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.

LGE Design Build finishes office upgrades for software firm

LGE Design Build
by in AZRE Magazine | Construction | Office

LGE Design Build completed construction on tenant improvements at a 6,000-square-foot Chandler office building for SixthDivision, a software and small business consultant. SixthDivision moved into the new building at 2490 S. Gilbert Road, near Loop 202 and Gilbert Road, to accommodate its growth. The new building features a large training room, about twice the size of its… Read More →

Nonresidential construction spending stalls in May

Bernards & Construction
by in AZRE Magazine | Construction

Nonresidential construction spending dipped 1.3 percent in May according to analysis of U.S. Census Bureau data released Friday by Associated Builders and Contractors (ABC). Nonresidential spending, which totaled $684.9 billion on a seasonally adjusted, annualized rate, has expanded 1.2 percent since May 2015. April’s nonresidential spending figure was revised upwards from $688.2 billion to $694.1 billion.… Read More →

Report: Phoenix skyline makes comeback, with challenges still ahead

Downtown Phoenix, Photo: Flickr, squeaks2569
by in AZRE Magazine

An annual report released by JLL, shows that the Phoenix skyline is starting to make a comeback, as tech firms start to pursue the coveted office space in downtown Phoenix, but there are some challenges ahead. The office buildings that make up the Phoenix Skyline have entered new territory in 2016, with rents and tenant demand… Read More →

ViaWest buys downtown Phoenix industrial facility

downtown Phoenix
by in AZRE Magazine | Industrial

Phoenix-based ViaWest Group closed on its sixth industrial acquisition in the past eighteen months, further expanding its Southwestern U.S. focused industrial platform. ViaWest purchased an 89,423-square-foot industrial building for $5.76 million. The building is located directly across from Chase Field near the corner of 7th Street and Jackson Street centered in the heart of downtown Phoenix. The seller was… Read More →

LGE Design Build completes production studio

LGE Design Build
by in AZRE Magazine | Industrial

LGE Design Build has completed construction on a 12,290-square-foot industrial building for Reel Men Studios, a film production and event rental company. The new building, 3902 E. Broadway Rd. in Phoenix, features a new Hollywood-caliber studio with the business goal of providing a low cost and highly efficient production environment for new and existing clients. The 50-foot by… Read More →

Daum negotiates sales in Phoenix and Scottsdale

Office building at 33765 N. Scottsdale Rd.
by in AZRE Magazine | Brokerage

Daum Commercial Real Estate Services has negotiated the $5.362 million sale-leaseback of a large medical practice group of west valley properties – the 19,679-square-foot medical office complex, Fountains Medical Center located at 5620 W. Thunderbird Road in Glendale and the 5,262-square-foot medical office center, Indian School Professional Plaza at 9150 W. Indian School Road in… Read More →

Tucson Developers buy Ritz-Carlton, Dove Mountain

ritz
by in AZRE Magazine | Newsmakers

David Mehl of Cottonwood Properties and Humberto S. Lopez of HSL Properties announced the formation of a new partnership that has completed the purchase of The Ritz-Carlton, Dove Mountain resort. The hotel will continue to be managed under a long-term management contract by The Ritz-Carlton Hotel Company, L.L.C.  The hotel is one of only ten… Read More →

10 issues that could impact commercial real estate

Downtown_Phoenix_Aerial_Sketch-on
by in AZRE Magazine

The changing global economy, debt capital market retrenchment and widespread demographic shifts are expected to have the most significant impact on real estate in Arizona and in the U.S. in the near-and long-term. This is according to the CRE 2016-17 Top Ten Issues Affecting Real Estate, an annual list produced and released by The Counselors of Real Estate. This year’s list was revealed at the… Read More →

Valley Partnership graduates 2015-16 Advocates class

Cheryl Lombard
by in AZRE Magazine | Newsmakers

Valley Partnership‘s 2015-16 Advocates class has graduated. This year’s Valley Partnership Advocates curriculum offered participants a robust exposure to all aspects of the lifecycle of development. Some of this year’s program highlights include: A helicopter tour of some of the Valley’s current development projects sponsored by SRP An invite only Valley Partnership breakfast event with… Read More →

Barbara Lloyd appointed to Tempe commission

nai
by in AZRE Magazine | Newsmakers

Barbara Lloyd, CCIM, a Senior Vice President at NAI Horizon, has been appointed to the City of Tempe Development Review Commission. Lloyd, a member of the NAI Investment Services Group, will serve as an alternate member of the commission for a 3-year term. The commission comprises seven members and three alternates. Alternate members serve at… Read More →

May construction unemployment rates improve

construction worker
by in AZRE Magazine | Construction

Construction unemployment rates improved in 46 states and throughout the nation in May on a year-over-year basis, according to an analysis of Bureau of Labor Statistics data released today by Associated Builders and Contractors. The May national not seasonally adjusted (NSA) construction unemployment rate of 5.2 percent was 1.5 percent lower than a year ago,… Read More →

AC Hotel in Tempe sells to Pacific Hospitality Group

phxac_main01_r
by in AZRE Magazine

PHG Hotel Fund I, LLC, an affiliate of Pacific Hospitality Group (PHG), announced the purchase of AC Hotel® Phoenix Tempe/Downtown in Tempe and AC Hotel® Irvine in Irvine, Calif. from Woodbine Development Corporation and USAA. “We are excited to welcome AC Tempe as our company’s first hotel in the Phoenix area, and eager to unveil… Read More →

KBS REIT III renews lease at Anchor Centre

Anchor Centre
by in AZRE Magazine | Brokerage | Office

KBS Real Estate Investment Trust III (“KBS REIT III”), a non-traded real estate investment trust based in Newport Beach, California, announced the renewal of a 16,194-square-foot lease by Northwestern Mutual, a financial planning company, at Anchor Centre. The Class A, two-building office complex totals 333,014 square feet and is located in Phoenix’s Camelback Corridor. Northwester Mutual’s… Read More →

CBRE completes $42.65M sale of apartment communities

CBRE
by in AZRE Magazine | Brokerage | Multi-Family

CBRE finalized the sale of Highland Park and Park View, two multifamily communities totaling 472 units and located in Tempe. Together, the properties sold for $42.65 million. A joint venture sponsored by Scottsdale-based Everest Holdings purchased the communities from San Diego-based Stratford Partners. Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch negotiated the transaction with CBRE’s… Read More →

Woodside Health buys Arrowhead Creekside Medical Building

Woodside Health
by in AZRE Magazine | Medical

Ohio-based Woodside Health/Crescendo Commercial made its first Phoenix market purchase with a Glendale medical complex, Arrowhead Creekside, according to Newmark Grubb Knight Frank (NGKF), one of the brokers of the deal. The eleven building, 69,930-square-foot portfolio of single-story properties, at 7200 W. Bell Rd., was sold by IX CW 7200 West Bell Road, L.P. for $10,936,000,… Read More →