The Metro Phoenix commercial real estate sector continues to stay red hot, as evidenced by the biggest commercial real estate deals in April, according to the commercial real estate tracking website Vizzda.
In terms of the overall Metro Phoenix market, here’s what experts are seeing, according to a report from CBRE:
• The Phoenix industrial market’s momentum continued into the first quarter with 5,622,877 square feet of positive net absorption, its 44th consecutive quarter of gains.
• Phoenix industrial vacancy was 5.6%% in Q1 2021, a decrease of 40 bps quarter-over-quarter.
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• Construction deliveries totaled 4,394,711 square feet in Q1 2021.
• Currently, 11,403,937 square feet of industrial space is underway across the Phoenix market, primarily concentrated in the Southwest Valley.
• Net absorption for office space in Q1 2021 finished at -554,058 square feet, the third-lowest in history.
• The vacancy rate for office space rose for five straight quarters, settling at 19.1%.
• Full service gross asking lease rate for office space decreased slightly to $28.07, the second-highest ever recorded (historical data begins in 1999).
With those trends in mind, here are the Top 5 commercial real estate deals in April for Metro Phoenix:
Multifamily sales
1. $94,800,000
Property: Coves at Newport, Glendale
Buyers: Knightvest Management and LEM Capital
Sellers: Knightvest Management and Transwestern
2. $59,700,000
Property: Lunaire Apartments, Goodyear
Buyer: 29th Street Capital
Seller: RK Properties
Broker: Berkadia
3. $56,120,000
Property: Villages at Harvard Crossing, Goodyear
Buyer: RPM Company
Seller: The Empire Group
Broker: Berkadia
4. $54,500,000
Property: Cabana on 12th
Buyer: JB Partners
Seller: Greenlight Communities
Broker: Institutional Property Advisors (IPA)
5. $41,940,000
Property: Ponderosa Ranch Apartments, Tempe
Buyer: University Partners
Seller: Capital Real Estate
Industrial sales
1. $44,000,000
Property: Northern 101 Commerce Center, Glendale
Buyer: CapRock Partners
Seller: Creation Equity
Broker: Cushman & Wakefield
2. $35,500,000
Property: 670 S. 91st Ave., Tolleson
Buyer: Nearon
Seller: CTR Investors
3. $27,400,000
Property: Freeport Distribution Center, Phoenix
Buyer: KKR & Co.
Seller: Lincoln Property Company
4. $27,028,620
Property: FedEx Ground Tempe Terminal, Tempe
Buyer: Realterm Logistics
Seller: VEREIT
Broker: CBRE
5. $19,500,000
Property: 10027 S. 51st St., Phoenix
Buyer: Victor Schaff
Seller: Douglas Allred Company
Broker: CBRE
Office sales
1. $39,500,000
Property: Mesa Financial Plaza, Mesa
Buyer: CAMCO Investment Group
Seller: Barker Pacific Group
Broker: CBRE
2. $13,000,000
Property: Talavi Spectrum, Glendale
Buyer: OrbVest
Seller: Dunbar Real Estate Investments
3. $6,928,000
Property: 3420 E. Shea Blvd., Phoenix
Buyer: Joseph and Janelle Barnes
Seller: Duncan R. Lee
4. $5,421,250
Property: Core Center (Proposed), Scottsdale
Buyer: John Wright
Seller: Impact Church
Broker: Nathan & Associates
5. $5,025,000
Property: 8211 S. 48th St., Phoenix
Buyer: Exeter Property Group
Seller: Hannay Realty Advisors
Broker: Cushman & Wakefield
Land sales
1. $40,156,680
Property: Madera Phase 2 (102.91 acres), Queen Creek
Buyer: Ashton Woods
Seller: Communities Southwest
Broker: Nathan & Associates
2. $19,452,737
Property: The Cubes at Glendale Building A Lot 1 (74.43 acres), Glendale
Buyer: Claycorp / CRG
Seller: Claycorp / CRG
3. $17,734,190.76
Property: E202 (74.05 acres), Mesa
Buyers: Marwest Capital and The Carlyle Group
Seller: EdgeConnex
4. $15,476,240
Property: Chandler 202 Autopark Lot 5 (13.66 acres), Chandler
Buyer: Earnhardt Auto Centers
Seller: Lund Cadillac
5. $10,500,000
Property: 25.6 acres at Estrella and Lower Buckeye parkways, Goodyear
Buyer: Harvard Investments
Seller: El Dorado Holdings
Broker: ABI Multifamily
