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CREReport | Phoenix for December 3, 2014

CREReport | Phoenix

Commercial Real Estate Report for December 3, 2014

Top Stories from Tuesday, December 2

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

Regent Properties Announces $300 Million in Equity Commitments

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

CREReport | Phoenix

YAM Properties Acquires 117K SF Retail Center, The Cornerstone, in Tempe

Cornerstone Retail, LLC, an affiliate of YAM Properties, purchased The Cornerstone, a 117,351 square-foot retail center located at NEC Rural Rd & University Dr in Tempe.

The property was 90-percent occupied at the time of the sale. Icon Lasik and IHOP are scheduled to open in the coming months.

Founded by Bob Parsons, YAM Properties is a commercial real estate investment group which now owns +/-372,000 square-feet of space in the downtown Tempe area. Properties include The Cornerstone, Centerpoint on Mill, Tempe Town Center, and Hayden Station.

Pawn 1st Acquires 14.5K SF Retail Property in North Phoenix for $1.4M

Pawn 1st LLC purchased the former Bill Johnson’s Big Apple Restaurant, a 14,472 square-foot retail property located at 19th Ave & Bell Rd in North Phoenix) from PacVentures, Inc. for $1.4M.

Overton Moore Properties Acquires 77K SF Industrial Property in South Phoenix for $4.25M

Overton Moore Properties purchased a 76,950 square-foot industrial property located at NEC 45th Ave & Van Buren St in Phoenix from Mason Properties, Inc. for $4.25M.

Westwood Management Acquires Solano Park Apartments in Central Phoenix for $3.7M

Westwood Management LLC purchased Solano Park Apartments, a 48-unit multifamily property located at SWC 17th Ave & Missouri Ave in Central Phoenix from an undisclosed seller for $3.7M.

Editor’s Note: CoStar’s headline indicates the property sold for $3.6M. The content of the article indicates the sale price as “almost $3.7 million.”

Progressive Leasing Inks 20K SF Office Lease at Talavi Corporate Center in Glendale

Progressive Leasing, a financial services vendor for retailers and merchants, leased 20,000 square feet of office space at Talavi Corporate Center, SE/SEC 59th Ave & Bell Rd in Glendale, from ROF II Talavi, LLC.

Ashley Brooks, Jim Bayless and Jenny Aust with CBRE’s Phoenix office negotiated the lease between the landlord, Los Angeles, Calif.-based ROF II Talavi, LLC and the tenant.

Phoenix’s Economic Development Director Hopes to Create Technology Corridor

Phoenix’s economic development director, Christine Mackay, is working on plans to revitalize Midtown Phoenix by creating a high-tech corridor.

Tentatively branded as Phoenix Innovation Corridor, Mackay’s office is already working with landlords, site selectors and commercial real estate brokers to find ways to upgrade existing space to attract new tenants.

City of Tempe Proposed Ordinance: Zoning May Revert If Property Sits Idle for Two Years

Concerned that speculative zoning creates unmarketable properties over time, the City of Tempe is voting on a proposed ordinance that allows the city to revert zoning if the property owner fails to make an effort to draw a building permit within two years.