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.

Phoenix logistics center sells for $22.4M

Phoenix Logistics Center
by in AZRE Magazine | Industrial

An LEED Certified distribution center, the Santa Fe Logistics Center, in Phoenix was sold by Phoenix-based development and investment firm Tratt Properties for $22.4 million to national food distributor Greco & Sons Inc., according to CBRE. The local distributor of Budweiser, Hensley Beverage Company, occupies 112,669 square feet of the 367,963-square-foot industrial center located at 4450 N. 45th… Read More →

1,086 acres in Peoria sell for $35M

by in AZRE Magazine

A 1,086-acre portion of the Lake Pleasant Heights master planned community in Peoria was sold for $35 million to a joint venture between Florida-based Avanti Properties Group and Scottsdale-based Voyager Investment Properties LLC, according to Land Advisors Organization. Land Advisors Organization represented the sellers, a joint venture between Oaktree Capital Management, Gibraltar Capital and Sabal Financial… Read More →

Construction job growth rebounds in 2017

by in AZRE Magazine | Construction

National construction employment started 2017 on a high note, adding 36,000 net new jobs on a seasonally adjusted basis in January, according to analysis of U.S. Bureau of Labor Statistics data released today by the Associated Builders and Contractors (ABC). The 0.5 percent increase represents the best month for construction employment growth since March of… Read More →

JLL gets 3131 and 3133 Camelback listing assignment

by in AZRE Magazine | Brokerage

The Phoenix office of JLL has been assigned the listing assignment for 3131 and 3133 Camelback, a two-building office property at the southwest corner of Camelback Road and 32nd Street. JLL will represent the building on behalf of TR Camelback Corp., and JLL Senior Managing Director Dennis Desmond and Managing Director Lynn LaChapelle represent the company. The team launched the property for… Read More →

NAI Horizon promotes Gabe Ortega to senior vice president

Gabe Ortega
by in AZRE Magazine

NAI Horizon promoted a member of its retail division, Gabe Ortega, to Senior Vice President. Ortega joined NAI Horizon in 2001. His expertise includes retail/restaurant leasing; and retail/restaurant property acquisition and disposition. Ortega is an active member in the International Council of Shopping Centers (ICSC) and was ICSC Phoenix Next Generation Program Planning Committee Chair from… Read More →

29,219 SF Cave Creek Plaza sells for $2.55M

Cave Creek Plaza
by in AZRE Magazine | Retail

The Cave Creek Plaza was sold for $2.55 million by PWDAF Bell and Cave Creek LLC to DMC Investments LLC, according to the brokerage firm that worked on the deal. The 21,219-square-foot retail shopping center located at 16806-16872 N. Cave Creek Rd. & 2301-2313 E. Bell Rd. was initially built in 1978. The plaza is shadow-anchored… Read More →

PIR to undergo $178M modernization

by in Experience AZ Magazine

Details for a $178 million modernization project for the Phoenix International Raceway were announced Monday. The renovations include additional grandstands, modernization to current seating, a pedestrian tunnel and a move of the start/finish line. Phoenix Raceway, and its parent company, International Speedway Corporation, will be revitalizing the Avondale raceway. The infield will be redesigned, adding… Read More →

Construction unemployment rates improve in 26 states

by in AZRE Magazine | Construction

December not seasonally adjusted (NSA) construction unemployment rates were down in 26 states and the nation on a year-over-year basis, according to analysis released Tuesday by Associated Builders and Contractors (ABC). The rates for two states, Iowa and Wisconsin, were unchanged from December 2015. The national NSA construction unemployment rate of 7.4 percent was down… Read More →

$47.159M loan secured for luxury Mesa apartments

luxury mesa apartments
by in AZRE Magazine | Multi-Family

A $47,159,000 United States Department of Housing and Urban Development (HUD) 221(d)(4) new construction loan was originated by Walker & Dunlop Inc. for Aviva, a luxury Mesa apartment project. Housing Trust Group, based in Coconut Grove, Florida is the borrower and Aviva marks the first project for the firm in the Arizona market. The project, located at 8350… Read More →

Tucson Raising Cane’s sells for $4.15M

Tucson Raising Cane's
by in AZRE Magazine | Retail

Tucson’s first Raising Cane’s location was sold for $4.15 million to Leal 2002 Family Trust by Phoenix-based Eisenberg Company, according to brokers who worked on the deal. The property is located at 6352 E. Broadway Blvd. in Tucson, and the sale was a record low CAP rate for a Raising Cane’s in Arizona. The single-tenant… Read More →

Construction on Scottsdale luxury apartments finished

Scottsdale luxury apartments
by in AZRE Magazine | Construction

Construction was completed on a  278-unit luxury apartment complex, The TOMSCOT, which is located in Scottsdale near Thomas and Scottsdale Roads, according to an announcement by The Weitz Company. The main level units at this apartment complex are designated as live-work space for residents. K&I Homes LLC designed the community, which is owned by Connell Real… Read More →

NAI Horizon negotiates $2.723M Planet Fitness lease

123rf:  Andriy Popov
by in AZRE Magazine | Brokerage

NAI Horizon negotiated a long-term lease for a Planet Fitness at 1625 W. Camelback Rd., in Phoenix. The NAI retail properties team of Senior Vice President Chris Gerow, Senior Vice President Shelby Tworek, Vice President Gabe Ortega and Associate Patrick Anthon represented the tenant, JEF-FIT 17th Ave. & Camelback LLC of Philadelphia in the transaction… Read More →

Promenade Scottsdale will undergo redevelopment, redesign

Promenade Scottsdale
by in AZRE Magazine | Retail

The Promenade, located at Scottsdale Road and Frank Lloyd Wright Boulevard is set to undergo a two phase façade redesign and redevelopment starting this month. Phase one includes the construction of a three building pad on the southwest corner of the property that formerly housed Fox Sports Grill. The new pads will bring a mixture… Read More →

Opendoor, Forward Tilt ink deals at The Quad

The Quad
by in AZRE Magazine | Office

The Quad, a fourteen-building, 166,606-square-foot office project in Scottsdale, has two new companies to add to its tenant roster. The creative, class A property will soon be home to San Francisco-based Opendoor and Scottsdale-based Forward Tilt. Opendoor will take an entire 12,546-square-foot building in Phase I of The Quad. The tech-based real estate sales platform… Read More →

First Electronics moves into 35,000 SF manufacturing facility

First Electronics
by in AZRE Magazine | Industrial

To accommodate its recent growth, a local custom electronics manufacturer has taken occupancy in a high-end, build-to-suit facility that is three times its current location. NAI Horizon Senior Vice President Rick Foss represented the buyer in the $3.54 million purchase of a 35,100-square-foot manufacturing building at 150 E. Chilton Dr. in Chandler, Ariz. Tempe-based 7Chilton LLC… Read More →