Arizona Commercial Real Estate News

Phoenix/Tucson Commercial Real Estate News From CoStar Group

9/17/2017 6:00:00 PM

NRG Energy (NYSE: NRG) has finalized a deal to sublet 431,037 square feet at One Shell Plaza in downtown Houston from Shell Oil Co. A leading American energy company dual-headquartered in Princeton, NJ and 1201 Fannin St. in downtown Houston, NRG will fully occupy 18 floors within the 50-story, 1,228,923-square-foot, Class A high-rise completed in 1970 in Houston's central business district. The Jackson Walker, LLP team of Pat Sharkey and Amber...

9/15/2017 1:00:00 AM

It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Silicon Valley, Houston, Richmond / Hampton Roads, Los Angeles, New York City, San Diego, Atlanta, Dallas / Ft. Worth, Boston, Northern New Jersey, Philadelphia, Chicago, Cincinnati, South Carolina and East Bay. SILICON VALLEY Kelly Joins NKF as Executive Managing...

9/13/2017 6:26:15 PM

Plaza Companies and Holualoa Companies have entered into a sales agreement to purchase a large portion of the Park Central Mall site located on N. Central Ave. in Phoenix, AZ. When escrow closes next month, the two prominent commercial real estate firms plan to redevelop more than 337,000 square feet into a modern, mixed-use, competitive economic engine for the Valley of the Sun, according to a corporate release. Not included in the group's...

9/13/2017 11:41:54 PM

During the second quarter 2017, 11 buildings totaling 810,734 square feet were completed in the Phoenix market area. This compares to 13 buildings totaling 2,241,095 square feet that were completed in the first quarter. There were 4,258,448 square feet of Industrial space under construction at the end of the second quarter 2017. Some of the notable 2017 deliveries include: 16601 W Sells St - PV/303 - Bldg A, a 618,350-square-foot facility that...

9/12/2017 7:49:37 PM

Consumer Cellular leased the entire 163,607-square-foot office building located at 17500 N. Black Canyon Hwy in Phoenix, AZ. Built in 1987, the single-story office building is situated on an 11.5-acre parcel in the Deer Valley / Airport submarket of Maricopa County, within the I-17 Office Center business park. The tenant, which offers flexible monthly cellular service plans with no contracts and nationwide coverage, will take occupancy of...

9/12/2017 12:08:29 AM

Rockefeller Group sold the Rockefeller Group Distribution Center - Phase I industrial building at 6855-6751 S. Lisa Frank Ave. in Tucson, AZ for $10.13 million, or about $89 per square foot, to Harsch Investment Properties. The 113,546-square-foot building sits on 21.5 acres in Pima County. It features 40 loading docks and four drive-in bays in addition to 7,000 square feet of built-out office space. It was 79 percent leased at the time of sale...

9/12/2017 4:56:19 AM

Leading outdoor advertising firm Outfront Media, formerly CBS Outdoor, leased 13,187 square feet in the Biltmore Center I building located at 2390 E. Camelback Rd. in Phoenix, AZ. The 211,624-square-foot office building is situated on a 2.7-acre parcel in Maricopa County. The tenant is slated for 4th quarter 2017 occupancy. Ryan Timpani and Phillip Breidenbach of Colliers International represented the landlord.

9/11/2017 12:47:52 AM

Epic Real Estate Partners (EREP Ventana II LLC) has purchased the Ventana Village Shopping Center at 6860-6920 E. Sunrise Dr. in Tucson, AZ for $21.45 million, or about $195 per square foot, from Westwood Financial Corp. The 110,116-square-foot neighborhood center is anchored by Bashas's Supermarket and is situated on 11.9 acres on the southwest corner of N. Kolb Rd. in Pima County. Charles Osbrink and Gleb Lvovich of HFF represented the seller...

9/10/2017 8:42:33 PM

Meridian Management has purchased the Grunow Memorial Medical Center at 926 E. McDowell Rd. in Phoenix, AZ for $4.9 million, or about $96 per square foot, from PacVentures, Inc. The sale marks Meridian’s first major purchase outside of California. Grunow Memorial Medical Center was built in 1931 and recently renovated in 2014. The 51,150-square-foot office building is two stories tall and is set on more than four acres in Maricopa County. The...

9/7/2017 1:55:39 AM

Corporate services specialist Mark Seale has joined Avison Young as a principal with the firm. In his new role, Seale will serve as director of brokerage services in its Phoenix, AZ office. Seale will continue to focus on tenant representation while helping recruit and mentor top talent and oversee local brokerage operations in addition to assisting the development of a core strategy to position Avison Young's commercial real estate property...

9/5/2017 10:30:25 PM

The Weil Ernst Trust and The Schneider Living Trust have acquired the Hamstra Square Shopping Center from Hamstra Square Investors LLC for $7.1 million, or about $87 per square foot. The 81,148-square-foot center is located on the northeast corner of Pecos and McQueen Roads in Chandler, AZ. This retail center is 89 percent occupied, with KTF Family Action Sports being the anchor tenant. The center was constructed in 2002. Lane Neville and...

9/5/2017 9:23:47 PM

Nicola Wealth Management has purchased the five-building Cabot Business Center for $11.38 million, or about $104 per square foot, from Dunbar Real Estate Investment Management. The property consists of industrial and flex buildings totaling 109,700 square feet at 3802-3922 E. University Dr. in Phoenix, AZ. Darren Tappen, Matthew Ault and Peter Beauchamp of Kidder Mathews represented the seller. The buyer handled the sale in-house. For more...

9/5/2017 9:22:56 PM

Sketchers USA leased 18,000 square feet at Circle Plaza shopping center located at 7170 E. Broadway Blvd. in Tucson, AZ. The 163,746-square-foot retail center is located on the southeast corner of Kolb Road in the East Tucson Retail submarket of Pima County. Andy Seleznov of Larsen Baker LLC represented the landlord. Greg Furrier of Cushman & Wakefield represented the tenant.

9/5/2017 2:15:08 AM

Cavan Commercial Real Estate Investments sold the 101 Corporate Center office building at 19820 N. 7th St. in Phoenix, AZ for $11.8 million, or about $153 per square foot, to Globe Corporation. Cavan had held the property since 2012 when it purchased the asset for $6.2 million ($80 pSF) from Trident Pacific RE Group, Inc., according to CoStar data. See CoStar COMPS #2496453. The 78,000-square-foot office building was constructed in 2002 in the...

9/5/2017 1:15:36 AM

WA-based developer and investment company Weidner Property Management LLC acquired The Lofts at Rio Salado apartments at 1033 N. Parkside Dr. in Tempe, AZ for $75.5 million, or about $162,000 per unit, from JP Morgan Chase & Co. Investment Management. The 467-unit, 463,848-square-foot multifamily complex delivered in 2006 on 12.1 acres in the North Tempe Multifamily submarket of Maricopa County. The property offers a mix of studios, one-, two...