Regent Properties has obtained a $61.7 million bridge loan to refinance Elevate 24, a two-building, 323,251-square-foot office property in Phoenix’s Camelback Corridor. Public records show Forethought Life Insurance Co. provided the non-recourse financing. Working on behalf of the owner, a CBRE team facilitated the deal. Elevate 24 is one of the 12 office holdings Regent … [More]
Three-Building Industrial Portfolio in Phoenix Acquired by New York Investment Firm
KKR, a leading global investment firm, today announced the acquisition of a three-building industrial portfolio totaling approximately 419,350 square feet located in highly infill locations in Phoenix, Arizona. The Seller was a Joint Venture between PCCP, LLC and Hopewell Development LP. All three assets were built in 2020 and are located approximately twenty to thirty … [More]
NAIOP Honors the Valley’s Most Successful CRE Projects, Companies, Individuals
Commercial real estate’s leading annual awards, the Best of NAIOP, returned to a live event after a virtual presentation last year because of the COVID-19 pandemic. What a celebration it was. The Arizona Chapter of NAIOP safely handed out awards in 34 categories at the Westworld of Scottsdale on May 12. “Despite the COVID-19 pandemic, the number of Best of NAIOP … [More]
RED Development’s Phoenix Mixed-Use Destination Nears Full Occupancy
RED Development has signed Arizona’s largest law firm—Snell & Wilmer—to its growing tenant roster at CityScape Phoenix. With this new addition, the mixed-use property hit a leasing milestone of 98 percent. This deal marks the largest office lease signed in downtown Phoenix during the pandemic. Snell & Wilmer will be relocating its headquarters from the Arizona … [More]
235,000-Square-Foot Build-to-Suit Near Phoenix-Mesa Gateway Airport Breaks Ground
Marwest Enterprises and Willmeng Construction broke ground on the new facility this week for the Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs), ElectraMeccanica Vehicles Corp. The new facility will include an assembly and manufacturing plant, a research center, 22,000 square feet of office space and 19,000 square feet of lab space. … [More]
DAUM Commercial Breaks Ground on Phoenix-Mesa Airport Project
DAUM Commercial Real Estate Services has broken ground on Gateway Executive Airpark, a three-hangar project at Phoenix-Mesa Gateway Airport in Mesa, Ariz. Gateway Executive Airpark will comprise 185,500 square feet of space, which is now leasing and will be available for occupancy starting in the fourth quarter. Located at 5559 S. Sossaman Road, the facility is located … [More]
Marwest Breaks Ground on 1 MSF Mesa Industrial Project
Marwest Enterprises has broken ground on Elliot 202, a two-building, 1.1-million-square-foot speculative industrial campus in Mesa, Ariz., according to Phoenix Business Journal. With Willmeng Construction serving as the project’s general contractor and Ware Malcomb as architect, completion is expected in the first quarter of 2022. Elliot 202 is the largest speculative … [More]
Close on Final Sale at Chandler Airport Commerce Park, a 68-Acre Light Industrial Development
Ryan Companies US, Inc., a national developer, designer, builder and property manager offering full-service commercial real estate solutions, along with joint venture partner Allstate Investments, is announcing the final building sale at Chandler Airport Commerce Park. This sale caps off a two-phase, 68-acre light industrial development totaling 538,000 square feet, including a … [More]
More than 1M Sq. Ft. of Industrial Space Being Constructed in the Elliot Road Technology Corridor of Southeast Mesa
Marwest Enterprises, LLC, owner and developer, broke ground on a new, 1,080,240-square-foot speculative industrial development along the 202 Freeway in Southeast Mesa. The planned industrial buildings are located on the freeway-fronting northeast corner of S. Hawes and Elliot Rd. and are scheduled to be completed in December this year. “This one-million-square-foot project, … [More]
Commercial Real Estate Investment Firm Plans to Spend Close to $6 Million to Renovate Phoenix Properties
San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 332 units in the greater Phoenix area for $55 million. Summerhill Place Apartments is in Glendale, Ariz., and consists of 232 units built in 1986. The Villas at Montebella Apartments, located in Peoria, Ariz., includes 100 units built in 1974. The properties were acquired … [More]
CRE: What’s the Big Picture?
Interest in Metro Phoenix’s commercial real estate industry spans not only all its segments but naturally draws in most of the rest of the business community as companies need space for their operations. Perspective on the state of the market and its future varies by the angle from which involvement stems, and In Business Magazine explores those viewpoints of investors, whose … [More]
Walter Crutchfield, Vintage Partners
Moving up in the CRE spotlight these days is industrial and multifamily. And Phoenix is leading the pack in those segments, while other segments are adapting to considerable shifts in market needs. Many of the negative shifts felt in other parts of the country have not impacted the Phoenix market as deeply. Couple that with strong in-migration, growth in manufacturing jobs, … [More]
Resimercial Trending as Workplace Design
With all the social and economic change happening over the past year, most industries are in a state of disruption, and commercial real estate is no exception. While many of the trends we are anticipating for the next several years are not entirely new concepts, the overarching trend is that companies will need to evolve in order to stay relevant. For the commercial office … [More]
New Mesa Entertainment District to Include a Surf Lagoon
A new entertainment destination recently broke ground in Mesa. Cannon Beach will be a 37-acre surf, shop, gym and multi-use development. The project by Cannon Beach Developers, two and a half years in design and development, will bring the ocean to Arizona in a place unlike any other in the state. The oasis, located at the cross streets of Power and Warner roads in Mesa, will … [More]
Back to School – Trends in K-12 Construction
For many, elementary school classes were in portables, lunch was held in a boxy multi-purpose room and technology meant the chance to play Oregon Trail. And we loved it! Today’s students, however, just have way cooler schools, thanks in great part to innovation. According to Patrick Sheppard of CHASSE Building Team, a key component of design today is collaborative spaces, … [More]
Sale of Agave Center, Scottsdale, Sets Record
The recent sale of Agave Center at $9.775 million sale and 6.2% CAP, brokered by Colliers International, represents a record per-square-foot rate for an unanchored Scottsdale shopping center. The 2.46-acre shopping complex, with 16,038 square feet of retail space and positioned at the highly trafficked intersection of Scottsdale Road and Acoma Drive, is 100% occupied by local … [More]
Water Feature Sets Off The BLVD Development in Avondale
A new water feature project, which recently broke ground at the corner of Avondale Blvd. and W. Dale Earnhardt Dr., in Avondale, will be the showpiece at The BLVD, an exciting new development along Avondale Boulevard. The project will include two signature-entrance water features, a one-acre lake, koi pond, splash pad, pedestrian bridges and inviting landscaping. Once … [More]
