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.

CBRE brings Troon North Golf Club to market

Troon North Golf Club
Overview, Pinnacle Course
Scottsdale, Arizona
by in AZRE Magazine | Brokerage

CBRE has been tapped to market the iconic Troon North Golf Club for sale in Scottsdale, Arizona. Designed by golf icons Tom Weiskopf and Jay Morrish, both courses at Troon North have been ranked by Golf Magazine as one of the “Top 100 Golf Courses You Can Play” and considered by many to be a… Read More →

IPA sells The Reserve at Arrowhead for $64.5M

Reserve at Arrowhead2

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of The Reserve at Arrowhead, a premier 472-unit multifamily asset in Phoenix. The $64.5 million sales price equates to more than $136,000 per unit. “Developed in two phases between 1998 and 1999… Read More →

Denny’s leased NNN Investment sold

NNN Investment
by in AZRE Magazine | Brokerage

ORION Investment Real Estate announced the sale of the single tenant, NNN Investment property leased to Denny’s for $1,933,000 ($339/SF) at a 6 percent cap rate. This ±5,695 square-foot freestanding building was built in 1974 and is undergoing renovations in 2016. The property is alongside the I-17 Black Canyon Freeway, with approximately 202,570 vehicles passing… Read More →

3 new tenants move into Stonecreek Pointe

Stonecreek Pointe
by in AZRE Magazine | Brokerage

Golf course-facing views and significant property renovations at Stonecreek Pointe have attracted three new tenants to the Paradise Valley office project. On behalf of building owner HighBrook Investment Management/Cypress Office Properties, the Phoenix office of JLL has completed almost 30,000 square feet in new leases to Premier Business Centers, Vertical Measures and People’s Mortgage. The leases bring… Read More →

Katie Weeks joins ZELL Commercial

shopping
by in AZRE Magazine | Newsmakers

ZELL Commerical Real Estate Service Inc., a Phoenix-based full service shopping center management, leasing and brokerage firm, announced that Katie Weeks has joined its team. Weeks joins ZELL as a property manager. Her portfolio of retail properties consists of approximately 665,000 square-feet across Arizona. Prior to joining ZELL, Weeks worked in property management at Opus Property… Read More →

Sundt starts to build Embry-Riddle facility

Embry-Riddle
by in AZRE Magazine | Construction

Sundt Construction has been selected to build a new classroom and laboratory facility at Embry-Riddle Aeronautical University in Prescott, Arizona. Frequently referred to as the “Harvard of the Sky,” the school is the world’s largest, fully accredited university specializing in aviation and aerospace, with 125 locations worldwide. The design-build project, which is expected to be… Read More →

NAI Horizon negotiates lease in Peoria

123rf.com: Vitaliy Vodolazskyy
by in AZRE Magazine | Brokerage

NAI Horizon’s Troy Giammarco and Nathan Pancrazi were instrumental in securing a new eight year lease of a 29,222 square-foot space for Huntington University’s Phoenix Campus for Digital Media Arts in the P83 Entertainment District. Huntington University came to Giammarco and Pancrazi in August 2015 needing help with their Economic Development Agreement (EDA) with the… Read More →

Optima Kierland opens to highly receptive market

Optima Kierland
by in AZRE Magazine | Multi-Family

The $500 million project, Optima Kierland, a high-rise luxury condominium community in the North Scottsdale Kierland neighborhood, has opened for sales to a highly receptive market. Optima Kierland, situated on 9.5 acres at Scottsdale Road and Kierland Boulevard, showcases signature Optima architecture design aesthetics with lush vertical gardens, floor-to-ceiling glass allowing unencumbered desert and mountain… Read More →

CBRE closes sale of Shops at Arrowhead Gateway

Arrowhead Gateway
by in AZRE Magazine | Brokerage | Retail

CBRE has completed the sale of the Shops at Arrowhead Gateway located at 17560 and 17570 N. 75th Ave. in Glendale, Arizona. The ±35,684 square-foot shops on an outparcel of Arrowhead Towne Center Mall commanded a sale price of $10.1 million. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf of… Read More →

Stratford Plaza sells for $2.27M

Stratford Plaza
by in AZRE Magazine | Brokerage | Retail

CBRE has completed the sale of Stratford Plaza located at 1219 E. Glendale Ave. in Phoenix. The ±20,400 square-foot retail strip center was 84 percent occupied at time of sale and commanded a sale price of more than $2.27 million. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction. The seller was La… Read More →

Daum names Carl Johnson executive VP

ALTA
by in AZRE Magazine | Newsmakers

Daum Commercial Real Estate Services of Phoenix has named Carl Johnson an executive vice president. A 35-year veteran in the commercial real estate industry, Johnson is a highly accomplished industrial investment professional with an extensive background in industrial land, building sales and leasing. He has been with Daum for 19 years where he most recently served as vice… Read More →

CBRE appoints Darin Mellott to director of research

123rf.com: Jakub Jirsak
by in AZRE Magazine | Newsmakers

CBRE announced Wednesday that Darin Mellott has been promoted to Director of Research and Analysis for the Southwest Region. As part of CBRE’s industry-leading Research and Consulting group, Mellott joins a team of senior analysts around the country who develop in-depth insight and analysis on a variety of topics and trends impacting commercial real estate clients… Read More →

Gilbert land purchased for new retail center

Rendering of SanTan Pavilions (Photo courtesy of Remington Nevada, Intercapital Development and Capital Asset Management)
by in AZRE Magazine | Retail

In its second Valley purchase to date, Nevada developers Remington Nevada (David Delzotto, owner-developer) and Intercapital Development have once again teamed up with locally-based Capital Asset Management to purchase a prime 32.9-acre site located on the southwest corner of Williams Field Road and SanTan Parkway in Gilbert. The site, cash purchased for $13,613,437, will be… Read More →

Medical office demand on rise

Multi-State Medical Office Building Portfolio
by in AZRE Magazine | Medical

Colliers International in Greater Phoenix released its Medical Office Research and Forecast Report for first quarter 2016. Conditions were mixed in the Greater Phoenix medical office market in the first quarter. Vacancy ticked lower, but the rate rose in on-campus buildings. Across the market, rents dipped in the first quarter, but have inched higher over… Read More →

Retail center is part of $2B Ritz-Carlton project

$2B Ritz-Carlton Project
by in AZRE Magazine | Construction | Retail

Five Star Development announced Wednesday its detailed plans to develop a retail and dining destination, The Palmeraie, in the heart of Scottsdale that will be connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned community. The initial phase of The Palmeraie will encompass approximately 160,000 square feet of high-end, mixed-use space located on 18 acres at… Read More →