location needs and create local competitive advantages. “We are delighted to promote Jesse and recognize his… Read More →

Mixed-use project at University Drive and Forest Avenue sold

The Opus Group began construction on the two residential towers late last year. (Rendering courtesy of The Opus Group)
by in AZRE Magazine | Brokerage

Cushman & Wakefield negotiated the $15.24 million sale of the mixed-use development at the northwest corner of University Drive and Forest Avenue in Tempe, Ariz. to Minneapolis-based The Opus Group. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the seller, Sundt Companies of Tempe. The 115,325-square-foot development site, yet to be named, will include two… Read More →

Mesa retail center sells for $4.825M

by in AZRE Magazine | Retail

A Mesa retail center, The Shops at Fry’s Marketplace, was sold for $4.825 million, according to  NAI Horizon, which represented the buyer in the deal. KEB Investments LLC sold the property, located near McKellips Road and Stapley Drive, to Stapley & McKellips Investors LCC. The NAI Horizon investment sales team of Senior Vice Presidents Lane Neville and Barbara… Read More →

Retail center to be built at Seventh Street and Highland Avenue

Seventh Street and Highland Avenue
by in AZRE Magazine

Two properties on the Northeast corner of Highland Avenue and Seventh Street in Phoenix were sold, and are slated for demolition, with a retail center replacing the buildings, according to broker who worked on the deal. Ownership group, OFMM2LLC, purchased two land parcels at 4701 N. 7th St. and  4711 and 4717 N. 7th St. The parcel located at 4701 N. 7th St.… Read More →

Cushman & Wakefield expects hot economy in 2017

Copyright: markskalny / 123RF Stock Photo
by in AZRE Magazine

A report released by Cushman & Wakefield anticipates the U.S. economy and property markets to be positioned to perform well in 2017, after a turbulent 2016. “Even before the election, the U.S. economic fundamentals were showing signs of heating up,”  said Kevin Thorpe, Cushman & Wakefield’s global chief economist. “We observed a big GDP number… Read More →

CPI negotiates $1.85M industrial sale

by in AZRE Magazine | Brokerage

Arizona-based brokerage firm Commercial Properties Inc./CORFAC International. (CPI), completed the $1.85 million sale of an industrial investment building located at 61 S. William Dillard Dr. in Gilbert, Ariz. The building is approximately 14,910 square feet, located in the Elliot Commerce Park. Jeff Hays of CPI’s Industrial Team represented the owner, Sagamore Properties LLC. Hays commented, “This property was built in… Read More →

Construction unemployment rates improve in 38 states

Bernards & Construction
by in AZRE Magazine | Construction

November not seasonally adjusted (NSA) construction unemployment rates were down in 38 states and the nation on a year-over-year basis, according to analysis released Wednesday by Associated Builders and Contractors (ABC). The rates for two states, Kansas and Texas, were unchanged from November 2015. The national NSA construction unemployment rate of 5.7 percent was down… Read More →

16-unit Phoenix apartment complex sells for $2.463M

Phoenix apartment complex
by in AZRE Magazine | Multi-Family

Haven, a 16-unit Phoenix apartment near Maryland and Central Avenues, sold for $2,463,158 or $153,947 per unit, according to Marcus & Millichap, the firm that worked on the deal. The apartments were updated in 2016, and are located in the Uptown Phoenix corridor at 6501 N. 3rd Avenue, Phoenix, Ariz. Brian Tranetzki and Rich Butler, multifamily investment… Read More →

Desert Commercial Advisors donates medical supplies

Desert Commercial Advisors
by in AZRE Magazine

Desert Commercial Advisors recently donated medical supplies for nursing students from Chamberlain College of Nursing’s Phoenix campus, to take with them to the Philippines in January. Fifteen nurses from Chamberlain College of Nursing will be bringing their own suitcases full of medical supplies on a Global Health Education Program trip. Four students will be going to the Philippines… Read More →

Apartments near SkySong sell for $20.85M

Apartments near SkySong
by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, completed the sale of Dwell Apartment Homes, a 193-unit apartment property in Scottsdale, Arizona. The $20.85 million sales price equates to $108,031 per unit. “Built in two phases by Wonderbowl Inc. in 1963 and W.R. Schulz &… Read More →

Legislative Update: Tax reform tasks for the first 100 days and beyond

online sales tax issue
by in AZRE Magazine

Everyone can agree that pro-growth tax reform would be welcomed in communities across our country; the last time the nation underwent a tax overhaul was 30 years ago and much has changed in the time since. The Trump Administration, together with Congress, has the opportunity to enact legislation that can transform communities for the better,… Read More →

NAI Horizon announces December sales, lease transactions

Self-storage facility
by in AZRE Magazine

NAI Horizon completed five sales and 14 lease transactions in the month of December, including a self-storage facility, which went for $14 million, the third largest recorded sale for a self-storage facility in Arizona. Sale Transactions Denise Nunez negotiated the sale of a 112,530-square-foot self-storage property, representing both the buyer, a national REIT, and the… Read More →

Legislative Update: Next steps for commercial drone regulation

by in AZRE Magazine

In recent years, unmanned aircraft systems or UAS have gone from being primarily used by the military and government to a technology that is in the hands of everyone from farmers to filmmakers. New advancements in the technology are being made every day by government and civilians alike. UAS are being used to plot maps,… Read More →

Federal ADA reform must be top priority in Congress

ada non-compliance
by in AZRE Magazine

A law that was meant to break down barriers is increasingly being used by unscrupulous attorneys to threaten business owners over alleged minor violations of the Americans with Disabilities Act (ADA). Arizona is ground zero for this “cash for compliance” phenomena that incentivizes the practice of suing local shopping centers, theaters, stores and restaurants and… Read More →