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.

Tempe apartments on Broadway sell for $41.81M

Tempe apartments on broadway
by in AZRE Magazine | Multi-Family

A 194-unit Tempe apartment complex near Broadway and Rural roads was recently sold for $41.81 million to Toronto-based Brass Enterprises. Trinsic Residential Company and CNL Growth Properties, which were both represented by JLL Executive Vice Presidents John Cunningham and Charles Steele, sold the complex, Aura at Broadway. The complex is located at 1221 E. Broadway Rd.,… Read More →

Bascom Arizona Ventures sells Arcadia Cove Apartments for $71.5M

by in AZRE Magazine | Brokerage

Bascom Arizona Ventures (Bascom Group) completed the $71.5 million sale of Arcadia Cove Apartments in Phoenix, commanding $165,509 per unit. Arcadia Cove, built in 1996, is located at 2252 N. 44th St., and comprises 432 units. Bascom Arizona Ventures purchased the property in June 2013 for $40.725 million ($94,270 per unit). Bascom made a substantial… Read More →

NAIOP Young Professional Group pitches Trotting Park development

by in AZRE Magazine

It was an evening of celebration recently as the NAIOP Arizona Developing Leaders Young Professional Group (YPG) Mentor Program hosted graduation for the 2016-2017 class at Andaz Scottsdale Resort & Spa.     Mentors and protégés gathered in a private dining room for a reception, presentations, and a dinner. The 15 protégés, grouped into four teams,… Read More →

What are the 10 most expensive Arizona zip codes for rent?

Infill development
by in AZRE Magazine | Multi-Family

Although the average rent in Arizona was hovering around $947 at the end of Q1—quite far below the national average that hit $1,316 in May—, certain spots in the desert can yield generously for landlords. In fact, that statewide average is the result of a 5.8% year-over-year growth, one of the highest state-level growth rates in the country… Read More →

AAED will look at commercial real estate In 2018

by in AZRE Magazine | Events

“A Look at Commercial Real Estate in 2018” will be the topic at the Arizona Association for Economic Development’s (AAED) August luncheon.   It will be held on Aug. 8 from 11:30 a.m. to 1:15 p.m. at 2901 N. Seventh St. in Phoenix. Jim Rounds, president of Rounds Consulting Group, and Mark Singerman, vice president, regional… Read More →

Pacific Real Estate Partners buys Phoenix Apartments for $9.3M

by in AZRE Magazine | Brokerage

Cushman & Wakefield announced the $9.3 million sale of Summerhill Apartments, a 130-unit apartment community located at 2925 N. Greenfield Road in Phoenix, to Phoenix-based Pacific Real Estate Partners. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, Summer Hill URMTA LLC of Mesa, Ariz. Summerhill Apartments is a… Read More →

JLL will lease Skyway Commons — new spec industrial project

by in AZRE Magazine | Industrial

The Phoenix office of JLL has earned the leasing assignment for Phase I of Skyway Commons, a fully speculative new Class A industrial project that has broken ground in the northwest Phoenix submarket. Totaling 110,221 square feet, Skyway Commons Phase I is designed to meet burgeoning demand from small to mid-sized general industrial users with divisibility down… Read More →

Velocity Retail Group helps At Home land in Gilbert

by in AZRE Magazine | Brokerage

Darren Pitts of Velocity Retail Group represented At Home in the purchase of 8.54 acres in the San Tan Pavilions shopping center located at the southwest corner of Williams Field Road and San Tan Village Parkway in Gilbert, Arizona.  The seller of the property was San Tan AZ, LLC an entity controlled by Intercapital Development,… Read More →

NAI Horizon brokers $34M deal for Apache Junction RV park

by in AZRE Magazine | Brokerage

The largest recreational vehicle park in Apache Junction, Ariz. – Lost Dutchman RV Resort – was recently sold by NAI Horizon for $34 million ($46,575 per space).  Russ and Andrew Warner of NAI Horizon’s Manufactured Housing Group represented the seller, PVC Properties, Inc., of San Diego, a California corporation, in the transaction. Lost Dutchman RV… Read More →

Mixed-use development The Local breaks ground July 11

by in AZRE Magazine | Construction

The Local, a new, mixed-use development located at the intersection of University Drive and Ash Avenue in downtown Tempe, will officially break ground on Tuesday, July 11. Developed by Denver-based Forum Real Estate Group, The Local will be a nine-story, luxury apartment residence anchored by Whole Foods Market 365. Representatives from Forum Real Estate Group… Read More →

SRS sells high-profile Phoenix infill development site

by in Blogs

SRS announced the recent sale of 2.11 acres north of the northeast corner of Thomas Road and SR-51 in Phoenix to PEG Development for the planned construction of a Staybridge Suites hotel.  This infill location is centrally located between downtown and midtown Phoenix, the Biltmore District, and Phoenix Sky Harbor Airport and is in close proximity… Read More →

Scottsdale Airport $27M redevelopment breaks ground July 12

by in AZRE Magazine | Construction

Scottsdale Airport will host a ceremonial groundbreaking to officially mark the launch of the terminal area redevelopment project. It takes place at 8:00 a.m. Wednesday, July 12, at the terminal building, 15000 N. Airport Drive. This project will upgrade and enhance this area with some of the largest hangars at the airport and maximize use… Read More →

Chandler Panera Bread sale sets records for national chain

Panera Bread
by in AZRE Magazine | Brokerage

The $4,315,000  sale of a recently built Panera Bread in Chandler set a national record for the highest sale price, highest price per square foot and lowest cap rate for the chain, according to brokers who worked on the deal. WINLEE Development sold the net-leased property located at 3141 W. Frye Rd., Chandler to a private investor, whose identity… Read More →

North Phoenix apartments sell for $40.25M

North Phoenix apartments
by in AZRE Magazine | Multi-Family

CBRE Group Inc. arranged the $40.25 million sale of Avenue 25, a 254-unit, Class A multifamily community located at 18250 N. 25th Ave. in Phoenix, Arizona. Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Los Angeles-based TruAmerica Multifamily. The buyer was Salt Lake City-based Millburn & Company. “In addition to the North Phoenix… Read More →

Phoenix office market on pace to surpass 2 million SF of absorption

Renaissance Square
by in AZRE Magazine | Office

For the fourth year in a row, the Phoenix office market is on pace to surpass 2 million square feet of absorption, according to the Q2 Phoenix Office Insight Report released today by the Phoenix office of JLL. According to the report, second quarter absorption totaled 595,346 square feet, representing the Valley’s 16th consecutive month of positive net office space absorption.… Read More →