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.

Talon Test Labs buys industrial space in Southpark Business Center

6145 W Detroit Street, WEB
November 11, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

Commercial Properties, Inc. announced the sale of 6145 W Detroit Street, Chandler, Ariz.  Jeff Hays, Chad Neppl and Ryan Steele of CPI’s Tempe Industrial Group represented the buyer in this transaction. The ±24,565 SF, freestanding research and development/manufacturing building is located at 6145 W Detroit Street in Chandler, Arizona just north of Chandler Blvd., and… Read More →

HFF closes $12.45M sale of Tempe distribution center


HFF announced Monday that it has closed the sale of Normal Junction Distribution Center, a two-building, 140,314 SF distribution center in Tempe, Ariz. HFF marketed the property on behalf of the seller, American Realty Advisors.  Industrial Property Trust purchased the center for $12.452 million free and clear of existing debt. Normal Junction Distribution Center is… Read More →

Mountainview Apartments sold in Phoenix

Mountainview Apartments
November 10, 2014 by in AZRE Magazine | Brokerage | Featured | In The Spotlight

Cooper, Cardinal and Company LLC, a boutique multifamily investment brokerage firm with headquarters in Phoenix, recently closed the transaction for Mountain View Apartments, a 26-unit turn-key multi-family community located in Phoenix, Arizona near the I-17 and Metrocenter Mall.  The sale price of $800,000 represents a capitalization rate of 6.5 percent on Proforma income. It equates… Read More →

Physician-owned MOB under construction near Chandler Regional

Proposed rendering, courtesy of Ensemble

Construction is underway on a new state of the art medical office building, located at 77 S. Dobson Rd. in Chandler, Ariz. Construction began on the 17,500 SF, one-story building in June 2014 and is set to complete by the end of December. Once finished the new building’s owner, Premier Cardiovascular, will occupy 8,800 SF… Read More →

NAIOP Arizona announces new chairman, board members

NAIOP Roundtable 2011 - AZRE Magazine September/October 2011
November 7, 2014 by in AZRE Magazine | Blogs | Newsmakers

NAIOP Arizona named Tom Johnston of Voit Real Estate Services as its Chairman for 2015. The industry group also named new officers, three new board members and re-nominated an existing board member. Johnston, Managing Director at Voit, will be joined by new officers Bob Hubbard, Vice Chairman, LBA Realty; Larry Pobuda, Programs Chair, The Opus… Read More →

Keyser hires three employees

November 7, 2014 by in AZRE Magazine | Blogs | Newsmakers

Keyser, a commercial real estate advisory firm providing global real estate services to tenants of office, industrial, retail, healthcare, technology and educational space, announced Friday that Matthew Cummings, Rick Osselaer and Harris Wilbur have joined the firm. Cummings joins Keyser from Mohr Partners, a national commercial real estate firm, where he served as head of… Read More →

Cooper, Cardinal and Company brokers Las Casitas Apartments

Las Casitas
November 6, 2014 by in AZRE Magazine | Blogs | Brokerage | In The Spotlight

Cooper, Cardinal and Company LLC, a boutique multi-family investment brokerage firm with headquarters in Phoenix, recently closed the transaction for Las Casitas Apartments, a 10-unit turn-key multi-family community located in Phoenix, Arizona.  The sale price of $425,000 represents a capitalization rate of 7.75% on Proforma income. It equates to $42,500 per unit or $60.02 per… Read More →

Velocity Retail announces recent transactions

Park West, Velocity Retail, WEB
November 6, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

Following is a summary of recent retail transactions completed by Velocity Retail Group, LLC: Popeye’s Louisiana Kitchen was represented by Darren Pitts, Michael Clark, Nick Ault, and Dave Cheatham of Velocity Retail in the acquisition of 2,565 SF at the southwest corner of Central and Dunlap in Phoenix, AZ. The former KFC building was represented… Read More →

Emerald Design Center building sells for $2.6M

Salt Creek Furniture, Lee Associates, WEB
November 6, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

A 38,225 SF, freestanding retail building at Emerald Design Center, 1725 West Ruby Dr., Building C in Tempe, has sold in an all-cash deal for $2.6M or $68.02 per SF. Lee & Associates principals Rick Robertson, Dave Johnson and Jerry Marrell negotiated the transaction for both the seller, Granco Enterprises of Tustin, CA and the… Read More →

Oregon investor plans industrial packing facility in Mesa

460wMcKellipsRd_Aerial, Lee Associates, WEB

A 5.87-acre land parcel at 460 W. McKellips Rd. in Mesa sold for $1,400,000 to an Oregon buyer with plans to build an industrial packing facility. Price per SF was recorded at $5.47. The utility improved, M-1 and M-2-zoned industrial parcel sits adjacent to the Loop 202 Freeway right at the full-diamond interchange at Country… Read More →

Fiesta Arms apartments sells in Phoenix

Fiesta Arms
November 5, 2014 by in AZRE Magazine | Brokerage

Elain and Maher Meida from Phoenix has purchased the Fiesta Arms apartment complex, a 20-unit multi-family property located at 8822 North 1st Street in Phoenix, from FSFA 89, LLC, of Phoenix, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented the seller in negotiating the $740,000 transaction.

ASU law school to break ground next week

ASU's Arizona Center for Law and Society

The official groundbreaking for Arizona State University’s new $129 million law school building in downtown Phoenix, the Arizona Center for Law and Society, is set for Nov. 13. The ceremony will take place at the northwest corner of Taylor and First streets starting at 8 a.m. Attending the ceremony will be ASU President Michael M.… Read More →

Metro Phoenix Land and Housing Forecast examines ‘refined opportunity’

Land Advisors, WEB

While the industry has experienced sub-par housing activity over the past 11 months, the anticipated pace of growth going forward depends on a few factors, not the least of which is credit and qualification conditions, household formation, employment growth, the cost of new construction and outsiders’ perceptions of the local market. What are the expectations… Read More →

HTA announces pricing of public offering of common stock

Healthcare Trust of America
November 5, 2014 by in AZRE Magazine | Featured | In The Spotlight

Healthcare Trust of America, Inc. announced Tuesday the pricing of its underwritten public offering of 8,000,000 shares of its common stock at a price to the public of $12.55 per share. HTA has granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of its common stock. HTA will receive approximately $100.4… Read More →

Sperry Van Ness reports 4Q retail, office transactions

Hi-Health, Courtesy of Sperry Van Ness
November 4, 2014 by in AZRE Magazine | Brokerage | In The Spotlight

RETAIL SALES:  Mary Ridberg and Rommie Mojahed represented the seller, Jorde Hacienda Inc. in the $1,700,000 sale of a 152,460 SF PAD at Higley Village. Higley Village is located at the SEC of Higley Road and Queen Creek Road in Gilbert. The buyer was ARJ Properties LLC. Trenton McCullough and Shari A. Tucker represented the… Read More →