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.

Warren House apartments sell for $13.75M

Warren House
by in AZRE Magazine | Brokerage

Colliers International in Greater Phoenix negotiated the sale of two apartment assets in Phoenix for a combined total of $13.75 million. Warren House East at 2911 E. Indian School Road in Phoenix, consists of 258 units and sold for $10.75 million or $41,667 per unit. Warren House North at 6060 N. 7th Street in Phoenix,… Read More →

Glendale industrial complex sells for $1.95M

by in AZRE Magazine | Brokerage

Daum Commercial Real Estate Services negotiated the $1.95 million sale of a 50,000 square-foot industrial building located on five acres at 4932 W. Pasadena Ave. in Glendale. New West Holdings purchased the facility as an investment and has plans for the undeveloped acreage. Carl Johnson, executive vice president of Daum Phoenix represented the seller, Three Star Properties… Read More →

Metrocenter rezoning approved by city

by in AZRE Magazine

The Phoenix City Council has unanimously approved a Planned Unit Development (PUD) application for 130 acres in and around the iconic Metrocenter Mall development, located on Interstate 17 between Peoria and Dunlap roads in Phoenix. The new zoning allows for multiple new uses besides retail, such as office, senior housing, multifamily housing and healthcare. It also allows… Read More →

Superstition Corridor property sells for $4.9M

Superstiiton Corridor
by in AZRE Magazine | Brokerage | Office

Strong recovery in the Superstition Corridor contributed to this week’s $4.9 million sale of Inverness Commons II, a value-add office asset represented by the Phoenix office of JLL. The 60,960 square-foot building sits within one mile of the U.S. 60 Superstition Freeway and in the heart of the Superstition Corridor, a submarket that over the past… Read More →

IPA sells $58.55M multifamily property

Multifamily property
by in AZRE Magazine | Brokerage

Marcus & Millichap division, Institutional Property Advisors (IPA), brokered the sale of MonteViejo Apartment Homes, a 480-unit multifamily asset located in the rolling hills of northeast Phoenix. The property sold for $58.55 million, or just less than $122,000 per apartment. “Excellent submarket fundamentals, such as high median household income, income growth and high occupancy support MonteViejo’s operational momentum,”… Read More →

Construction job losses hit two-year high

construction industry
by in AZRE Magazine | Construction

The construction industry lost 15,000 net jobs nationally in May, according to an analysis of Friday’s Bureau of Labor Statistics report by Associated Builders and Contractors (ABC). The report shows the loss is the industry’s worst since December 2013. April’s estimate had been revised downward from 1,000 net new jobs to a loss of 5,000… Read More →

Fiesta Tech Center sells for $4.7M

by in AZRE Magazine | Brokerage | Office

Caliber, The Wealth Development Company closed, Wednesday, on the 42,111 square-foot Fiesta Tech Center located in Gilbert. The technology-centric office building was purchased at $4.7 million resulting in Caliber’s largest commercial real estate property to date. The property is located in Gilbert, which is the fastest growing technology employment area in the state featuring major employers… Read More →

McCarthy Building promotes Dhruv Patel

Dhruv Patel
by in AZRE Magazine | Construction

Dhruv Patel, engineering, procurement and construction (EPC) director for solar installations at McCarthy Building Companies Inc., was recently promoted to vice president of EPC within the company’s growing Renewable Energy team. In this role, Patel will use his experience in the solar industry to oversee a diverse portfolio of solar and energy related projects across the… Read More →

Danrick Builders will develop motorsports destination

Danrick Builders
by in AZRE Magazine | Construction

A massive recreational motorsports facility is coming to Pinal County, and it hopes to become a global magnet for entertainment and an economic engine for the Casa Grande region, according to an announcement by developers. Chandler-based Danrick Builders unveiled plans Wednesday for Attesa, a 2,360 acre recreational motorsports facility that will have two 2.8 mile… Read More →

Lisa Tinnion joins Corporate Interior Systems

Knight Management
by in Architecture | AZRE Magazine

With 15 years of experience in architecture and design, she is most familiar with working as a team – with clients, consultants and other industry partners. She is always focused on her clients’ best interest – listening well and providing inspired and cost effective solutions. Since 2008, Lisa has been with MRT Design, responsible for interior design… Read More →

29th Street Capital acquires 6th Valley property

by in AZRE Magazine | Multi-Family

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Park Tower Apartments, a 180-unit multifamily community in Chandler. 29SC’s strategy is to invest $883,000 into renovations to significantly upgrade the interiors and to enhance the exterior of the apartments. This is the sixth acquisition 29SC has made in the Phoenix/East… Read More →

Nonresidential construction spending drops in April

construction worker
by in AZRE Magazine | Construction

Nonresidential construction spending fell 2.1 percent in April according to analysis of  U.S. Census Bureau data released Wednesday by Associated Builders and Contractors (ABC). Nonresidential spending totaled $688.2 billion on a seasonally adjusted, annualized rate. Much like last month, the sting of a disappointing headline number was mitigated by upward revisions to the previous two months… Read More →

April construction unemployment rates improve

Construction Employment
by in AZRE Magazine | Construction

Construction employment rates improved in 44 states and the nation in April on a year-over-year basis, according to analysis of Bureau of Labor Statistics (BLS) data released Wednesday by Associated Builders and Contractors. The not seasonally adjusted (NSA) construction unemployment rate of 6 percent was a 1.5 percent drop from April 2015, continuing a streak of consecutive… Read More →

Liberty Property Trust hits 82% occupancy at industrial center

by in AZRE Magazine | Industrial

Liberty Property Trust signed a lease with Express Scripts for 81,300 square-feet of space at 2040 West Rio Salado Parkway in Liberty Center at Rio Salado located in Tempe. The building, which is now 82 percent leased, is the first light industrial development at the park. “Liberty Center at Rio Salado continues to attract top companies,” said John DiVall, senior vice… Read More →

Women-focused Building 313 will break ground

Building 313
by in AZRE Magazine | Office

Gilbert’s first women-focused mixed-use building, Building 313, is officially under development and a groundbreaking ceremony is scheduled for Tuesday, June 7 at 8:15 a.m. The $3.3 million project, named Building 313, will be a 15,602 square-foot owner-occupied mixed-use space in the Heritage District of downtown Gilbert. Owner and visionary Lynne King Smith, a Gilbert-based entrepreneur… Read More →