Retail Archives

Apache road retail project approved for construction

construction industry
by in AZRE Magazine | Construction | Retail

Davis Enterprises – Investments & Development received approval from the City of Tempe to begin construction on a retail project at the northeast corner of Rural Road and Lemon Street in Tempe. Located in a high-density area of the city, the 11,800 square-foot project will feature storefront opportunities for 4-5 restaurant or retail users, with Rural Road frontage.… Read More →

Phoenix Mountain Park Plaza sells for $9.7M

Mountain Park Plaza
by in AZRE Magazine | Retail

Colliers International in Greater Phoenix negotiated the sale of Mountain Park Plaza on 7th Street and Baseline Road in Phoenix, for $9,665,000. Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers’ Phoenix office represented the seller, Western America Commercial, which is a 19-member Tenant in Common based in Issaquah, Washington. The seller… Read More →

Volvo dealership coming to $60M autopark

Carvana
by in AZRE Magazine | Retail

The owners of Courtesy Chevrolet will be opening up a Courtesy Volvo dealership at the $60 million auto mall, Scottsdale AutoShow at Salt River. The new dealership will include a sales and service facility, and is currently in escrow. The auto mall where the new Volvo dealership will reside is set to be completed in… Read More →

Retail big boxes remain vacant after closures

retail space avaialble sign in a window of a building
by in AZRE Magazine | Retail

The Phoenix retail big box market continues to hold back real improvement in shopping center vacancy. In the year-end 2015 National CoStar Retail Report, Phoenix ranked as having one of the worst retail vacancy rates in the U.S. Out of the 125 MSA’s the report tracks, Phoenix finished near the bottom ranking 123. With nearly… Read More →

Shopping Malls prepare to make a comeback

rsz_metrocenter_pic
by in AZRE Magazine | In The Spotlight | Retail

If “slow and steady” is the general theme for the 2016 commercial real estate outlook, shopping centers may have a quasi-theme of “rocket boost.” With a lagging economic recovery and what most agree is as an overbuilt retail sector, where exactly will this push occur? The answer may lie in the place most worshipped by… Read More →

CBRE’s big box report shows optimism for 2016

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

Big box retail space throughout Tucson saw healthy leasing activity in 2015, particularly spaces in the 10,963 to 100,000-square-foot range, according to CBRE Research’s Big Box Report of 2015. “Over the past year, the Tucson area experienced an increase in demand for a shrinking supply of top-tier retail anchor space,” said Nancy McClure, vice president,… Read More →

Arizona Center sells for $126 million

Arizona Center
by in AZRE Magazine | New to Market | Office | Retail

Continuing to expand its downtown Phoenix presence, San Diego-based Parallel Capital Partners, in joint-venture with Angelo, Gordon and Co., announced today it has acquired Arizona Center – a Class A, 16-acre mixed-use campus in downtown Phoenix – for $126 million. Spanning over one million square feet, the Van Buren Street property – acquired from Equity… Read More →

Cowboys Saloon lands at Peoria’s Park West

Park West, Velocity Retail, WEB
by in AZRE Magazine | New to Market | Retail

Cowboys Saloon will soon open a new location in the Park West shopping center located at the northwest corner of Northern and the Loop 101 Freeway in Peoria, Arizona. The 18,339 square foot restaurant and bar is projected to open January 1, 2016. Velocity Retail Group represented The Howard Hughes Corporation, the owner of the… Read More →

Glendale’s Greenway Promenade sells for $8.3M

greenway

Greenway Promenade, a 62,949 square foot retail center, sold for $8,300,000, or $131.85/SF. The shopping center is located on the northwest corner of two major arterial thoroughfares (Greenway Road and 59th Avenue) and is across the street from Thunderbird School of Global Management which is a part of Arizona State University. Built in 1988, and… Read More →

CBRE completes $24.75M sale of Village Center

Target

CBRE has completed the sale of Village Center, a 171,129-square-foot shopping center located at 4304 E. Cactus Road in Phoenix. The asset, which is highlighted by a unique Target ground-lease, commanded a sale price of $24.75 million. A team of brokers including Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office and George Good and… Read More →

CBRE will market Chandler Viridian PrimeGate

Chandler Viridian

CBRE/UCR has been awarded the marketing and leasing assignment for Chandler Viridian PRIMEGATE @ Fashion Center, the distinctive restaurant and retail component of the $150,000,000 mixed-use Chandler Viridian development in Chandler, Ariz. Chandler Viridian is located at the northwest corner of the intersection of the Loop 202 & Loop 101 Freeways. A consortium of Hines,… Read More →

Velocity plans Queen Creek shopping center

AERIAL_QueenCreek

A joint venture of Wadsworth Acquisitions, LLC and Accelerated Development Services, a division of Velocity Retail Group, purchased a 14.5 acre parcel located south of the southeast corner of Ellsworth and Rittenhouse Roads in Queen Creek. The site was purchased for $3.1 million. The seller was DVD Heritage Square, LLC of Kansas. The parcel is… Read More →

ORION sells Mesa neighborhood center for $3.9M

Power Road

ORION Investment Real Estate has sold Power Road Plaza for $3,895,000 or $97/SF. This ±40,240 square foot retail/office plaza was constructed in 1974 and has undergone extensive renovations over the years, with the most recent one completed in 2014. The property has great frontage along Power Road and is located across the street to the… Read More →

LevRose real estate leases Glendale office space to DCS

123rf.com: Vitaliy Vodolazskyy

LevRose Commercial Real Estate announced that the Arizona Department of Child Safety (DCS) leased 36,000 square feet of office space at a downtown Glendale building located across from Murphy Park. LevRose Commercial Real Estate Partner Zak Kottler represented the landlord, the City of Glendale, during the lease negotiations. DCS represented itself in the transaction. The… Read More →