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.

Galleria offers relief for Downtown Scottsdale office market

by in AZRE Magazine | Office

The Galleria, an office complex in Downtown Scottsdale, just got a little roomier. The property has newly available space that will offer relief to an office market that is currently the tightest in the metro Phoenix area. Galleria can now accommodate users with requirements greater than 50,000 square feet. This new availability at the office project marks… Read More →

The Lodge, luxury Flagstaff apartments, sell for $43.6M

Cushman & Wakefield
by in AZRE Magazine | Multi-Family

Cushman & Wakefield negotiated the sale of The Lodge, a 252-unit luxury apartment community, located at 3601 South Lake Mary Road in Flagstaff, Ariz. Exchange Services, a qualified intermediary for SK5-ELA, LLC (Keller Investment Properties, LLC), purchased the property for $43.6 million. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix… Read More →

Pathfinder acquires Phoenix multifamily properties for $34M

Pathfinder Partners
by in AZRE Magazine | Multi-Family

Pathfinder Partners LLC, a San Diego-based firm specializing in opportunistic real estate investments, acquired two Phoenix-area multifamily communities totaling 300 units. According to Lorne Polger, senior managing director of Pathfinder Partners, the transactions include the $25.6 million acquisition of Windemere Apartments, a 224-unit community built in 1986 at 2020 E. Inverness Ave. in Mesa, Arizona from Acacia Capital Corporation and… Read More →

Former MIKID corporate headquarters closes escrow

by in AZRE Magazine

ORION Investment Real Estate negotiated the sale of the former MIKID corporate headquarters for $535,000 ($101/SF). This single user office is located along Thomas Road near 24th Street. Surrounding the property is Phoenix Children’s Hospital, Phoenix Country Club, Camelback Esplanade, Biltmore Fashion Park and several local parks. Within five miles of the property, the population is… Read More →

Liv URBN’s Contour on Campbell Avenue breaks ground

Campbell Avenue
by in AZRE Magazine | Multi-Family

Liv URBN has broken ground on Contour on Campbell Ave., a collection of 111 luxury urban condominiums in the heart of the Campbell Avenue, a neighborhood in Phoenix, which spans the Camelback and Indian School business corridors. “Contour on Campbell Ave. suits homebuyers with a luxury urban sensibility. With the start of construction, we’re pleased… Read More →

Nonresidential construction spending slips in August

PHOTO BY: Risk Management | Monitor
by in AZRE Magazine | Construction

Nonresidential construction spending fell for a second consecutive month in August, according to analysis of U.S. Census Bureau released today by Associated Builders and Contractors (ABC). Nonresidential spending totaled $686.6 billion on a seasonally adjusted, annualized basis for the month, 1.1 percent lower than July’s total of $694.1 billion (revised down from $701 billion) and… Read More →

Canadian investment firm buys Tempe apartments for $17M

Tempe apartments
by in AZRE Magazine | Multi-Family

Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, recently purchased the 164-unit Amber Gardens in Tempe for $17 million ($103,000 per unit). Western Wealth Capital now owns 24 properties and 3,998 units in the Phoenix area. The firm is the 3rd largest multifamily property owner in Phoenix in terms of number of properties… Read More →

The Grand at Papago Park Center launched in Tempe

The Grand at Papago Park
by in AZRE Magazine | Office

The Grand at Papago Park Center, the final parcel still to be developed within one of the largest business parks in Arizona, was unveiled Monday at an opening celebration hosted by Salt River Project. The total project, a 58-acre, high-profile, urban mixed-use property on the last developable parcel within the 350-acre Papago Park Center in the… Read More →

CBRE completes $46M sale of Cantera Apartment Homes

Cantera Apartment Homes
by in AZRE Magazine | Multi-Family

CBRE completed the sale of Cantera, a 288-unit multifamily community located at 2475 W. Pecos Rd. in Chandler, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office handled the transaction. The seller was Rockwood Capital and the buyer was Aukum Management. “Strong demand for multifamily housing in Chandler is reflective… Read More →

Berkadia sells Tucson apartments for $31.5M

by in AZRE Magazine | Brokerage

Berkadia announced today the recent sale of The Springs at Silverbell, a multifamily property located in Tucson, Arizona. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office, and Senior Managing Director Mark Forrester and Managing Director Ric Holway of the Phoenix office completed the sale for $31.5 million to Scottsdale-based… Read More →

$47 million ENVY Residences open in Downtown Scottsdale

Evny Residences
by in AZRE Magazine | Multi-Family

Deco Communities‘ $47M luxury condominium tower, ENVY Residences opened in Downtown Scottsdale in late September. At 8 stories tall, ENVY Residences is the tallest residential building in Scottsdale to be built in the last decade and offers some of the city’s most resplendent views. “Our vision for bringing a cosmopolitan luxury lifestyle experience has come… Read More →

CBRE to appraise Diamondbacks’ Chase Field

by in AZRE Magazine

CBRE has been retained by the Maricopa County Stadium District Board of Directors to appraise the value of Chase Field, home of Major League Baseball’s Arizona Diamondbacks. The Board voted to explore the option to sell Chase Field in downtown Phoenix to private, out-of-state investors last month. The proposed deal, which was made public in early… Read More →

Construction unemployment rates improve in 48 states

by in AZRE Magazine | Construction

August not seasonally adjusted (NSA) construction unemployment rates improved in 48 states and the nation on a year-over-year basis, according to analysis released today by Associated Builders and Contractors (ABC). The national NSA construction unemployment rate of 5.1 percent was 1 percent lower than a year ago, according to data from the Bureau of Labor Statistics (BLS), producing… Read More →

North Scottsdale shopping center sells for $72.5M

Sonora Village
by in AZRE Magazine | Retail

The Fincham Dempsey Team at Lee & Associates brokered the sale of the Sonora Village retail shopping center for $72,500,000. The property is located at the southwest corner of Frank Lloyd Wright Boulevard and Loop 101 in North Scottsdale. Sonora Village is a Class A regional power and entertainment center built in 1986. The sale consists of 269,369… Read More →

JLL sells first Downtown Phoenix apartments of new cycle

Proxy 333 totals 69,335 square feet and 118 units at 333 E. McKinley St., between Third and Fourth Streets in Downtown Phoenix.
by in AZRE Magazine | Brokerage | Multi-Family | Newsmakers

The first urban apartment project to be constructed and traded in Downtown Phoenix’s post-recession real estate upswing has sold this week in a $21.8 million deal brokered by the Phoenix office of JLL. Named Proxy 333, the project totals 118 highly amenitized urban multifamily units located in the heart of downtown’s Evans-Churchill neighborhood. The Proxy 333… Read More →