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.

Plaza Fountainside shopping center sells for $4.1M

Plaza Fountainside, WEB
July 14, 2014 by in AZRE Magazine | Brokerage | Featured

After receiving close to a dozen offers during the 30-day marketing period, ORION Investment Real Estate is pleased to announce the closing of Plaza Fountainside located at 12645 North Saguaro Boulevard in Fountain Hills, Arizona for $4,100,000 ($178/SF) to LIPA, LLC and KUNA, LLC, family partnerships with principals in California and Arizona. The seller was… Read More →

Cassidy Turley releases Q2 ‘Market Snapshots’

hayden_ferry_lakeside

Cassidy Turley has released its Q2 market snapshots for Phoenix. The brokerage firm reported the following market trends: “The metro Phoenix economy continues to post positive gains, adding 24,000 net new jobs year-over-year through the second quarter 2014 with a total employment base of 1,830,000 jobs. Moody’s recently raised its employment forecast for year end… Read More →

Michael Rauschenberger joins Keyser

Michael Rauschenberger
July 11, 2014 by in AZRE Magazine | Featured | Newsmakers

Keyser, a commercial real estate advisory firm, announced today that Michael Rauschenberger has joined the growing firm. “I am very pleased to be able to welcome Michael to our team”, stated founder Jonathan Keyser. “Michael is one of the top project managers in the state, and is known for delivering construction projects on time and… Read More →

Schoeller Arca Systems leases 77KSF at Goodyear Crossing

Goodyear 1, WEB
July 10, 2014 by in AZRE Magazine | Brokerage | Featured

CBRE has negotiated the lease of a 77,046 square feet space at Goodyear Crossing Industrial Park located at 3801 S. Cotton Lane in Goodyear. Schoeller Arca Systems, Inc., a Netherlands-based plastic injection molding manufacturer, has leased the warehouse and distribution space to accommodate production from its approximately 150,000-square-foot manufacturing facility located across the street at… Read More →

Theranos leases 20KSF at SkySong 3

SkySong 3 Progress, WEB
July 10, 2014 by in AZRE Magazine | Brokerage | Featured

A major consumer healthcare innovator shaping the future of lab testing will plant a significant flag at SkySong, the ASU Scottsdale Innovation Center. Theranos, based in Palo Alto, Calif., has leased a 20,000-square-foot wing at SkySong 3, making it one of the largest tenants in the entire SkySong project. Beating all expectations, SkySong 3 is now over 80% leased as it… Read More →

Danny’s Family Car Wash in Scottsdale sells for $2M per acre

Danny's Family Car Wash 1

ORION Investment Real Estate is pleased to announce the successful ground lease sale of the Danny’s Family Car Wash located at 15515 N. Scottsdale Rd. in Scottsdale, Ariz., for $6.5M to Pacific Scottsdale, LLC. The seller was Scottsdale Place, LLC. The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square… Read More →

National tech company signs 30KSF lease in downtown Scottsdale

Camelback Square, WEB
July 8, 2014 by in AZRE Magazine | Brokerage

Lincoln Property Company signed a 30,000 SF lease with a nationally platformed technology tenant at the Camelback Square office project in downtown Scottsdale. The confidential tenant commitment brings the Class-A building to 95 percent occupancy. Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates serve as the listing team… Read More →

IPA arranges Arizona multifamily portfolio sale for $75M

Pinnacle Terrace, Courtesy of IPA

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a two-property multifamily portfolio in Arizona for $75,450,000. The assets are Pinnacle Terrace, a 300-unit apartment complex in Chandler, Ariz. that sold for $39.2M or $131,000 per unit and Pinnacle… Read More →

Aim Wholesale expands its industrial facility in Phoenix

2757 E Chambers St, DAUM, WBE
July 8, 2014 by in AZRE Magazine | Brokerage

DAUM Commercial Real Estate Services announced that it represented the both parties in the sale of a 28,520 SF industrial building located in Southern Gardens Industrial Building. Steve Bodeman of DAUM’s Phoenix office represented Syllar Enterprises (buyer) and 2757 E Chambers LLC (seller) in this transaction. The building is located at 2757 E. Chambers St,… Read More →

Q2 Phoenix Market Report: Voit

Jennifer Farino, Voit Real Estate Services

VOIT REPORT:  PHOENIX OFFICE LEASE RATES RISE FOR THE SIXTH CONSECUTIVE QUARTER; RETAIL MARKET POSTS LOWEST VACANCY RATE SINCE 2008 By Jennifer Farino The Phoenix office market continued to convey strong signs of recovery in 2014, and marked its sixth consecutive quarter of rising lease rates.  The average asking full-service gross lease rate finished the… Read More →

Mighty McDowell: The rise, fall, rebirth of Scottsdale’s southern core

By Kelly Corsette,Communications and Public Affairs Director, City of Scottsdale   When Cox Communications scoured locations for its next generation high-speed Internet service, it sought a smart, hip, tech-savvy customer base. It selected a luxury apartment development rising immediately east of SkySong, the ASU Scottsdale Innovation Center – in the heart of Scottsdale’s McDowell Corridor.… Read More →

Grand Canyon University buys Phoenix apartment complex

Camelback_Vista_Apartments_12, WEB

Marcus & Millichap announced the sale of Camelback Vista, a 200-unit apartment property located in Phoenix, according to Don Morrow, Regional Manager of the firms Phoenix office. The asset commanded a sales price of $5,125,000. Rich Butler, Brian Tranetzki, Cliff David and Steve Gebing multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the… Read More →

Tucson multifamily complex sells for $5.68M

The Villas at Roger Road, Courtesy of Colliers International
July 7, 2014 by in AZRE Magazine | Brokerage | Featured

Colliers International in Greater Phoenix recently completed the sale of Villas at Roger Road, a 232-unit Class B apartment building in Tucson, for $5.68 million, or $24,504 per unit. Equilibrium Villas, LLC, of Washington, D.C., purchased the complex, located at 3985 N. Stone Ave., from Blue Valley Apartments, Inc. of West Palm Beach, Fla. Bill… Read More →

De Rito Partners reports June transactions

Red Mountain Promenade
July 7, 2014 by in AZRE Magazine | Brokerage

Epic Oceans joining Huntington Square Epic Oceans completed a deal to join Huntington Square in Tempe, Arizona.  The center is at the northeast corner of Southern Avenue and Mill Avenue. Bill Bones of De Rito Partners represented the landlord in completing the lease of a 3,480-square foot space. Subway joining future Winco center in Goodyear… Read More →

New to Market: Broadstone Lincoln

Broadstone Lincoln pool, WEB

Broadstone Lincoln Developer: Alliance Residential Company General Contractor: Alliance Residential Builders Architect: ORB Architecture Location: 7100 E. Lincoln Dr., Scottsdale, Ariz. Size: 219,000 SF (net rentable area) Value: $50M Start and completion dates: Started third quarter 2012. Completed second quarter 2014. Project Description: Broadstone Lincoln is a 264-unit community that sits on 5.31 acres of… Read More →