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.

Report: Phoenix offices making biggest gains since 2006

Photo: eutoch / 123RF Stock Photo
by in AZRE Magazine | Office

A Cushman & Wakefield report showed the Metro Phoenix office market posted the largest midyear net gain since 2006, with just over 1 million square feet during second quarter 2016. At the 2016 midyear point, office vacancy in the Metro Phoenix office market stood at 18.0 percent, a 20-basis-point reduction from first quarter 2016, and an even more significant… Read More →

Tenant demand shows signs of cooling, report says

tempe
by in AZRE Magazine | Office

A recent report released by Cushman & Wakefield Thursday revealed tenant demand for U.S. office space slowed in the first half of the year as businesses recalibrate and react to global economic uncertainty. Despite the deceleration, vacancy remained steady and rents jumped to the strongest growth rate in seven years. The U.S. office sector absorbed 14.7… Read More →

NAI Horizon negotiates Planet Fitness lease

NAI Horizon
by in AZRE Magazine | Brokerage

NAI Horizon negotiated a long-term lease on behalf of the tenant, Planet Fitness, at 20924 N. John Wayne Pkwy. in Maricopa, Ariz. The NAI retail properties team of Senior Vice President Chris Gerow, Senior Vice President Shelby Tworek, Vice President Gabe Ortega and Retail Specialist Patrick Anthon represented PF Maricopa City LLC in the transaction totaling… Read More →

Phoenix property bought for candle making

3120 E. Washington
by in AZRE Magazine | Industrial

NAI Horizon Senior Vice President Isy Sonabend represented the buyer in the $2.215 million sale of an industrial property at 3120 E. Washington St. in Phoenix. NAI Horizon represented Remet Real Estate Holding Company, LLC, of Delaware. Built in 1994, the 22,635-square-foot building sits on 2.34 acres and will be used as a manufacturing facility… Read More →

Infill retail center coming to North Phoenix, near light rail

North Phoenix
by in AZRE Magazine | Construction | Retail

Scottsdale-based developer, SimonCRE, purchased 31,179-square-foot parcel of land at the northeast corner of 21st and Northern Avenues with plans to develop a 6,142-square-foot multi-tenant retail building. The building address is 2080 W. Northern Ave. The site is located less than half a mile east of the Interstate 17 Freeway and is in close proximity to the… Read More →

Former AIA president, Kevin Morrow, passes away at 63

Contractor
by in Architecture | AZRE Magazine

Principal Architect and Partner at GDASW Architects and past Southern Arizona and Arizona Chapter of the American Institute of Architects Kevin Morrow passed away in mid-June from complications due to early on-set Alzheimer’s. Morrow was born on February 23, 1953 and passed away on June 15, 2016. He was an avid cyclist for most of his life… Read More →

Tempe retail center sells for $7.5M

Tempe retail center
by in AZRE Magazine | Brokerage | Retail

A Tempe retail center, Countryside Specialty shops, sold for $7,500,000, according to ORION Investment Real Estate. This ±31,723 square foot, vibrant retail strip center sits on the northwest corner of McClintock Drive and Warner Road at a signalized intersection, with high traffic counts. The property was sold by JDS Countryside LLC/DLS Countryside LLC. Morris Family Trust… Read More →

ViaWest Group sells Phoenix offices for $5.98M

UEI College
by in AZRE Magazine | Office

Cushman & Wakefield announced today that 9215 N. Black Canyon Highway in Phoenix sold by ViaWest Group for $5.98 million. Located in the Northwest Phoenix submarket, 9215 N. Black Canyon Highway is a two-story, 38,086 sf office building. At the time of sale the building was 100% leased to UEI College, which offers specialized, short-term focused… Read More →

LGE Design Build finishes office upgrades for software firm

LGE Design Build
by in AZRE Magazine | Construction | Office

LGE Design Build completed construction on tenant improvements at a 6,000-square-foot Chandler office building for SixthDivision, a software and small business consultant. SixthDivision moved into the new building at 2490 S. Gilbert Road, near Loop 202 and Gilbert Road, to accommodate its growth. The new building features a large training room, about twice the size of its… Read More →

Nonresidential construction spending stalls in May

Bernards & Construction
by in AZRE Magazine | Construction

Nonresidential construction spending dipped 1.3 percent in May according to analysis of U.S. Census Bureau data released Friday by Associated Builders and Contractors (ABC). Nonresidential spending, which totaled $684.9 billion on a seasonally adjusted, annualized rate, has expanded 1.2 percent since May 2015. April’s nonresidential spending figure was revised upwards from $688.2 billion to $694.1 billion.… Read More →

Report: Phoenix skyline makes comeback, with challenges still ahead

Downtown Phoenix, Photo: Flickr, squeaks2569
by in AZRE Magazine

An annual report released by JLL, shows that the Phoenix skyline is starting to make a comeback, as tech firms start to pursue the coveted office space in downtown Phoenix, but there are some challenges ahead. The office buildings that make up the Phoenix Skyline have entered new territory in 2016, with rents and tenant demand… Read More →

ViaWest buys downtown Phoenix industrial facility

downtown Phoenix
by in AZRE Magazine | Industrial

Phoenix-based ViaWest Group closed on its sixth industrial acquisition in the past eighteen months, further expanding its Southwestern U.S. focused industrial platform. ViaWest purchased an 89,423-square-foot industrial building for $5.76 million. The building is located directly across from Chase Field near the corner of 7th Street and Jackson Street centered in the heart of downtown Phoenix. The seller was… Read More →

LGE Design Build completes production studio

LGE Design Build
by in AZRE Magazine | Industrial

LGE Design Build has completed construction on a 12,290-square-foot industrial building for Reel Men Studios, a film production and event rental company. The new building, 3902 E. Broadway Rd. in Phoenix, features a new Hollywood-caliber studio with the business goal of providing a low cost and highly efficient production environment for new and existing clients. The 50-foot by… Read More →

Daum negotiates sales in Phoenix and Scottsdale

Office building at 33765 N. Scottsdale Rd.
by in AZRE Magazine | Brokerage

Daum Commercial Real Estate Services has negotiated the $5.362 million sale-leaseback of a large medical practice group of west valley properties – the 19,679-square-foot medical office complex, Fountains Medical Center located at 5620 W. Thunderbird Road in Glendale and the 5,262-square-foot medical office center, Indian School Professional Plaza at 9150 W. Indian School Road in… Read More →

Tucson Developers buy Ritz-Carlton, Dove Mountain

ritz
by in AZRE Magazine | Newsmakers

David Mehl of Cottonwood Properties and Humberto S. Lopez of HSL Properties announced the formation of a new partnership that has completed the purchase of The Ritz-Carlton, Dove Mountain resort. The hotel will continue to be managed under a long-term management contract by The Ritz-Carlton Hotel Company, L.L.C.  The hotel is one of only ten… Read More →