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CREReport | Phoenix for December 10, 2014

CREReport | Phoenix

Commercial Real Estate Report for December 10, 2014

Top Stories from Monday, December 8

• Bob Parsons Files for Permit to Develop Scottsdale National Golf Club

• IDB Investments Acquires The Vue in Phoenix for $1.45M

• Umbrella Properties Acquires Club at Coldwater Springs in Avondale for $24M

• NALS Waterford-95 Acquires Waterford at Superstition Springs in Mesa for $33M

Farnham Realty Acquires Broadstone at Twin Fields in Gilbert for $47.1M

CREReport | Phoenix

Douglas Allred Plans $700M, 1M SF Mixed-Use Project in Chandler

Douglas Allred Co. is planning to build a 92,000 square-foot, Class A office building, a 210-room Drury Inn & Suites hotel and two retail buildings at Allred Park Place business park located at S/SEC Price Rd & Loop 202 (Santan Fwy) in Chandler. Altogether, the project will feature six buildings totaling 1,000,000 square feet of space.

According to the Douglas Allred’s website, tenants will include: • Education Management Corporation; • Healthways; • Infusionsoft; • International Rectifier; • INSYS Therapeutics, Inc.; and • League for Innovation in the Community College.

See also: (Allred Park Place)


Regent Properties Acquires 293K SF Office-Retail Property in North Phoenix for $58.6M

Regent Properties purchased Desert Ridge Corporate Center, a 293,161 square-foot office-retail property located at NEC Tatum Blvd & Loop 101 (Pima Fwy) in North Phoenix from Ohio Public Employees Retirement System for $58.6M. The property was 75-percent leased at the time of sale.

CBRE’s Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Paul Jones brokered the transaction.


Ocotillo Fiesta LLC Acquires 41K SF Retail Center in Chandler

Ocotillo Fiesta LLC purchased Ocotillo Fiesta Shopping Center, a 40,952 square-foot retail center located at SEC Alma School Rd & Queen Creek Rd in Chandler, from Southgate Mall Associates LLC. (Sale price undisclosed.) The property was 97-percent leased at the time of the sale.

Colliers International’s Mindy Korth and Kirk Kuller represented the seller, Southgate Mall Associates LLC.

Strategic Hotels & Resorts Acquires 210-Room Four Seasons Resort Scottsdale at Troon North... Mentions Developable Land

Strategic Hotels & Resorts Inc. purchased 210-room Four Seasons Resort Scottsdale at Troon North located at NW/NWC Alma School Pkwy & Jomax Rd.

The purchase also includes 13.8-acres of developable land zoned for an additional 88-room hospitality property with potential residential usage.

Learning Journey International Acquires 42.6K SF Industrial Property in North Phoenix for $4.6M

The Learning Journey International LLC purchased a 42,623 square-foot industrial property located at SE/SEC I-17 (Black Canyon Fwy) & Happy Valley Rd in North Phoenix from Alameda Investments LLC for $4.6M.

Rosalinda Court Apartments Sells for $545K

An undisclosed buyer purchased Rosalinda Court Apartments, a 9-unit multifamily property at N/NWC SR-51 (Piestewa Fwy) & Indian School Rd in Central Phoenix from Cinderbox, LLC for $545,000.

Cooper, Cardinal and Company’s Jack Cardinal represented the buyer (undisclosed).

Vestis Group’s Natan Jacobs, Les Litwin and Victoria Miachika represented the seller, Cinderbox, LLC.

Editor’s Note: Cooper Cardinal identifies the property as 4235 N 17th St and Vestis Group identifies it as 4223 N 17th St in their press release. I believe the actual address is 4235 N 17th St.

Trammell Crow Begins Construction of 187K SF Industrial Project in Avondale

In a joint venture with Clarion Partners, Trammell Crow Company announced that the company has begun construction of the third and final phase of Coldwater Depot Logistics Center located at SE/SEC Dysart Rd & I-10 (Papago Fwy) in Avondale.

The project is a 187,000 square-foot, Class A speculative industrial building. Scheduled delivery: Second Quarter 2015.

The High Street Announces New Tenants

The High Street is adding: • Sprouts Farmers Market; • Pinspiration; • AZ Vacation Rentals; •Tea2Go; •M3V Nail Bar; •Firehouse Subs; •Barbershop Jack.

Related (from July 17): Phoenix High Street Adds More Than A Dozen Tenants

ABInsight | Phoenix Metro November 2014 Apartment Sales Stats

ABI Multifamly’s Report (

ABI Multifamily provides an at-a-glance summary of November transactions. Be sure to follow the link below the info-graphic to their Sale Comps report.

ABI Multifamily