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.

NAI Horizon promotes Rick Foss to senior vice president

Rick Foss
by in AZRE Magazine

NAI Horizon promoted Rick Foss, who represents sellers, buyers, tenants and landlords, to senior vice president. Foss joined NAI Horizon in 2010 and possesses 17 years of commercial real estate experience in Arizona. He has experience in negotiating industrial land for speculative development. Foss has successfully provided advisory and consultative services to local business owners seeking a… Read More →

Sunstate Equipment Rental founder announces retirement

Sunstate Equipment Rental
by in AZRE Magazine

As Sunstate Equipment Rental celebrates 40 years of business this year, its founder and executive chairman, Mike Watts, announces that he will retire this February. Watts will continue to serve as an advisor to the board. With this change, Sunstate’s partner, Sumitomo Corp., will assume full ownership of the company. Watts’ son, Chris Watts, will continue to lead… Read More →

First “smart home” apartments in Arizona coming to Gilbert

Smart home
by in AZRE Magazine | Multi-Family

Developers of an upcoming Gilbert multifamily project say it will be the first apartment community to offer remote, mobile-device enabled technology to residents, making the apartments “smart homes.” Cisterra LLC is developing Vistara at SanTan Village, which will offer remote control locks, temperature and lighting to its residents who will be able to control these home features… Read More →

Retail Center at 19th Avenue and Osborn Road sells

19th avenue and Osborn Road
by in AZRE Magazine | Retail

The former Bayless Shopping Center in Phoenix, near 19th Avenue and Osborn Road, was sold for $1.74 million to CVP-19th & Osborn LLC by The Ireland Family Trust, according to Commercial Properties Inc./CORFAC International (CPI). The new owners plan to renovate the 30,000-square-foot shopping center that was built in 1950 and owned by Bayless Investment and Trading… Read More →

Park West retail center sells for $34.45M

Park West
by in AZRE Magazine | Retail

The 46-acre Peoria retail center anchored by a 14-screen Harkins Theatre, Park West, sold to an investment firm for $34.45 million, according to Cushman & Wakefield. The retail center is located at the northwest corner of Loop 101 and Northern Avenue in Peoria, and has many upscale tenants like Flemings Steakhouse, BJ’s Brewhouse, Grimaldi’s Pizza and… Read More →

CBRE Hotels adds new vice president

Copyright: luckybusiness / 123RF Stock Photo
by in AZRE Magazine

CBRE Hotels announced that Jennifer Bergamo has joined CBRE Hotels as a vice president. She will be based in Phoenix and will focus on institutional hotel sales throughout the Western U.S. Bergamo is a hospitality veteran of over 20 years, with experience consisting of hotel real estate development, business development, sales and marketing and hotel operations.… Read More →

Daum negotiates $1.235M Deer Valley sale

Daum
by in AZRE Magazine | Brokerage

Daum Commercial Real Estate Services negotiated the $1.235 million sale of an 11,236-square-foot industrial office building located at 23026 N. 16th Ln. in the Deer Valley area of Phoenix. The buyer of the fully-leased industrial office facility was California-based A Development. The seller was Jim Campbell, CEO of Phoenix-based Campbell Development. Campbell Development occupies half of… Read More →

Liberty signs first tenants at Liberty Logistics Center II

Liberty Logistics Center II
by in AZRE Magazine | Brokerage

Leases for the first two tenants at the 72-acre Phoenix industrial park, Liberty Logistics Center II, were recently signed, according to Liberty Property Trust. Essendant Co. will take up 60 percent of the second building at the center that is planned to be completed this summer, in a pre-lease for 261,880 square feet of space at… Read More →

Deer Valley industrial campus sells for $26.4M

industrial campus
by in AZRE Magazine | Industrial

A 220,463-square-foot industrial campus in Phoenix was sold for  $26.4 million to industrial property owners Meritex Enterprises Inc., according to CBRE. “This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification,” commented Dan Williams, chief investment officer of Meritex. “We continue to seek additional investments in… Read More →

51 acres in Queen Creek bought for gravel mine

Scottsdale
by in AZRE Magazine | Site Selection

Investment firm Virtua Partners purchased 51 acres in Queen Creek for $996,642, with plans to mine and sell the surface materials and negotiate a long-term lease with a sand and gravel operator. Virtua Partners purchased the land out of REO, for $19,542 per acre. If it turns out to be more profitable, Virtual could complete… Read More →

Valley Partnership breakfast to focus on Trump’s infrastructure plan

Loop 303 I-10 Interchange
by in AZRE Magazine

Valley Partnership’s January 20 breakfast is going to be a twist on the typical forecast popular this time of year. This month’s panel will discuss how the state of Arizona is preparing for President-Elect Trump’s Infrastructure Plan, and how the real estate development industry will benefit from these opportunities across the Valley. The panel will… Read More →

Avondale OKs deal for Vitamin Shoppe distribution center

123rf.com: Vadim Guzhva
by in AZRE Magazine | Industrial

Vitamin Shoppe is locating its new West Coast distribution facility to Avondale, into an existing newly-built 187,000-square-foot building, in an agreement unanimously approved by the Avondale City Council. The Avondale City Council approved the deal on Jan. 17 for Vitamin Shoppe to move into the warehouse near Van Buren Street and 123rd Avenue. The Vitamin Shoppe’s… Read More →

Walmart anchored retail center sells for $41.3M

Walmart
by in AZRE Magazine | Brokerage

An entity owned by Goldman Sachs & Co. purchased the Walmart anchored Bethany Towne Center, located near Bethany Home Road and 35th Avenue in Phoenix, for $41.3 million, according to Cushman & Wakefield. Bethany Towne Center has 305,742 square feet of retail space and was 92.3 percent leased out at the time of the sale. Walmart makes… Read More →

50,000 SF manufacturing facility finished in Prescott

Manufacturing facility
by in AZRE Magazine | Construction

A 50,000-square-foot built-to-suit manufacturing facility in Prescott was finished for its occupants, Vinyl Visions LLC, which is relocating from Southern California to the new facility. The two-story facility sits on 3.5 acres and has vinyl extrusion capabilities. Vinyl Visions provides window trim and other products nationwide for the window and door industry. Sun State Builders completed… Read More →

Mesa apartments near Falcon District sell

sold
by in AZRE Magazine | Brokerage

California-based OpenPath Investments purchased Green Leaf Vista, a 98-unit apartment complex in Mesa, from Green Leaf Partners for an undisclosed amount, according to brokerage firm Marcus & Millichap who represented the sellers. The property is located at 3443 E. University Dr. in Mesa, four miles from the Falcon District, a 5,100-acre area composed of more than 10… Read More →