New to Market Archives

Demand for new industrial space rising, JLL Phoenix says

Customers looking for increased efficiencies are flocking to this new Class A space, which features amenities such as wide column spacing and clear heights of up to 36 feet. This trend is actively playing out at Airport I-10, in the airport submarket. (Photo courtesy of JLL Phoenix)
by in AZRE Magazine | Industrial

The delivery of more than 2.8 million square feet of new industrial construction in Phoenix during the first half of 2016 has made an impact on the Valley, says the Phoenix office of JLL. In some cases, the additional industrial spaces have pushed industrial rental rates up by as much as 36 percent higher than their… Read More →

Trends to watch in 5 commercial real estate markets

Phoenix

It’s that time of year again when commercial real estate firms analyze market activity based on numbers and reports from the first two quarters of the year, and predict how that will impact the rest of 2016 through next year. Experts in their respective markets weighed in on the findings from quarter two reports in… Read More →

Huhtamaki picks Goodyear for manufacturing facility

Vestar
by in AZRE Magazine | Industrial

Finland-based food packaging firm, Huhtamaki North America, acquired a 750,000-square-foot rail-served manufacturing and distribution facility at the Cotton Lane Commerce Park in Goodyear, according to an announcement from Newmark Grubb Knight Frank. Huhtamaki has indicated its intent to exceed $100 million in capital investment at the site, with the goal of building a “21st century… Read More →

$30 million senior living facility coming to Pima Center

Pima Center
by in AZRE Magazine | Senior Living

Pima Center, a mixed-use business park located along the Loop 101 between the Via de Ventura and Pima/90th Street exits on the Salt River Pima Maricopa Indian Community, will be the site of a new Legacy Village assisted living community. The $30 million project is expected to create more than 175 full and part-time jobs. Legacy… Read More →

225,600 SF Gilbert industrial facility opens

AZ|60 consists of two buildings and is near two major highways in the Phoenix area. (Photo courtesy of Conor Commercial Real Estate)
by in AZRE Magazine | Industrial

Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation, completed construction on AZ|60, an industrial property within Gilbert. The new two-building, 225,600-square-foot speculative industrial property is located within Fiesta Tech Center strategically positioned just off the intersection of Arizona Avenue and Baseline Road in Gilbert, Arizona. The facility is available for immediate… Read More →

Tire’s Warehouse leases first Arizona distribution center

Tire's Warehouse
by in AZRE Magazine | Brokerage | Industrial

The Phoenix office of JLL completed an 83,000-square-foot lease that establishes well-known tire distributor Tire’s Warehouse Inc. (TWI) in its first-ever Arizona location and its only distribution center outside of California. The new facility, which is located at 1502 E. Buckeye Rd. in Phoenix, brings TWI to seven distribution centers across the West, including one new… Read More →

NAI Horizon negotiates Avondale Rosati’s Pizza lease

NAI Horizon
by in AZRE Magazine | Brokerage | Public

NAI Horizon negotiated a long-term retail lease on behalf of the landlord, Alameda Venture LLC, for a Rosati’s Pizza at Alameda Crossing, 1729 E. Dysart Rd., Avondale, 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 Alameda… Read More →

Sagewood expands with 24 independent living homes

Sagewood
by in AZRE Magazine | Senior Living

Sagewood, a Life Plan Community featuring a resort-like setting and amenities focused on independence and well-being in northeast Phoenix, is expanding its senior living community with high-end independent living homes, The Estates. Inspired by hand-crafted custom homes, The Estates neighborhood will consist of 24 highly-appointed, luxury villas, single or duplex casita homes ranging from 1,926… Read More →

CBRE negotiates $40.4M sale of Four Gateway

Phoenix offices
by in AZRE Magazine | Brokerage | Office

VanTrust Real Estate, LLC sold a single-tenant office building, occupied by American retail and health care company CVS Health, for $40.4 million, or approximately $293 per square foot. The building, Four Gateway, is located at 444 N. 44th Street in Phoenix. The buyer is Crown Realty & Development. Jim Fijan and Will Mast of CBRE… Read More →

Former RoomStore sells for $8.25M

RoomStore
by in AZRE Magazine | Brokerage | Retail

The former RoomStore furniture store at 15826 N. Scottsdale Rd., in Scottsdale sold for $8,250,000 or $263.00-per-square-foot. The company filed bankruptcy in December 2015 and closed all Arizona stores, including this location. Tom Boyle, principal with Lee & Associates, brokered the transaction. The buyer was Phoenix-based Bridge Enterprises LLC, Phoenix, and Scottsdale-based DJD Property Holdings LLC, was… Read More →

5 multifamily properties sell for $10.8M

28 on Thomas is a 27-unit community located at 1225-1241 E. Thomas Road in Phoenix. (Photo courtesy of CBRE)
by in AZRE Magazine | Brokerage | Multi-Family

CBRE completed the sale of five multifamily properties in the metropolitan Phoenix area totaling more than $10.8 million. The firm’s Multifamily Investment Properties’ Brian Smuckler and Jeff Seaman brokered the following transactions: 28 on Thomas is a 27-unit community located at 1225-1241 E. Thomas Rd. in Phoenix. The buyer was 28 on Thomas, LLC of Cave… Read More →

P.B. Bell breaks ground on Uptown Phoenix apartments

Uptown Phoenix apartments
by in AZRE Magazine | Construction | Multi-Family

Multifamily housing developer, P.B. Bell, started construction on The Curve at Melrose, a new luxury apartment community positioned within the Melrose District in downtown Phoenix. Located at the northeast corner of Glenrosa Avenue and 6th Drive, The Curve at Melrose will offer 204 luxury apartment homes in a vibrant and eclectic urban neighborhood positioned within walking distance… Read More →

Class B Phoenix apartments sell for $25.2M

Phoenix apartments
by in AZRE Magazine | Multi-Family

Cushman & Wakefield negotiated the $25.2 million sale of Crossroads Apartments, a 316-unit apartment community located at 2222 W. Beardsley Rd. in Phoenix, to Phoenix-based CS1031 Crossroads Apartments (Rincon Partners). Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, WW Crossroads Apartments LLC (Olympus Property) of Fort Worth, Texas. Crossroads… Read More →

5 property Tucson portfolio sold to Colorado firm

Tucson
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix has negotiated the sale of a portfolio containing five apartment communities in Tucson. The properties were the first Arizona acquisition for a Colorado-based investment group. California-based Hamilton Zanze sold the portfolio to Colorado-based Monarch Investment & Management Group, LLC. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix… Read More →