Arizona Commercial Real Estate News

Phoenix/Tucson Commercial Real Estate News From CoStar Group

5/24/2018 7:11:34 PM

The 184-unit Zazu Pannee Park apartment complex at 1502 E. Osborn Rd. in Phoenix Emma Capital Investments purchased a 184-unit apartment complex in Phoenix from Oppenheimer Partner Properties. Zazu Pannee Park sold for $22.25 million, or about $120,000 per unit. Built in 1953 on nearly seven acres, the garden-style complex at 1502 E. Osborn Rd. comprises studio, one- and two-bedroom units ranging from 520 to 1,800 square feet in 22, two-story...

5/23/2018 7:38:52 PM

Pictured: Frontier City in Oklahoma City.Six Flags Entertainment Corp. will pay Oklahoma City-based Premier Parks LLC $23 million to buy the exclusive lease rights to five amusement parks. The deal includes Frontier City and White Water Bay in Oklahoma City; Wet n’ Wild Splashtown Waterpark in Houston; Wet n’ Wild Waterpark in Phoenix; and Darien Lake, a 1,000-acre property near Buffalo, NY, that includes an amusement park, water park, hotel,...

5/23/2018 1:47:13 AM

The Class A, 254-unit Pavilions on Central apartment complex at 1 W. Campbell Ave. in Phoenix Seattle, WA-based Security Properties (SP), and funds managed by Oaktree Capital Management, purchased a 254-unit apartment complex in Phoenix from Crow Holdings, an investment firm based in Dallas. Pavilions on Central sold for $59 million, or about $232,000 per unit. Located at 1 W. Campbell Ave., the garden-style complex was built in 2000 on nearly...

5/22/2018 9:44:03 PM

Rendering of the 1.35 million-square-foot speculative Union office park in Mesa, AZ The Mesa City Council has unanimously selected Lincoln Property Co. (LPC) and Harvard Investments to develop Union, a 1.35 million-square-foot speculative office park on 28.2 acres in Mesa, AZ. Development on the four buildi

5/22/2018 8:17:42 PM

If Phoenix wants to establish itself as a bona fide tech market, more co-working space would probably be a good start. Google, Apple and Microsoft were once fledgling companies based out of garages. But today they might have started off in a co-working space like Uber, Instagram and Indiegogo did. The Valley of the Sun is not home to a tech giant’s headquarters, and the lack of homegrown startups in the metro is likely to be the main culprit....

5/22/2018 4:12:45 AM

Aerial of Mountain View Plaza at 9812-9832 N. 7th St. in Phoenix Credit: SVN Desert Commercial Advisors Honolulu-based Watumull Properties purchased a 25,898-square-foot shopping center in Phoenix from local restaurateurs and brothers, Robert Brescia and Dino Brescia. Mountain Vew Plaza sold for $5.23 million, or about $202 per square foot. Located at 9812-9832 N. 7th St., the single-story structure was built in 1988 on nearly three acres,...

5/22/2018 3:20:46 AM

The 92,504-square-foot Boardwalk at Anderson Springs shopping center in Chandler, AZ Los Angeles-based Westwood Financial, an owner and operator of national grocery-anchored properties, purchased two Sprouts-anchored shopping centers in Chandler, AZ and Decatur, GA for $66.2 million. See CoStar COMPS #4269370. Located at 1949-1979 W. Ray Rd. in Chandler, AZ, the 92,504-square-foot Boardwalk at Anderson Springs shopping center was built in 1988...

5/22/2018 1:06:00 AM

Marshalls at the SanTan Village Marketplace power center in Gilbert, AZ Santa Monica, CA-based Columbus Pacific Properties, an investment firm that has developed and redeveloped nearly 5 million square feet of national retail properties since its launch in 1995, purchased a 285,581-square-foot power center in Gilbert, AZ from a joint venture between The Blackstone Group and DDR Corp. The 97 percent leased SanTan Village Marketplace sold for $51...

5/16/2018 8:38:30 PM

The 301-unit Olympus Steelyard apartment complex at 155 E. Frye Rd. in Chandler, AZ Fort Worth, TX-based Olympus Property, a full-service investment firm, purchased a 301-unit multifamily complex in Chandler, AZ from Wood Partners. Olympus Steelyard, formerly Alta Steelyard, sold for $69.25 million, or approximately $230,000 per unit. Built in 2015 at 155 E. Frye Rd., the garden-style complex comprises one-, two- and three-bedroom units ranging...

5/16/2018 2:12:33 AM

Continuing to expand its operations even as it considers the finalists for its new co-headquarters complex dubbed HQ2, Amazon.com said it will open an 855,000-square-foot customer fulfillment center in Tucson, AZ. The new warehouse, where workers will pick, pack and ship items such as electronics, books, housewares and toys to customers, will be the fifth Amazon facility in Arizona and its first in the Tucson area. The project will be developed...

5/16/2018 12:27:07 AM

The 360-unit Autumn Creek Apartments complex at 1320 N. McQueen Rd. in Chandler, AZ Western Wealth Capital, a North Vancouver-based investment firm, purchased a 360-unit multifamily complex in Chandler, AZ from PEM Real Estate Group. Autumn Creek Apts. sold for $45.5 million, or about $126,000 per unit. Located at 1320 N. McQueen Rd., the garden-style complex comprises studio, one- and two-bedroom units ranging from 476 to 851 square feet in...

5/15/2018 4:41:31 AM

The 382-unit Prescott on Thomas apartment complex at 1645 E. Thomas Rd. in Phoenix Capital Real Estate (CRE), a Denver-based full-service investment firm, purchased a 382-unit apartment complex in Phoenix from New York-based Abacus Capital Group. Prescott on Thomas sold for $33.35 million, or about $87,000 per unit. Located at 1645 E. Thomas Rd., the garden-style complex comprises studio, one- and two-bedroom units ranging from 370 to 900 square...

5/14/2018 12:46:31 AM

Rendering of the 210-room Hampton Inn & Suites at 77 E. Polk St. in PhoenixCredit: PK Architects Apple Hospitality REIT (NYSE: APLE) purchased a 210-room hotel in Phoenix from its developer, M. A. Mortenson Co. The Hampton Inn & Suites sold for $44.17 million, or about $210,000 per room. See CoStar COMPS #4127842. With the acquisition, the Richmond, VA-based buyer now owns 242 Hilton- and Marriott-branded hotels, with 30

5/13/2018 8:08:09 PM

The first phase of Southwest Industrial Center in the Tolleson submarket. The 684,420-square-foot distribution building delivered in 2015. E-commerce has underpinned demand for new industrial space in Phoenix over the past several years. In the first half of 2018, online retailers that require the clear heights and amenities of modern logistics buildings have signed many of the largest leases. A pet-product supplier, Chewy.com, and a pair...