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.

Structures and architects honored at 2014 AIA Arizona gala

Amangiri Resort

The American Institute of Architects Arizona Design Awards recognize excellence in design, planning and construction of projects located anywhere in the world that are designed by AIA Arizona architects registered and licensed in Arizona. The awards honor the highest standards of design in response to user requirements, site, context, climate and environment. Each entry, regardless… Read More →

Lending the way: A good buy is hard to find

In 2013, NorthMarq Capital arranged $10.1B in loans. In 2014, that number rose 20 percent to $12.6B, reports Managing Director James Dumars. That doesn’t mean the market isn’t competitive, notes DuMars, who locked in a low-leverage $25M loan at 3.64 percent for 10 years. He is also financing a $56M class-A shopping center purchase at… Read More →

South Phoenix distribution facility sells for $5.1M

A 94,885 SF South Phoenix distribution building at 2021 E. Jones Ave. in Phoenix, sold for $5,125,000 or $54.01 per SF. The seller also negotiated a sale/leaseback term to occupy the facility for 16 months. Matt McDougall, Principal with Lee & Associates represented the buyer, Cohen Asset Management of Los Angeles, California and Andy Cloud… Read More →

SimonCRE purchases two retail buildings

Commercial real estate developer SimonCRE announced the purchase of two existing commercial retail buildings with signed leases from national and international Hertz Rent A Car and Dollar General. The site for Hertz Rental Car facility is located at 949 W. Camelback Road in Phoenix, Arizona, just west of 7th Avenue on Camelback Road.  There has… Read More →

Cashen announces sale of two more infill properties

Cashen Realty Advisors has announced the sale of two more infill property sales. The first property is a 10,000 s.f. retail building that was purchased for $827,000 located at 6107 N. 7th Street in Phoenix.  The property is being redeveloped and repurposed for restaurant use by developer, Rick Cordoba of RCDS Contractors.  Cordoba is negotiating… Read More →

La Cresenta Apartments wins Best of Tempe award

Global real estate investment and services firm Kennedy Wilson announced that La Cresenta Apartments, a 197-unit property managed by Kennedy Wilson for more than 10 years, has been awarded the 2015 Best of Tempe Award in the Apartment Buildings category for the second year in a row. Located at 1025 E. Orange St. in the… Read More →

Brookwood Commerce Center sells for $9.9M

DTZ, a global leader in commercial real estate services, announced the $9.9 million sale of Brookwood Commerce Centre, 4425 W. Olive Avenue in Glendale, AZ. United Realty MTA of Mesa, AZ, purchased the 209,182 square foot midrise office building for $9.9 million. Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover of DTZ’s… Read More →

OutboundEngine is latest techie to lease in Scottsdale

The Phoenix office of JLL has signed OutboundEngine, the 100 percent done-for-you email, social media and content marketing platform, to a new lease at 4110 N. Scottsdale Rd. in Old Town Scottsdale, a market that is becoming increasingly flush with high-tech and internet-related corporate office tenants. Based in Austin, OutboundEngine specializes in content, email and… Read More →

Distribution company buys industrial property in Phoenix

DTZ, a global leader in commercial real estate services, announced the $3.1 million sale of 3000 E. Chambers Street, a ±61,729 square foot single-tenant industrial building in Phoenix. MLCY Investment, LLC purchased the property and will occupy the space, which includes 26% office buildout and an evaporative-cooled warehouse with grade-level doors and a double-wide truckwell.… Read More →

Fenway Properties sells Arizona DCS office

DTZ, a global leader in commercial real estate services, announced the sale of the Arizona DCS Office, 3310 and 3320 N. 19th Avenue in Phoenix. TH Stratman of Queen Creek, AZ, purchased the ± 27,689 square foot single-tenant office building for $3.15 million ($113.76 PSF) with an 8.53% cap rate. Executive Managing Director Eric Wichterman… Read More →

West 35th Apartments sells for $8.8M

ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, announced the sale of a highly renovated North Phoenix, 144 Unit, multifamily property – West 35th Apartments – for $8,820,500 or $61,253 Per Unit. West 35th Apartments was originally constructed 1983 and was highly renovated in 2011 and 2012.  The seller in this latest transaction… Read More →

Willow Springs Apartments sells for $13M

Colliers International in Greater Phoenix recently completed the sale of the 468-unit, Class C Willow Springs Apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot). Resort on 27th LLC of Los Angeles purchased the property, located at 4715 N. 27th Avenue, from MLCFC 2007-7 North 27th Avenue LLC of Miami… Read More →

The Springs at Gilbert Meadows sells for $36M

Berkadia announced the recent sale of The Springs at Gilbert Meadows Apartments, a multifamily property located at 275 W. Juniper Ave. in Gilbert, Arizona. Senior Partner Mark Forrester, Partner Ric Holway and Vice President Dan Cheyne of the Phoenix office negotiated the sale of the property, which sold for $36 million on March 19, 2015.… Read More →

Sweeping changes for contractor tax classifications

The Arizona construction industry is bracing for sweeping changes to the prime contracting tax law in January of 2015. The legislature has enacted changes that range from who must have a tax license to a major switch creating a difference between service and prime contracting. The Arizona Builders Alliance is working with the Department of… Read More →

Skywater raises more than $5,000 for the Boys & Girls Club

Skywater at Town Lake Apartments announced that its March grand opening event raised more than $5,000 to benefit the Boys & Girls Club of the East Valley – North Tempe Branch. The local nonprofit organization offers educational activities that enable young people to achieve great futures as productive, caring, responsible citizens. “We are proud to… Read More →