Tag Archives: Jim fijan

Esplanade

CBRE completes sale of Esplanade III

CBRE has negotiated the sale of Esplanade III, a 218,266-square-foot office building located at 2415 East Camelback Road in Phoenix. Financial terms of the transaction were not disclosed. The property was approximately 95 percent leased at time of sale.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale, along with Kevin Shannon of CBRE’s South Bay, California office. The seller was an institutional client of AEW Capital Management, L.P. The buyer was Dallas-based Crow Holdings.

“This is the highest price per square foot for a multi-tenant, class A asset since the downturn,” said CBRE’s Fijan. “Office fundamentals are improving and pricing is approaching pre-recession levels. Investors are taking notice and have shifted their attention to Phoenix, especially as pricing in coastal markets skyrockets.”

As part of the Esplanade mixed use development, Esplanade III benefits from the wealth of on-site amenities shared by the complex. MetLife, owner of the other four office buildings in the development, recently announced a refresh of the retail amenities such as new restaurants and a new common area business center. 

Developed in 1997, Esplanade III is a ten-story, class A, multi-tenant office building located in the heart of the Camelback Corridor. Ninety-five percent leased at time of sale, tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball’s western headquarters, among others.

Kierland II

Kierland II sells for nearly $50M

CBRE has negotiated the sale of Kierland II located at 16260 N 71st Street in Scottsdale, Ariz. The 237,875-square-foot office building commanded a sale price of $49.15 million. The property was approximately 80 percent leased at time of sale.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was The Prudential Insurance Company of America. The buyer was Irvine, Calif.-based LBA Realty, a full service real estate investment and management company.

“The sale of Kierland II is a great way to kick off 2015 and this sets the tone for what should be a good year for the office investment market,” said CBRE’s Fijan. “We expect the office market to be very active throughout 2015. The past few quarters have seen steady market improvement and buyers and sellers alike are looking to capitalize on the improved fundamentals the Phoenix office market is demonstrating.”

Developed in 2001, the four-story, class A, multi-tenant office building is currently home to Prudential, Brookfield Relocation Services and 41st Parameter. Located in the heart of North Scottsdale, the property benefits from proximity to world class retail amenities, restaurants and resorts as well as direct access to the Loop 101 Freeway via Scottsdale Road. Tenant’s amenities include ample covered parking as well as a new on-site full service restaurant.

Economic Forecast

IREM, CCIM announce 9th annual CRE Economic Forecast

IREM and CCIM will present the 9th annual commercial real estate Economic Forecast at the Tempe Center of the Performing Arts on Thursday, Jan. 15, 2015. IREM and CCIM will begin the program by honoring Jerry Colangelo, who will be recognized as the Person of the Year by the organizations.

The panel discussion will be moderated by Peter Bolton of Newmark, Grubb, Knight, Frank. Each panel member will discuss their area of expertise as it relates to the current commercial real estate environment and then predict, based on the metrics of the commercial real estate business, achievements by year’s end.

The program will begin at 8 a.m. and continue until noon. The program will include;
Jerry Colangelo Program Honor

Multi-Family Panel
o    Cindy Cooke – Colliers International
o    Mark Schilling – MEB
o    Tom Lewis – Alliance

Office Panel
o    Jim Fijan – CBRE
o    Chris Toci – Cushman & Wakefield
o    Matt Mooney – Parkway Properties

Retail Panel
o    Judi Butterworth – Velocity Retail
o    Greg Laing – Phoenix Commercial Advisors
o    Pat McGinley – Vestar

Industrial Panel
o    Stein Koss – Lee & Associates
o    Tony Lydon – JLL
o    Mark Singerman – Rockefeller Group

The Tempe Center of the Arts is located at 700 W Rio Salado Parkway, Tempe, Ariz., and more information on the 2015 IREM/CCIM Economic forecast can be found here.

Hayden Ferry Lakeside II Office Tower

CBRE Completes $86 Million Sale of Hayden Ferry Lakeside II Office Tower

The Fortune 500 and S&P 500 company, CBRE, has completed its $86 million sale of the Hayden Ferry Lakeside II property.

The property is located at 60 E. Rio Salado parkway in Tempe. The seller remains undisclosed and was represented by CBRE’s Brad Anderson and Bryan Taute, along with Kevin Shannon, Todd Tydlaska and Ken White from the firm’s California office.

CBRE’s Jim Fijan, of Phoenix, represented the buyer, who also owns the adjacent Hayden Ferry Lakeside I and is an affiliate of Parkway Properties.

The Hayden Ferry Lakeside II is a 12-story Class A multi-tenant office building and is located within a 1.6 million square feet project. This project includes offices, retail and residential condominium units. The building, built in 2007, was 95% occupied at the time of sale.

The location of the building creates for a vibrant environment for tenants, as it is set along Tempe Town Lake, and is surrounded by countless dinning and shopping venues on the Mill Avenue entertainment district.

“The Phoenix office leasing market has turned and is gaining momentum. It was one of only eight office markets nationally that absorbed over 1.8 million square feet in 2011, with much of that absorption focused in Class A office assets like Hayden Ferry Lakeside. This transaction again demonstrated capital’s continued desire for core office product.” said CBRE’s Shannon.

Taute added, “The significant lease up over the last 18 months and subsequent sale is a testament to the quality of the building. We anticipate leasing demand for this project to continue for the foreseeable future.”

For more information on the largest commercial real estate services firm (in terms of 2011 revenue), visit their website at www.cbre.com.

The company, with nearly, 34,000 employees, provides services for real estate owners, investors, and occupiers.