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.

TruAmerica bolsters portfolio with Tempe buy

TruAmerica
by in AZRE Magazine | Multi-Family

In one of the largest apartment transactions this year in Phoenix, TruAmerica Multifamily and institutional capital partner Investcorp have acquired Little Cottonwoods, a 379-unit multifamily community in Tempe for $56.7 million.         This is the third and largest multifamily investment in the Phoenix area for TruAmerica and its fourth joint venture with Investcorp in… Read More →

CBRE completes sale of Shops at Desert Ridge

CBRE
by in AZRE Magazine | Brokerage

CBRE completed the sale of the Shops at Desert Ridge Corporate Center located at 20910 N. Tatum Blvd. in Phoenix. The 17,953 square foot freestanding specialty retail building sold for $9.15 million. Barry Gabel, Chris Marchildon, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, Regent Properties out of Los Angeles.… Read More →

Gould Evans celebrates 20 years in Phoenix

Gould Evans

This has been a big week for Gould Evans Phoenix. On Friday, the nationally recognized design and planning firm earned a 2016 PRIDE (Professional Recognition of Interior Design Excellence) Award in the category of commercial space under 10,000 square feet. The awards were presented by the International Interior Design Association (IIDA). And this week, Gould Evans Phoenix celebrates… Read More →

Homes by Towne purchases 10 acres for $1.99M

Homs by Towne
by in AZRE Magazine | Site Selection

Cushman & Wakefield announced Monday Homes by Towne purchased ±10 acres at 40th Street and Lone Mountain Road in Phoenix for $1.99 million. The homebuilder plans to develop 20 lots with an average size of 80-feet by 130-feet. Cushman & Wakefield Vice Presidents Brian Rosella and Will French represented the seller, 45 Lamar LLC of Phoenix.… Read More →

Report: March construction starts see increase

Arizona leads nation in Construction Employment
by in AZRE Magazine | Construction

Dodge Data & Analytics reported on March construction starts in the metropolitan statistical area of Phoenix-Mesa-Scottsdale, consisting of Maricopa and Pinal counties. According to Dodge Data & Analytics, the latest month’s construction activity followed this pattern: According to the Dodge’s data, construction spending in 2016 on nonresidential properties totaled $158,064,000, a four percent increase from 2015’s… Read More →

IPA starts building Generations at Ahwatukee

Flagstaff lost the highest percentage of construction jobs
by in AZRE Magazine | Construction | Medical

Investment Property Associates LLC (IPA) and Retirement Community Specialists (RCS) announced construction is now underway on its senior living community, Generations at Ahwatukee. The project, located at the southeast corner of Chandler Boulevard and 50th Street is targeted for completion by mid-summer 2017. The community will include a total of 137 units, comprised of 97 independent/assisted living… Read More →

Vestar adds 350K SF to Phoenix portfolio

Vestar
by in AZRE Magazine

Vestar, one of the leading privately held real estate companies in the western United States, has been retained by a family owned company as the property management firm for Superstition Springs Center, a 186,766-square-foot community retail center located in Mesa, Ariz. and Ancala Village, a 173,185-square-foot community retail center located in Scottsdale, Ariz. Vestar now manages more than 26 million square feet. Vestar’s team brings a… Read More →

Rodney Riley joins CBRE as regional sales director

hire employee job
by in AZRE Magazine | Newsmakers

CBRE appointed Rodney Riley as regional sales director, Investor Services for the Southwest Region. Riley will collaborate with local leadership and assist with business development and sales efforts for all Investor Services business, including Agency Brokerage, IP, Asset Services, Project Management, Debt & Structured Finance and Valuation. “Rodney is an excellent addition to the firm. His skill… Read More →

Quarterly GDP growth slowest in 2 years

Small Businesses getting help in down economy
by in AZRE Magazine | Construction

Real gross domestic product (GDP) expanded only 0.5 percent (seasonally adjusted annual rate) during 2016’s first quarter, according to an analysis of Bureau of Economic Analysis data released Thursday by Associated Builders and Contractors (ABC). This disappointing figure follows a 1.4 percent annualized rate of economic output expansion during the fourth quarter of 2015. Nonresidential fixed… Read More →

First Tempe Town Lake hotel opening soon

Downtown
by in AZRE Magazine | Hospitality

AC Hotels by Marriott, Marriott International’s European-inspired lifestyle brand, will open AC Hotel Phoenix Tempe/Downtown next month, which will be the brand’s first hotel in the western United States. AC Hotel Phoenix Tempe/Downtown will add style and sophistication to the vibrant city of Tempe and will be the first hotel to be located on Tempe Town Lake, a popular… Read More →

Developer announces 222K SF Phoenix industrial project

Phoenix industrial
by in AZRE Magazine | Industrial | New to Market

Liberty Property Trust Thursday announced that it will break ground on its first building this spring at Liberty Logistics Center II, a new 73-acre industrial park located at the corner of 71st Avenue and Buckeye Road in Phoenix. The 222,910 square foot distribution facility is the first of the 1.5 million square feet of multi-tenant industrial… Read More →

JLL Phoenix office appoints senior vice president

promotion

The Phoenix office of JLL hired David Rosato as senior vice president and new leader of its growing Phoenix Project & Development Services (PDS) group. The PDS group provides consultation, project management, design and construction management services for projects ranging from office to industrial to retail. In his new position, Rosato manages the Phoenix PDS team and… Read More →

Mortenson Construction expands East Coast footprint

construction industry
by in AZRE Magazine | Construction

Mortenson Construction announced Wednesday it has expanded its operations in the Washington, D.C. area with the addition of a new office in McLean, VA. Mortenson has been serving the mission needs of the Federal Government across the United States for more than 30 years and currently has several projects underway in the Washington, D.C. area. “The expansion of our… Read More →

Sun State Builders completes Flagstaff DES

Sun State Builders
by in AZRE Magazine | Office

Sun State Builders announced the completion of the Department of Economic Security project in Flagstaff, Arizona. The single tenant office project is 50,000 square feet, three-Stories, and is beautifully incorporated into the pines of Northern Arizona. The fully occupied office space houses eight different departments for the State of Arizona, including Child Protective Services, Economic Security, Attorney… Read More →

Kingman hotel sells for $7.1M

Kingman hotel
by in AZRE Magazine | Hospitality

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Best Western Plus Kings Inn & Suites, a 100-room hotel property located in Kingman, Arizona. The asset sold for $7,100,000, according to Todd Manning, sales manager of the firm’s Las… Read More →