Strict Standards: Declaration of JMail::addAttachment() should be compatible with PHPMailer::addAttachment($path, $name = '', $encoding = 'base64', $type = '', $disposition = 'attachment') in /home1/madbulld/public_html/sites/zemmez/plugins/system/mandrill/mailer/mail.php on line 43
CREReport | Phoenix for December 19, 2014

CREReport | Phoenix

Commercial Real Estate Report for December 19, 2014

Top Stories from Wednesday, Dec. 17

HFF Secures $19.75M Construction Financing for Envy Scottsdale

• Series of Transactions at Fountainhead Corporate Park in Tempe (476K SF of office space)

• JAC Properties III Acquires 4 Acre Industrial Property in Peoria for $2.1M

• Young’s Market Leases 248.9K SF of Industrial Space in Phoenix

• Marco Display Specialists Leases 67.7K SF of Industrial Space in Phoenix

Vintage Partners Get Green Light to Develop Theater, Restaurant, Brew House in Chandler

Chandler City Council approved a proposal presented by Vintage partners to develop a dine-in movie theater and brew house and restaurant combo project at SWC Arizona Ave & Chandler Blvd in Downtown Chandler. Reports indicate the location would be home to Alamo Drafthouse Cinema.

EverWest and CenterSquare Acquire Madison Square in Phoenix for $21.95M

A joint venture of EverWest Real Estate Partners and CenterSquare Investment Management purchased Madison Square, a 177,312 square-foot office property located at SWC 16th St & Missouri Ave in Central Phoenix, from Orsett Madison LLC for $21.95M.

Alliance Residential Acquiring 4 Acres of Land in Phoenix for $9M

Alliance Residential Co. will be purchasing 4 acres of land located at NEC Alvarado Rd & McDowell Rd in Phoenix from Los Olivos Office Partners LLC for $9M. The deal is expected to close April 2015.

Alliance Residential plans to build a 280-unit apartment complex at the location, Broadstone Arts District. A Quality Inn & Suites and a 30,000 SF office building currently occupy the site.

BH Properties Acquires Plaza at Squaw Peak in Phoenix for $25M

BH Properties purchased The Plaza at Squaw Peak, a property totaling 428,000 square feet of office space located NE/NEC 16th St & Glendale Ave in Central Phoenix, from IX CW Squaw Peak LP for $25M.

Capital Asset Management’s Rachelle Strole, Jason Hersker, Stephen Herman, Rachael Cisco and Scott Smith represented both the buyer, BH Properties, and the seller, IX CW Squaw Peak LP.

CBRE Brokers Sale of 15.5K SF Weinick Bros. Marketplace in Phoenix for $930K

A joint venture formed by James Kuykendall and Pat Cantelme purchased Welnick Bros. Marketplace, a 15,521 square-foot retail property located at SEC 4th Ave & Van Buren St in Phoenix Central Business District, from Joyce Reiff for $930,000.

CBRE’s Christoper Ackel and Pat Horan represented both the buyers, James Kuykendall and Pat Cantelme, and selleer, Joyce Reiff, in the transaction.

Editor’s Note: Some of the data presented was collected from Loopnet - which also indicated the asking price for the property was $1.3M.

29th Street Capital Acquires Sierra Madre Apartments and The Brittany in Mesa

29th Street Capital announced that the company has purchase two C+ multifamily properties near N/NWC Country Club Dr & Rio Salado Pkwy in Mesa.

• Sierra Madre Apartments - 900 N Country Club Dr

• The Brittany - address unknown but within 1/4-mile of Sierra Madre

The company plans to renovate each property to better compete with surrounding apartments.

29th Street Capital is actively pursuing additional multifamily opportunities throughout the United States. 29SC will continue to target smaller value-add deals which are below the institutional radar offering our investors above market returns.

Editor’s Note: Back in January 2014, news that 29th St Capital and Stonemark formed a $50M fund to purchase properties that require renovations.

Propak Logistics Leases 48.7K SF of Industrial Space in Phoenix

Propak Logistics, Inc. leased 48,735 square feet of industrial space at Estrella Business Park located at E/NEC 67th Ave & Buckeye Rd in Phoenix from EJM Development. The property is now 100% occupied.

CBRE’s Pat Feeney, Dan Calihan, Rusty Kennedy and Bob Pielsticker represented the tenant, Propak Logistics, Inc.

Also noted: EJM Development currently owns 5.5M square feet of industrial buildings in Metro Phoenix.

Two New Leases Totaling 6.8K SF of Space Reported at Crossroads Towne Center in Gilbert

Colliers International’s Brian Woods and Tom Woods represented the landlord, Vestar Development Company, in two new lease transactions at Crossroads Town Center, SEC Gilbert Rd & Loop 202 (Santan Fwy) in Gilbert:

• Cafe Zupas LC leased 3,600 square feet of retail space.

• Gentle Dental of Vancouver leased 3,200 square feet of medical office space.

1,000 SF remain available at the property.

Lawsuit and City Ruling Stall Construction of 85K SF Grocery Store in Surprise

YourWestValley reports that construction on the 85,000 square-foot WinCo grocery store at SWC Loop 303 (Bob Stump Memorial Pkwy) & Bell Rd in Surprise has stalled.

Property owner LDR-Bell & Cotton Ln LLC has encountered a few obstacles that are the likely causes for the delays: • a Surprise board of adjustment ruling; and • legal issues.

DAUM Represents Both Parties In The Sale Of $1.275 Million Industrial Building Located In Phoenix, Az

Excerpt: DAUM Commercial Real Estate Services has negotiated the $1.275 million sale of a 16,000-square-foot industrial building located at 5640 S. 32nd Street in Phoenix.

DAUM’s Carl Johnson represented both the buyer, AMW Packaging of Phoenix, and the seller, Voytech Five LLC, in the transaction.

Previously reported on Nov. 24: AMW Packaging Acquires 16K SF Industrial Building in Phoenix for $1.28M