New to Market Archives

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 →

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 →

2017 outlook: Getting creative with offices

WebPT recently opened up offices in Downtown Phoenix's Warehouse District, renovating an old warehouse, creating a unique and open office space for its employees. (Photo by Mike Mertes, AZ BIG Media)
by in AZRE Magazine | Office

For the office market, the latest trend is in spaces designed to be creative, collaborative and flexible. Newer developments emphasize flexible layouts, open spaces, upgraded common areas and amenities to create a more attractive work environment. The highest office rental rates for Class A office space are still found in the downtowns of Phoenix, Scottsdale… Read More →

2017 Outlook: Multifamily looking steady

The Opus Group began construction on the two residential towers late last year. (Rendering courtesy of The Opus Group)

Vacancy rates remain low despite the ongoing delivery of new high-end multifamily units. As long as vacancy remains in check, the multifamily market will remain strong in the Valley, which reports the average volume and sale price per unit is higher than 2007’s peak. Metro Phoenix set a new record for multifamily last year for… Read More →

2017 Outlook: Retail shifts from ‘bricks to clicks’

retail
by in AZRE Magazine | Retail

The “shift from bricks to clicks” in the retail industry describes a growing trend of retailers who are selling products online instead of at brick-and-mortar stores and shopping centers. In retail, net absorption remains low and vacancy higher than expected, but the most growth is being concentrated in a few hot submarkets like Central Phoenix… Read More →

2017 Outlook: Medical market looking strong

Tempe
by in AZRE Magazine | Medical

Bioscience and medical sectors remain strong with dozens of projects occurring across the Valley. The transition in healthcare to a “well care” system instead of “sick care” model is accompanied by a goal to make healthcare faster, more convenient and accessible by developing more clinics, urgent cares and outpatient facilities. Expect to see a growing… Read More →

2017 Outlook: Industrial absorption could see rise

industrial absorption
by in AZRE Magazine | Industrial

Industrial vacancy rates returned to single digits for the first time since the third quarter of 2007 and the Valley’s market is expected to remain hot. Cushman & Wakefield reports overall asking rent rates in the Phoenix Metro reached its highest rate of $0.56 since Q3 2009. According to the same report, 15 of the… Read More →

Mesa retail center near U.S. 60 sells for $4.55M

Arizona Partners purchased the 30,195-square-foot retail center,  Stonebridge Shopping Center, which was 69 percent occupied at close of escrow.
by in AZRE Magazine | Retail

A 30,195-square-foot Mesa retail center anchored by a Safeway, located at Val Vista Drive and Southern Avenue,  was sold for $4,550,000 by Pac West Land LLC. Arizona Partners purchased Stonebridge Shopping Center, which was 69 percent occupied at close of escrow. Andrew Harrison and Ari Spiro at ORION Investment Real Estate represented both the buyer and… Read More →

Apartments near I-17 in Phoenix sell for $19M

apartments near I-17
by in AZRE Magazine | Multi-Family

Solano Terrace Apartments at 4715 N. Black Canyon Highway was sold to a California investor for $19 million, according to Colliers International. “This property offered a unique opportunity close to the major transportation sources of Interstate 17 and Light rail,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “The community is… Read More →

Bush’s Chicken coming to Old Town Scottsdale area

Bush's Chicken
by in AZRE Magazine | Retail

SimonCRE purchased a retail property located just outside of Old Town Scottsdale at Scottsdale and Thomas Roads, and is leasing the property out to a chicken restaurant. The 4,200-square-foot property was purchased from Astria Realty by SimonCRE for $1,492,460. SimonCRE plans to redevelop the property before its upcoming tenant, Bush’s Chicken moves in this summer. Bush’s Chicken… Read More →

5 myths about renewing your office lease

StartUp PHX Challenge
by in AZRE Magazine | Office

When renewing your office lease, there are some common myths floating around out there. Don’t fall for them. 1. MYTH: We have a great relationship with our landlord or landlord’s broker FACT: The landlord’s objective is to maximize profits and shift economic and non-economic risk to the tenant. The landlord’s advisor has a fiduciary obligation… Read More →

Report: Phoenix office absorption reaches 10-year high

Phoenix
by in AZRE Magazine | Office

Phoenix added millions of square feet of new office space in 2016, and companies filled that space at a near 10-year-high absorption rate, according to the Q4 2016 Phoenix Office Insight report released last week by the Phoenix office of JLL. Collectively, this activity improved the Valley’s office occupancy picture, pushing total vacancy rates down 120 basis points… Read More →

CoreNet Global Arizona to analyze creative office spaces

creative offices
by in AZRE Magazine | Office

CoreNet Global Arizona is hosting a January lunch focused on “Understanding the Creative Office” with a panel of experts at the Phoenix Country Club. The lunch and panel will be held on Thursday, Jan. 26, beginning at 11:30 a.m. The price is $35 for CoreNet Global Arizona members and $70 for non-members. Registration is available… Read More →

Pima Crossing retail center sells for $46.15M

Pima Crossing
by in AZRE Magazine | Retail

Cushman & Wakefield negotiated the $46.15 million sale of Pima Crossing, a shopping center located on the northwest corner of Shea Boulevard and Pima Road in Scottsdale, Ariz. An entity formed by Los Angeles-based Karlin Real Estate purchased the property from Florida-based Regency Centers LP. Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented… Read More →