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CREReport | Phoenix for November 6, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 6, 2014

ASU Prepares to Break Ground on $129M Arizona Center for Law Society Project in Downtown Phoenix

On November 13, Arizona State University will host the ceremonial ground breaking for the Arizona Center for Law Society project at 2nd St & Taylor St in Downtown Phoenix.

Excerpt: Attending the ceremony will be ASU President Michael M. Crow, retired U.S. Supreme Court Justice Sandra Day O’Connor and Doug Sylvester, dean of the Sandra Day O’Connor College of Law. Phoenix Mayor Greg Stanton and Michael Nowakowski, Phoenix councilman, are also expected to attend.

Whitestone Acquires 113K SF Fulton Ranch Towne Center in East Valley for $29.3M

Whitestone REIT purchased Fulton Ranch Town Center, a 113,381 square-foot retail center at SWC Arizona Ave & Ocotillo Rd in Chandler for $29.3M.

The transaction includes an option to purchase another 30,187 square-foot building at the location.

The center is currently 86% leased.

Whitestone Acquires 99K SF Promenade at Fulton Ranch for $18.6M

Whitestone REIT purchased The Promenade at Fulton Ranch, a 98,792 square-foot retail property at N/NEC Alma School Rd & Riggs Rd in Chandler for $18.6M.

The center is currently 76% leased.

American Realty Capital Acquires 249K SF Freeport-McMoRan Center in Downtown Phoenix for $110M

American Realty Capital Properties Inc purchased the Freeport McMoRan Center, a 249,000 square-foot office high-rise at NEC Central Ave & Van Buren St in downtown Phoenix from CPE Office Owner LLC for $110M.

20-Unit Fiesta Arms Apartments in Central Phoenix Sell for $740K

Elain and Maher Meida purchased Fiesta Arms, a 20-unit multifamily property at S/SEC Central Ave & Dunlap Ave in Central Phoenix from FSFA 89 LLC for $740,000.

CBRE’s Brian Smuckler and Jeff Seaman represented the seller, FSFA 89 LLC.

Dulcich Realty Acquires +/-6 Acres of Land in Mesa for $1.4M, Considers Building Distribution Center

Dulcich Realty LLC purchased a 5.87-acre land parcel at W/NWC Country Club Dr & McKellips Rd in Mesa from RDH Madison Holdings for $1.4M.

Lee & Associates’ Matt McDougall represented the buyer, Dulcich Realty LLC.

Lee & Associates’ Steve Farrell represented the seller, RDH Madison Holdings.

Dulcich Realty, affiliated with Pacific Seafood Group, is considering developing a seafood distribution center for Arizona.

Cushman & Wakefield Lease Report

Cushman & Wakefield’s Jackie Orcutt, John Grady and Mackenzie Ford represented the tenants in five separate lease transactions totaling 76,734 SF of space.

• Chandler - MyCom at 315 S Braken Ln

• Tempe - Executive Management Services at 607 S 48th St

• Gilbert - Solar City at 566 E Germann Rd

• Mesa - Solar City at 7931 E Pecos Rd

• Tempe - Clean Energy Construtors at 1888 E Broadway Rd

Residents at Mobile Home Park, Wheel Inn Ranch, Concerned About Possible Development Plans

Developer Ryan Hartman, Avenue North LLC, confirmed that an offer was submitted* for the land that Wheel Inn Ranch (SW/SWC Scottsdale Rd & McDowell Rd in South Scottsdale) occupies.

Residents are seeking help to save their homes.

* It’s unclear whether the submitted offer was for acquiring the property or that a zoning request was submitted to the city.

Quantum Capital and Wildcat Partners Plan 122-Lot Subdivision in North Scottsdale

Quantum Capital and Wildcat Partners LLC requested re-platting +/-353 acres at SEC Cave Creek Rd & Bartlett Dam Rd in North Scottsdale to allow for development of a 122-lot subdivision, Wildcat Hill.

Scottsdale Case #17-PP-2014 Wildcat Hill, filed by Earl, Curley & Lagarde.

Scottsdale AZ

Johnny Rockets Considering Arizona for Site of New Concept

In parternship with USA Drive-Ins, Johnny Rockets is planning to open five retro-style drive-in theaters.

The company is considering sites in Indiana, Arizona and Texas.