AZRE Magazine Archives

Retail Center at 19th Avenue and Osborn Road sells

19th avenue and Osborn Road
by in AZRE Magazine | Retail

The former Bayless Shopping Center in Phoenix, near 19th Avenue and Osborn Road, was sold for $1.74 million to CVP-19th & Osborn LLC by The Ireland Family Trust, according to Commercial Properties Inc./CORFAC International (CPI). The new owners plan to renovate the 30,000-square-foot shopping center that was built in 1950 and owned by Bayless Investment and Trading… Read More →

Park West retail center sells for $34.45M

Park West
by in AZRE Magazine | Retail

The 46-acre Peoria retail center anchored by a 14-screen Harkins Theatre, Park West, sold to an investment firm for $34.45 million, according to Cushman & Wakefield. The retail center is located at the northwest corner of Loop 101 and Northern Avenue in Peoria, and has many upscale tenants like Flemings Steakhouse, BJ’s Brewhouse, Grimaldi’s Pizza and… Read More →

First “smart home” apartments in Arizona coming to Gilbert

Smart home
by in AZRE Magazine | Multi-Family

Developers of an upcoming Gilbert multifamily project say it will be the first apartment community to offer remote, mobile-device enabled technology to residents, making the apartments “smart homes.” Cisterra LLC is developing Vistara at SanTan Village, which will offer remote control locks, temperature and lighting to its residents who will be able to control these home features… Read More →

Industrial & office steal spotlight from multifamily at 10th Annual IREM-CCIM Economic Forecast

FullSizeRender

While many turned their attention to Washington D.C. for the inauguration of President Donald Trump, the Valley’s heaviest hitters in commercial real estate joined forces at the 10th Annual IREM-CCIM Economic Forecast today at the Arizona Biltmore. For the program, 21 of the Valley’s top commercial real estate leaders with 521-plus years of combined CRE… Read More →

CBRE Hotels adds new vice president

Copyright: luckybusiness / 123RF Stock Photo
by in AZRE Magazine

CBRE Hotels announced that Jennifer Bergamo has joined CBRE Hotels as a vice president. She will be based in Phoenix and will focus on institutional hotel sales throughout the Western U.S. Bergamo is a hospitality veteran of over 20 years, with experience consisting of hotel real estate development, business development, sales and marketing and hotel operations.… Read More →

Daum negotiates $1.235M Deer Valley sale

Daum
by in AZRE Magazine | Brokerage

Daum Commercial Real Estate Services negotiated the $1.235 million sale of an 11,236-square-foot industrial office building located at 23026 N. 16th Ln. in the Deer Valley area of Phoenix. The buyer of the fully-leased industrial office facility was California-based A Development. The seller was Jim Campbell, CEO of Phoenix-based Campbell Development. Campbell Development occupies half of… Read More →

Liberty signs first tenants at Liberty Logistics Center II

Liberty Logistics Center II
by in AZRE Magazine | Brokerage

Leases for the first two tenants at the 72-acre Phoenix industrial park, Liberty Logistics Center II, were recently signed, according to Liberty Property Trust. Essendant Co. will take up 60 percent of the second building at the center that is planned to be completed this summer, in a pre-lease for 261,880 square feet of space at… Read More →

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 →

51 acres in Queen Creek bought for gravel mine

Scottsdale
by in AZRE Magazine | Site Selection

Investment firm Virtua Partners purchased 51 acres in Queen Creek for $996,642, with plans to mine and sell the surface materials and negotiate a long-term lease with a sand and gravel operator. Virtua Partners purchased the land out of REO, for $19,542 per acre. If it turns out to be more profitable, Virtual could complete… Read More →

Valley Partnership breakfast to focus on Trump’s infrastructure plan

Loop 303 I-10 Interchange
by in AZRE Magazine

Valley Partnership’s January 20 breakfast is going to be a twist on the typical forecast popular this time of year. This month’s panel will discuss how the state of Arizona is preparing for President-Elect Trump’s Infrastructure Plan, and how the real estate development industry will benefit from these opportunities across the Valley. The panel will… 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 →

40 Commercial real estate companies to watch in 2017

Scheduled to break ground in early 2017, the Arizona Center renovations will take approximately nine months to complete.  (Rendering courtesy of Parallel Capital Partners and Angelo, Gordon & Co.)
by in AZRE Magazine

This year, experts still see Arizona as a hotspot for commercial real estate activity and development. While activity in other markets across the nation is starting to fizzle out, Arizona has yet to enter the ninth inning of the business cycle as a result of its slow and steady recovery following the recession. AZRE identifies… 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 →