In The Spotlight Archives

Irgens opens Portico Place II in Chandler

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Irgens officially opened Portico Place II, a 48,173 sf, two-story, Class A multi-tenant office building located at 2195 West Chandler Boulevard in Chandler, Arizona. Designed and developed to meet the growing demand for contemporary office space in the Southeast Valley, Portico Place II is the first speculative, multi-tenant office building of similar size developed in… Read More →

Clear Sky Capital purchases Gilbert

The Vintage

DTZ announced today that Clear Sky Vintage, LP (Clear Sky Capital, Marcus Kurschat – principal) purchased The Vintage, a 106-unit apartment community at 1303 West Juniper Avenue in Gilbert, AZ, for $14.25 million ($134,434 per unit). The seller was Vintage Gilbert, LLC (Matt and Sam Blank, Darryl Berger, Rustin Randal – principals). DTZ Executive Managing… Read More →

Black Rock RV Resort sells for nearly $4M

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The sale of the Black Rock RV Village located at 46751 E. Highway 60 in Brenda, AZ (near Quartzsite) sold April 2, 2015 for $3,925,000 to a California private investment firm.  John Grant and John Sheedy with Park Brokerage Inc. represented the buyer and the seller on the transaction. Black Rock is a winter, snowbird RV… Read More →

West Valley preps for commercial development

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Zone your acres, West Valley. The cranes are coming. About one year ago, appliance manufacturer Sub Zero bought an 11.5-acre land parcel at Palm Valley 303 (PV 303)​, the master-planned business park which sits at the confluence of Interstate 10 and Loop 303 in Goodyear, Ariz., from Sunbelt Holdings. It was the second tenant to… Read More →

Crown on 7th adds eateries and retail

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The former Crown Imports building on 7th St., between Missouri and Bethany Home in Central Phoenix, is getting a major facelift. Dan Noma, Jr., principal of Venture REI, has joined real estate development veterans Buzz Gosnell and Niels Kreipke in investing $6 million to redevelop the mixed-use project. The project will be renamed Crown on 7th and… Read More →

State Farm building sells for more than $22.9M

Four Gateway

CBRE has recently completed the sale of Gateway Four, a 137,069-square-foot, single-tenant office building, located at 444 N. 44th Street in Phoenix. The property is fully leased to State Farm Insurance and commanded a sale price of more than $22.9 million. Tom Adelson and Jim Fijan with CBRE’s Phoenix office negotiated the sale. The buyer… Read More →

Big Deals: Multi-family/Sales, March 2015-April 2015

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April 22, 2015 by in AZRE Magazine | Brokerage | In The Spotlight

There’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases that have occurred one month out from… Read More →

Justice for All: Construction in Indian Country

SRPMIC Justice Center, Courtesy of Gould Evans

There are 22 casinos in Arizona. One planned casino currently under construction on the Tohono O’odham Nation will cost $600M, bring in $100M in economic impact during the construction process and about $300M once it’s fully functional, according to reports by Indian Country Today. Income from tribal businesses, including casinos, is the only non-federal funding… Read More →

Verrado District Core sells for more than $13M

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April 22, 2015 by in AZRE Magazine | Featured | In The Spotlight

CBRE has completed the sale of the Verrado Main Street located in the master planned community of Verrado in Buckeye, Ariz. The investment sale consisted of the ±66,085-square-foot, mixed-use office and retail commercial core and an additional 6.88 acres of land. The assets commanded a sale price of more than $13.02 million. Barry Gabel and… Read More →

Medtail trends for neighborhood shopping centers

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The Metropolitan Phoenix retail market continues its recovery, as noted in a recent report from CBRE Phoenix Research. With vacancy under 10 percent for the first time in seven years, demand for space is beginning to reflect that of pre-recession levels. However, while a sense of normalcy is slowly returning to the market, real estate… Read More →

$165M for LPC-Phoenix in 60 days

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Office investment and management expert Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management, L.P. (Oaktree) have completed the $58 million purchase of Biltmore Commerce Center, a Class A, institutional-quality office building located in the heart of Phoenix’s coveted Camelback Corridor. The acquisition represents LPC’s second transaction in a partnership with Oaktree that has generated… Read More →

HSL acquires 44 Monroe in downtown Phoenix

Multi-Family Market - AZRE Magazine July/August 2011

HSL 44 Monroe, LLC, purchased a $50.65 million controlling interest in 44 Monroe, Arizona’s tallest luxury residential tower. Located at 44 Monroe on the northeast corner of 1st Avenue and E. Monroe Street, the property is located in the heart of the downtown Phoenix financial district. HSL purchased 184 condominium units in the 198-unit tower.… Read More →

Sale of Starbucks at SWC of Scottsdale & McKellips negotiated

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April 20, 2015 by in AZRE Magazine | Brokerage | In The Spotlight

Andy Kroot with Velocity Retail Group, LLC sold the single tenant Starbucks store located at the SWC of Scottsdale and McKellips – 1926 North Scottsdale Rd, Tempe AZ. Andy Kroot, Principal of Velocity Retail Group represented the Seller in the transaction and Jon Stansbury of DTZ represented the Buyer. The ownership – SWC Scottsdale & McKellips,… Read More →

Bill prohibiting energy usage report fines passed

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April 20, 2015 by in AZRE Magazine | Featured | In The Spotlight

A bill supported by NAIOP Arizona and a coalition of 10 other industry groups prohibiting a municipality from requiring an owner, operator or tenant of a business, commercial building or multifamily property from  measuring and reporting energy usage and consumption or face a fine was signed by Gov. Doug Ducey. SB 1241, sponsored by Sen.… Read More →