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CREReport | Phoenix for December 2, 2014
    

CREReport | Phoenix

Commercial Real Estate Report for December 2, 2014

Top Stories from Monday, December 1

• Baum Development Selected to Develop Hayden Flour Mill in Tempe

• AZ Gilbert Holdings Gets Zoning Approval to Build Mixed-Use Project in Gilbert

Catclar Investments Plans Office / Retail / Condo Project in North Scottsdale

CREReport | Phoenix

Plans for Hayden Flour Mill: Hotel, Restaurant, Amphitheater

Phoenix Business Journal reports that plans for Hayden Flour Mill in Tempe include preserving the existing iconic grain elevator and attached building plus develop anew.

A team lead by Baum Development comprised of Aparium Hotel Group, SmithGroupJJR and Sundt Construction plan to build a trio hotel, restaurant and amphitheater at the location

bizjournals.com

Garland Oak Creek Lodge Inc. Acquires 30K SF Office Property in North Scottsdale for $5.2M

Garland Oak Creek Lodge Inc. purchased a 30,120 square-foot office property located at SW/SWC Scottsdale Rd & Mayo Blvd in North Scottsdale) from CM & PM Acquisitions LLC. for $5.2M.

Lee & Associates’ Colton Trauter and Bill Blake represented the buyer, Garland Oak Creek Lodge, Inc.

MarCor Commercial Real Estate’s Francis Marotta represented the seller, CM & PM Acquisitions LLC.

Lee & Associates

Trilogy Partners Acquires 12K SF Industrial Property in Chandler for $1.2M

Photo of subject industrial property at 2915 W Fairview St, Chandler Subject Property (cpiaz.com, blog)

Trilogy Partners, LLC purchased a +/-12,000 square-foot industrial property located at SEC Loop 101 & Frye Rd in Chandler for $1.2M.

Commercial Properties Inc.’s Leroy Breinholt represented the buyer, Trilogy Partners, LLC.

Commercial Properties, Inc.’s Jeff Hays, Chad Neppl and Ryan Steele represented the seller (undisclosed).

Commercial Properties Inc.

Strategic Hotels & Resorts Offering 20M Shares of Common Stock, Proceeds for Purchasing Scottsdale Resort

Strategic Hotels & Resorts, Inc. announced that the company will offer 20,000,000 shares of common stock. Net proceeds will be used to fund the purchases of Four Seasons Resort Scottsdale at Troon North, NW/NWC Alma School Pkwy & Jomax Rd.

Previously reported on Nov. 19: Strategic Hotels & Resorts Acquiring Four Season Resort Scottsdale at Troon North for $140M

prnewswire.com

The Delta Corp. Purchases 15.35 Acres of Land in Chandler for $2.75M

The Delta Corp. purchased 15.35 acres of mixed-use land located at SEC Ellis St & Frye Rd in Chandler from BOK Financial Corp. for $2.75M.

Cassidy Turley’s Rick Danis and Paul Boyle represented both the buyer, The Delta Corp., and the seller, BOK Financial Corp., in the transaction.

cassidyturley.com

Regent Properties Announces $300 Million in Equity Commitments

Regent Properties announced that the company has closed over $300M in equity commitments. The funds will be used to progress the company’s current interest in acquiring western US office properties.

In September, Regent had announced its first close of $60M in capital commitments in order to acquire properties in Dallas, Phoenix, San Diego, Las Vegas and the like.

Editor’s Note: Clearly Regent Properties’ interest in Phoenix shows. News of the company’s $34.6M purchase of 90 Mountain View broke less than a week ago.

Yahoo

Medican Acquiring 67K SF Industrial Property in Phoenix for $2.3M

Medican Enterprises Inc. announced that the company has signed an agreement to purchase a 67,000 square-foot industrial facility in the Phoenix area for $2,340,310.

Medican plans to launch a real estate leasing and marijuana service business at the unannounced location.

Excerpt: At current market rates the property is estimated to produce annual lease revenues of approximately $1,400,000.

businesswire.com

IDI Distributors Leases 29.2K SF of Industrial Space in South Phoenix

IDI Distributors leased 29,242 square feet of industrial space at NW/NWC 7th St & I-17 in South Phoenix) from Thackeray Partners.

Cresa’s Ted Liles and Grant Kingdon represented the tenant, IDI Distributors.

Lee & Associates’ Tom Louer and Stein Koss represented the landlord, Thackeray Partners.

cem-az.com

Phoenix Struggling to Compete With Other Cities Due to Lack of New Development

While there is currently 807,300 square feet of speculative office space and another 1.9M square feet of build-to-suit office construction in the valley, Phoenix Economic Development Director Christine Mackay expressed concern that Phoenix is lagging. As companies looking to move or expand, other major cities offering “shovel-ready” sites look more attractive.

Editor’s Note: It would be great to see a comparison of numbers against the other cities listed in the article.

bizjournals.com

Chateau Luxe Prepares to Open 50K SF Event Space in North Phoenix

Chateau Luxe, a 50,000 square-foot event venue located at NW/NWC Cave Creek Rd & Loop 101 in North Phoenix*, plans to open February 2015.

* Chateau Luxe’s Facebook Page identifies their address as 1175 E Lone Cactus Dr, Phoenix. AZRE’s article describes the location as “just north of the 101 off of 7th Street.” Same general region.

azbigmedia.com

iStar Financial Prepares to Offer 72 Condo Units at Sage in Scottsdale

iStar Financial is preparing to offer 72 units at Sage, E/SEC Scottsdale Rd & Chaparral Rd in Central Scottsdale. The condominiums are expected to hit the market on December 6th.

iStar began construction of the final phase of Stage back in March 2014 and expected to deliver the project early 2015.

bizjournals.com

Boomtown Sued for Not Paying Rent

Pacific Coast Business Times reports that Boomtown Entertainment, owner of Toby Keith’s I Love This Bar & Grill, is being sued by Shea Properties for not paying rent for their location at The Collection at Riverpark in Oxnard, CA.

A pattern is emerging as Boomtown has also had trouble at:

Mesa Riverview Center - conflict with the leasing company.

• Tucson Mall - General Growth Properties Suing Restaurant for Breaking Lease (previously reported on Aug. 25, 2014).

pacbiztimes.com