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.

Silagi Development breaks ground on Chandler Airpark

Chandler Airpark
by in AZRE Magazine | Industrial

Silagi Development & Management (SDM) broke ground on Chandler Airpark, a Class A business park to feature six single-tenant industrial buildings in Chandler, Ariz. Working with LGE Design Build Chandler Airpark located on Douglas Drive, just west of Stearman Drive, is scheduled for completion in April 2017. Chandler Airpark will be the only product of its kind available… Read More →

REI’s Goodyear distribution center gets LEED Platinum certification

Goodyear
by in AZRE Magazine | Building Green | Industrial

REI’s distribution center in Goodyear became the first distribution center to receive both the LEED Platinum certification and the Net Zero Energy rating after it received the LEED certification on Wednesday. The 400,000-square-foot distribution center is the first center in 2016 to earn the Platinum Certification, and is the second largest Platinum-certified distribution or warehouse… Read More →

Student apartments near UA sell for $2.695M

Student apartments
by in AZRE Magazine | Brokerage

Located less than one half mile south of The University of Arizona Campus, Cherry Park Studios student housing complex closed for $2,695,000 ($165.32/SF). Cherry Park Studios consists of 17 student housing apartments. The property was originally built in 1952, then expanded by the American Red Cross in 1985. Roja Cruz Apartments LLC purchased the building… Read More →

Goodyear self-storage facility sells for $2.025M

Goodyear Self storage
by in AZRE Magazine

NAI Horizon Senior Vice President Denise Nunez negotiated the $2.025 million sale of a self-storage facility at 13360 W. Van Buren St., in Goodyear, Ariz. Nunez represented both the seller and the buyer in the deal. Bar-K Development II LLC sold the 34,093-square-foot facility, High Security Self Storage, to River Crossing Goodyear LLC. “This was… Read More →

Investment firm enters Arizona market with Glendale apartment buy

Glendale apartment
by in AZRE Magazine | Multi-Family

Florida-based real estate investment firm Monument Capital Management acquired a Glendale apartment community, Casa Bellisima, the firm’s first Phoenix buy. Casa Bellisima is part of Monument Capital Management’s seventh acquisition for the firm’s Monument Opportunity Fund III, which launched last year. Capital Management’s sister company, Monument Real Estate Services, will manage the property. The property… Read More →

CBRE promotes Cooper Fratt after 13 months

CBRE
by in AZRE Magazine

After just 13 months, CBRE’s Cooper Fratt is getting another title change to vice president at the firm’s Phoenix office. Fratt works in the firm’s industrial and logistics practice as an advisory and transaction professional. “I am very proud of Cooper and thrilled to congratulate him on his promotion to vice president,” said Craig Henig,… Read More →

Building featured in Hitchcock’s ‘Psycho’ intro sold for $5M

Psycho intro
by in AZRE Magazine | Office

The historic Heard Building in Downtown Phoenix was sold to a California investment firm by One Twelve North Central LLC for $5 million, according to Cushman & Wakefield. Montana Avenue Capital Partners purchased the property, located at 112 N. Central Ave., in Phoenix. The Heard Building is an eight-story 65,531-square-foot historic office building on Central Avenue… Read More →

Sun King apartment complex sells for $35.1 million

Sun King apartments include an oversized pool area with a refreshed swimming pool and spa. (Photo courtesy of Institutional Property Advisors)
by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA), a Marcus & Millichap division that works with investors, is finished the sale of Sun King, a 360-unit apartment property in Scottsdale, Arizona. Baron Properties purchased the property from CRS Scottsdale Housing Corporation in the $35.1 million deal, which equates to $97,500 per unit. “Completed in 1973, this asset was held and operated by… Read More →

CBRE completes double escrow sale near South Mountain

CBRE
by in AZRE Magazine | Brokerage

CBRE completed the sale of CVS Plaza at South Mountain at 1615 – 1635 E. Baseline Rd. in Phoenix, Arizona and negotiated the spinoff of the CVS Pharmacy, which closed the same day. The sale included an approximately 14,000-square-foot. retail strip center and a 14,169-square-foot CVS Pharmacy. The first sale commanded a price of $5.9… Read More →

Clear Sky Capital buys Tatum Place in Scottsdale

Tatum Place is located at 16801 N. 49th St. (Photo courtesy of Cushman & Wakefield)
by in AZRE Magazine | Brokerage

Cushman & Wakefield negotiated the $18.1 million ($110,336 per unit) sale of Tatum Place, a 164-unit apartment community located at 16801 N. 49th Street in Scottsdale, to Phoenix-based Clear Sky Capital EBH, LLC. The property, built in 1984, currently offers one- and two-bedroom floor plans with an average unit size of 804 square feet. Tatum Place offers… Read More →

KatzDesignGroup finishes 3 downtown Phoenix restaurant interiors

The Noodle Bar is located in a historic district in downtown Phoenix. (Photo courtesy of KatzDesignGroup)
by in Architecture | AZRE Magazine

Phoenix-based KatzDesignGroup recently served up three restaurant interior projects in bustling Downtown Phoenix ranging from a fast-casual eatery at CityScape to an upscale Italian dining establishment at Collier Center. “Restaurants are a playing a big part in creating the new culture of downtown,” said Principal Beth Katz. “KatzDesignGroup worked with these three unique restaurants all within three blocks… Read More →

NAI Horizon negotiates $1.423M Tempe industrial lease

NAI Horizon
by in AZRE Magazine | Industrial

NAI Horizon represented the landlord in a sublease and long-term lease for a Tempe HVAC contractor at 1888 E. Broadway Rd. in Tempe. NAI Horizon negotiated the short-term sublease of the property for $177,000, representing CEC of Farmers Branch, Texas. NAI Horizon Senior Vice Presidents Isy Sonabend and Rick Foss then represented Tempe Partnership of… Read More →

Single-tenant industrial property sells for $3.03M

industrial property
by in AZRE Magazine | Industrial

CBRE completed the $3.03 million sale of Turner Crossing at Southbank, a 20,103-square-foot single-tenant flex industrial property located at 3401 E. Harbour Dr. in Phoenix, Arizona. California-based Turner Real Estate Investments, sold the property to California-based Portex Partners. Kelly Betpolice and Peter Steigleder of Brookfield Partners represented the buyer. The seller was represented by Mike Parker, Evan… Read More →

Paradise Valley welcomes first 3-story residential building

Mountain Shadows
by in AZRE Magazine | Multi-Family

Paradise Valley will soon have its first three-story residential buildings available from $840,000 to $4.1 million, after the completion of the Mountain Shadows Resort Condominiums next year. Westroc Hospitality and Woodbine Development are developing studio, one- and two- bedroom floor plans slated to be completed at the resort in September 2017. Mountain Shadows is a… Read More →

Uptown Phoenix offices with penthouse sells for $2.063M

uptown Phoenix
by in AZRE Magazine | Brokerage

A 7,400-square-foot contemporary resident and office building at 116 W. McDowell Rd. has sold for $2,062,500 in an all-cash transaction. Price per-square-foot was $278.71. Built in 2007, this striking contemporary building features 6,300 square feet of creative work and gallery space, a 1,100-square-foot penthouse residence, an additional 1,200-square-foot rooftop deck and 12 parking spaces. Lee & Associates… Read More →