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CREReport | Phoenix for November 18, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 18, 2014

LGE Design Build Begins Construction of 70K SF Office Project in Chandler

LGE Design Build began construction of a 70,000 square-foot office project in Chandler. The development is a build-to-suit Class A office building for Crown Castle.

Related: Crown Castle Leases 70K SF of Office Space in Chandler

MC Companies Begins Construction of 224-Unit The Place at Santana Village in Peoria

MC Companies announced that they have begun construction of The Place at Santana Village, a 224-unit multifamily project located at NEC 77th Ave & Peoria Ave in Peoria.

ABI Multifamily Announces Sale of 128-Unit Waterford on Tatum Apartments in Paradise Valley

An undisclosed California private partnership purchased Waterford on Tatum Apartments, a 128-unit multifamily property located at E/NEC Tatum Blvd & Greenway Rd in Paradise Valley from Stoneleigh Companies.

ABI Multifamily’s Alon Shnitzer, Rue Bax, John Kobierowski, Doug Lazovick and Eddie Chang represented both the seller, Stoneleigh Companies, and the buyer in the transaction.

Cvijanovich Acquires 7 Acres of Land in the Prasada Development in Surprise

Richard Cvijanovich purchased 7 acres of land in the Loop 303 Auto Mall portion of the mixed-use development, Prasada, at Loop 303 & Cactus Rd in Surprise.

Cvijanovich plans to open a Subaru dealership at the location in October 2016.

Helix Acquires 10K SF Building at Sonoran Corporate Center in North Scottsdale for $1.57M

Helix Capital purchased Sonoran Corporate Center Building 6, a 10,154 square-foot* office property located at NE/NEC 82nd St & Bell Rd in North Scottsdale from A Company of Brothers LLP for $1.57M.

CBRE’s Mitchell Stravitz represented the buyer, Helix Capital.

* The way the article is worded, Building 6 was not specifically identified as being 10,154 SF. But it appears that it was intended to be.

JGNK Investments Arizona Acquires 60K SF Retail Property in Central Phoenix for $3.67M

JGNK Investments Arizona LLC purchased Lee Lee Oriential Supermarket, a 60,080 square-foot retail property located at SWC 75th Ave & Cactus Rd in Central Phoenix from 75 Cactus LLC for $3.67M.

Geovest Corporation’s Vicky Papoulias represented the buyer, JGNK Investments Arizona LLC.

Colliers International’s Marcus Muirhead and Lauren Rodes represented the seller, 75 Cactus LLC.

Herbally Yours Acquires 15K SF Industrial Building in Gilbert for $1.5M

Herbally Yours Inc. purchased a 15,000 square-foot industrial property located at NW/NWC McQueen Rd & Elliot Rd in Gilbert from State Tool & Manufacturing Company for $1.5M.

Bank 34 Leases Space at Pinnacle in Kierland IV in North Scottsdale

Bank 34 leased space at Pinnacle in Kierland IV, SWC Scottsdale Rd & Greenway Pkwy in North Scottsdale, from Furst Properties.

Lee & Associates’ R Craig Coppola, Andrew Cheney and Gregg Kafka represented the landlord, Furst Properties.

Wilson Engineers Leases 14.6K SF of Office Space at Piedmont Place in South Phoenix

Wilson Engineers LLC leased 14,629 square feet of office space at Piedmont Place, N/NEC 48th St & Elliot Rd in South Phoenix, from 48 Piedmont Place LLC.

Colliers International’s Kathy Foster and Lindsey Carlson represented the tenant, Wilson Engineers LLC.

Summary of Tempe’s Biggest Projects

A summary of Tempe’s biggest projects already in the pipeline:

Marina Heights - 2,000,000 square-foot office project with State Farm leasing 1,900,000 square feet of the development

• The Grand at Papago Park Center - 3,000,000 square-foot development

• ASU and Catellus Development Corp’s 10,000,000 square-foot mixed-use project


New Restaurants Opening in Tempe


• Fox Restaurant Concepts plans to open Culinary Dropout at First St & Farmer Ave

• Postino Annex at 615 S College Ave

• Orange Table Tempe at 203 E Seventh St

• Revo Pizzabar at 5th St and Forest

• The Mission @ Minder Binder north of McClintock Dr & University

• Snooze at College Ave & 6th St

John Goodwin Joins Walton Group

The Walton Group of Companies announced that John Goodwin has joined the company’s land acquisitions and institutional relationships group as senior vice president of Retail Development. (PDF)