Arizona Commercial Real Estate News

Phoenix Commercial Real Estate News From CoStar Group

2/22/2018 7:48:07 PM

ViaWest Group acquired the 252,350-square-foot Blackhawk Corporate Center I, II and III office complex in Phoenix from Cohen Equities, a vertically integrated investment and management company based in New York, for $34.25 million, or approximately $136 per square foot. The three-building office park at 20401 N. 29th Ave. and 2902 and 3010 W. Agua Fria Fwy. delivered in 1997 and 1998. Blackhawk Corporate Center is leased to tenants including California...

2/21/2018 7:25:34 PM

Optima, a vertically integrated investment firm, partnered with Des Moines, IA-based Principal Real Estate Investors, completed a $200 million recapitalization on the 627-unit apartment complex at Optima Sonoran Village in Scottsdale, AZ. Optima Sonoran Village, Phases I and II, delivered in 2014 at 5895 E. Camelback Rd. The multifamily complex, which was developed by Optima, comprises studios, one-, two- and three-bedroom units in four, seven...

2/20/2018 6:28:09 PM

The Dakota at McDowell Mountain Ranch Bids for a sprawling suburban Phoenix apartment complex with some upside potential should hit $150 million, say market players. Dakota at McDowell Mountain Ranch is a 736-unit property in Scottsdale, AZ. It was built in two phases in 1996 and 1997 and had been run as two separate 368-unit properties originally. Pinnacle Financial Group, a subsidiary of UBS, has owned the properties for more than 10 years...

2/21/2018 4:15:14 AM

Party City leased 15,068 square feet at The Market at Estrella Falls power center in Good Year, AZ. The single-story, 266,548-square-foot retail building at 1755-2075 N. Pebble Creek Pky. delivered in 2008. The Market at Estrella Falls is anchored by Staples, Dollar Tree, Home Goods and Petco. Other tenants include 1st Choice Courier, Harkins Theatre, TJ Maxx and Burlington Coat Factory, which signed a 36,000-square-foot lease in 2015. The power...

2/15/2018 7:44:17 PM

MIG Real Estate, an investment firm that seeks to maximize returns for its clients by adding value to each property through the implementation of focused management, leasing and capital programs, acquired the 209-unit Trails at Harris apartment complex in Mesa, AZ from Western Wealth Capital (WWC) for $22.1 million, or approximately $106,000 per unit. Trails at Harris is 93 percent occupied and located at 1653 S. Harris Dr. The garden-style multifamily...

2/13/2018 3:42:34 AM

Lina Home Furnishings, a family-owned furniture chain, signed a 37,343-square-foot lease at 4609-4735 E. Ray Rd. in Phoenix. The single-story structure, part of Ahwatukee Foothills Towne Center, totals approximately 216,000 square feet and delivered in 1997. The retail building is anchored by Marshalls, Michaels and Sprouts Farmers Market. Other tenants include America’s Best Contacts, Hallmark, Party City, PetSmart and Burlington, which signed...

2/9/2018 1:42:08 AM

Clear Sky Capital, a local private equity investment firm, sold the 125-unit Mission Palms apartment complex at 6131 N. 16th St. in Phoenix to a private investor for $16 million, or $128,000 per unit. Mission Palms comprises one- and two-bedroom units ranging from 613 to 1,100 square feet. The 10-building, garden-style multifamily complex is 100 percent occupied. David Fogler and Steve Nicoluzakis, executive managing directors of Cushman...