Phoenix/Tucson Commercial Real Estate News From CoStar Group

8/15/2018 1:45:17 AM

Waterford at Peoria, one of six Phoenix-area communities acquired by Blackstone in a $311 million deal.Blackstone has swallowed up a six-property apartment portfolio in the hot Phoenix market. Blackstone, the New York-based investment behemoth, paid $311 million, or $178,000 per apartment, for the 1,751-unit package. The complexes were all built between 1997 and 2009, giving the portfolio some value-add potential through renovations. Blackstone...

8/14/2018 11:02:20 PM

The 41,070-square-foot office building at 2075 W. Pinnacle Peak Road in Phoenix. Emeryville, California-based Libitzky Property Cos. (LPC), an investment firm that focuses on the acquisition of large industrial and office projects, purchased a four-building office park totaling 164,437 square feet in Phoenix from Adler Realty Investments (Adler). Corridors Phoenix sold for $21.17 million, or about $129 per square foot. The single-story buildings...

8/14/2018 1:30:47 AM

Erik Marsh joined Kidder Mathews as a senior vice president in Phoenix, where he will specialize in the acquisition and disposition of investment properties. The 15-year industry veteran previously served as a managing director at Newmark Knight Frank (NKF), and, prior to that, he was a senior investment associate at Marcus & Millichap. Marsh earned his bachelor’s degree at United States Merchant Marine Academy.

8/13/2018 1:27:10 AM

The 92,315-square-foot office building at 2910 N. 44th St. in Phoenix. Tessenderlo Kerley, a manufacturer of process metals, purchased a 92,315-square-foot office building for its new headquarters in Phoenix. The state of Arizona sold the building for $9.75 million, or about $106 per square foot. The four-story structure at 2910 N. 44st St. was built in 1988 and previously served as a headquarters for a savings and loan institution. The Class...

8/12/2018 10:25:56 PM

The Curve at Melrose apartment building under construction at 4333 N. 6th Dr. in Phoenix. Phoenix continues to be a mainstay on the national list of top markets for rent growth. At the end of 2018’s second quarter, the Valley’s rents grew 5.7 percent year-over-year for the third-best mark

8/9/2018 3:54:26 AM

Amanda Aiello joined Small Giants as an assistant project manager in Scottsdale, Arizona. In her new role, she will help communicate to team members the proper deliverables to be fulfilled for each project and client, including maintaining the CRM database, project proposal development support and invoicing. “As Small Giants has grown we have been very fortunate to gain the trust of existing clients on larger projects, as well as added national...

8/8/2018 4:31:29 AM

Holliday Fenoglio Fowler (HFF) tapped Patrick Dempsey as a managing director in Phoenix, where he will expand the firm’s investment advisory team. In his new role, he will focus on retail investment advisory and capital markets transactions. Dempsey previously served as a principal at Lee & Associates where he was a member of the top performing investment sales team since 1996, and, prior to that, he worked at Grubb & Ellis. He began his career...

8/6/2018 10:16:51 PM

Glen at Mesa, one of three suburban Phoenix communities acquired by Priderock Capital Partners in a $153.5 million deal.A trio of 1980’s-vintage apartment complexes in suburban Phoenix have sold for $153.5 million. Priderock Capital Partners, a multifamily asset management firm based in West Palm Beach, FL, closed on the 1,117-unit package last week. The sale price translates into a little more than $137,000 per unit. Priderock specializes in...

8/6/2018 10:09:36 PM

Demand for industrial real estate remains robust in the U.S.-Mexico border region that includes San Diego County, even amid rising global tensions over trade tariffs and the potential re-negotiation of the North American Free Trade Agreement (NAFTA), according to two recent reports. The manufacturing supply chain in the area is pumping out billions of dollars worth of products and foreign exports that are driving up the need for warehouses on...

8/6/2018 7:09:18 PM

The 286-unit Velaire at Aspera luxury apartment complex in Glendale, AZ. The Blackstone Group, a full-service investment firm based in New York, purchased a 286-unit luxury apartment complex in Glendale, Arizona from P.B. Bell Cos. Velaire at Aspera sold for $64.35 million, or $225,000 per unit. The garden-style complex at 7700 W. Aspera Blvd. comprises one-, two- and three-bedroom units ranging from 726 to 1,281 square feet in 14, three-story...

8/5/2018 8:50:41 PM

Rendering of the 554,000-square-foot West 202 Logistics Center in Phoenix. Trammell Crow Company (TCC), a development and investment company founded in 1948, purchased 38.5 acres in Phoenix for West 202 Logistics Center, a 554,000-square-foot speculative industrial building. A local private investor sold the land for an undisclosed price. Plans for the single-story, cross-dock facility at the southeast corner of 59th Avenue and Lower Buckeye...

8/3/2018 1:05:54 AM

Pitch Pizzeria at The Quad in Scottsdale, AZ. City Office REIT, a Vancouver-based real estate investment trust with a US office in Dallas, recently closed on its latest purchase in the Phoenix office market with the acquisition of The Quad, a 14-building, 166,606-square-foot office campus in Scottsdale, Arizona. EverWest Real Estate Investors, in partnership with WHI Real Estate Partners and co-developer George Oliver Cos., sold the former executive...

8/2/2018 9:55:08 PM

The 38,877-square-foot Maricopa Marketplace in Maricopa, AZ. Cave Creek Capital Partners, a local private equity firm, purchased a 38,877-square-foot shopping center in Maricopa, AZ from U.S. Bank. Maricopa Marketplace sold for $10.05 million, or about $259 per square foot. Spanning 20 acres at 20917-21141 N. John Wayne Pkwy., the center is 30 miles south of Phoenix Sky Harbor International Airport. The 96 percent occupied, five-building property...