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CREReport | Phoenix for November 3, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 3, 2014

LGE Design Build Begins Plans for Another 32K SF of Space at Heritage Marketplace, Phase II in Gilbert

LGE Design Build is in the process of designing two buildings totaling 32,000 square feet of mixed-use space to be developed as Phase II of Heritage Marketplace, N/NWC Gilbert Rd & Elliot Rd in Gilbert.

Phase II construction is expected to begin March 2014. Projected delivery: September 2015.

Business Consortium Announces Plans to Build International Financial Center at Pier 202 in Tempe

I’ll venture that this is the mysterious group who is the recipient of Tempe’s tax breaks...

Excerpt: Hong Kong based China International Development Investment Corporation Limited (CIDIC), its partners and US based TrendEx Holdings LLC formed the Pier 202 Development Company LLC to develop the project. After a series of tours and meetings to introduce Governor Brewer and Sandra Watson, President and CEO of the Arizona Commerce Authority, to several of the partners, agreements were signed to finalize the development of a USD $1.4 billion International Financial Center in the State of Arizona. The IFC@202 will be the first of its kind in North America and will connect Arizona to new international trade opportunities, strengthen existing bilateral relationships and serve as an iconic landmark that will further position Arizona as a preeminent location for global business and travel.

Yahoo Finance

Hayden House Tempe, LLC Purchases Mill and Rio Salado Site, Plans to Develop $200M Mixed-Use Property

Hayden House Tempe LLC purchased 2.51 acres at SWC Mill Ave & Rio Salado Pkwy in Tempe from Michael Monti’s Catering for $16,875,000.

Cassidy Turley’s Brent Moser, Mike Sutton and Brooks Griffith represented the seller, Michael Monti’s Catering.

Excerpt: The partnership, Hayden House Tempe, LLC plan to develop Mill & Rio Salado, a $200 million mixed-use creative office and lifestyle-hotel development located on the 2.51 acre parcel widely considered to be the gateway to Tempe’s downtown core. This landmark project consists of a two towers: a 15-story 280,000 square foot Class A office building and a 16-story, 274-key Kimpton hotel along with 17,000 square feet of complimentary restaurants and retail.

Cassidy Turley

CSM Corp. Closes on $30M Loan for Redeveloping Hotel Monroe in Downtown Phoenix

Redevelopment plans to transform Hotel Monroe at E/SEC Central Ave & Monroe St in downtown Phoenix into a Hilton Garden Inn appear to be progressing.

CSM Corp. “closed on a $30 million loan with the Phoenix Community Development and Investment Corp. and plans to start redeveloping the art deco tower in January.”

Plans Submitted to Develop 323-Unit Artesia Residential Multifamily Project in Central Scottsdale

A development plan amendment was filed to a previously approved 2005 file to develop a 480-unit multifamily project at N/NEC Scottsdale Rd & Indian Bend Rd in Central Scottsdale.

New plans on file reflect developing a total of 323 units between seven buildings at the site.

Submitted on behalf of iStar Financial / SFI Artesia LLC, the public hearing in front of the Scottsdale Planning Division is scheduled on Dec. 10, 2014.

Scottsdale AZ

Kootenay Holdings Acquires 84K SF Palm Valley Office Park in Goodyear for $15.35M

Google Street View of Palm Vallley Office Park in Goodyear Palm Valley Office Park in Goodyear (

Kootenay Holdings purchased Palm Valley Office Park I & II, a 83,575 square-foot office property at NWC Litchfield Rd & McDowell Rd in Goodyear, from Key Bank for $15.35M.

Cassidy Turley’s Bob Buckley, Tracy Cartledge and Steve Lindley represented both the buyer, Kootenay Holdings, and the seller, Key Bank, in the transaction.

Cassidy Turley

Class A Crunch: Creative Options for Law Firms Looking for Space

Jones Lang LaSalle reports on the problems law firms face when searching for Class A office space.

Excerpt: Phoenix is no exception, having seen a dramatic drop in the share of office space that is occupied by law firms. Now that the historically-low rates of the post-recessionary period are all but gone, expansion opportunities have become more expensive, driving many law firms to renew their leases and explore more efficient layouts of their current space.

ABI Multifamily: Interactive Multifamily Construction Map Updated to Include 3Q 2014

Screenshot of ABI Multifamily‚Äôs Map Resource Screenshot of ABI’s Map Resource (

ABI Multifamily updated the company’s “Phoenix Multifamily Pipeline” map. It features a total of 141 properties currently planned, under construction or recently completed.

It’s easy to see the greatest concentration of activity is focused in the core areas of the Valley: Downtown and Central Phoenix, Tempe, and Central Scottsdale. Though, the southern part of Chander appears to have a surprisingly large grouping of dots.

ABI Multifamily

What’s New in North Phoenix?

• PGA Tour Superstore: 34,000 square feet at 7000 E Mayo Blvd. Opened Oct 18.

• Extra Space Storage: Under construction at NEC Tatum Blvd & Union Hills Dr

• Paradise 21 North and Paradise 21 South: planned residential projects near 21st St & Phelps Rd


140-Room Graduate Tempe Opens

Graduate Tempe, a 140-room hotel at W/SWC College Ave & Apache Blvd in Tempe, opened for business.

Portland on the Park Begins Sales

Screenshot of Portland on the Park’s home page. Portland on the Park (

Habitat Metro announced the company is opening the sales office for Portland on the Park, NW/NWC 1st Ave & Roosevelt St in downtown Phoenix, on Nov. 6, 2014.

Construction on the 170-loft-and-condo project began Ma7 2014. Construction is expected to be complete mid-year 2016.