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CREReport | Phoenix for November 19, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 19, 2014

Apple Inc. Commits to Repurposing Bankrupt GT’s Building

Apple Inc. showed its commitment to the economic development in Metro Phoenix area by indicating to the City of Mesa that the company plans to repurpose the bankrupt GT Advanced Technologies building.

Excerpt: “Apple could’ve invested in a facility literally anywhere in the world,” said Mesa Mayor John Giles, who is planning to visit Apple’s headquarters in Cupertino, California, to show the city’s support. “There’s a reason they came here, and none of those reasons have changed.”

Starwood Hotels Developing 180-Room Sheraton Mesa Hotel at Mesa Riverview

Starwood Hotels and Resorts is developing a 180-room, four-story, 160,000 square-foot hotel at Mesa Riverview, NW/NWC Dobson Rd & Rio Salado Pkwy. Expected delivery: March 2015.

Hacienda HealthCare Building $7.5M Hospital in Mesa

Hacienda HealthCare is plans to develop a $7.5M hospital at S/SEC Extension Rd & US-60 (Mesa). Scheduled delivery: Summer 2015.

Presson Corp. Acquires 27.8K SF Industrial Property in Tempe for $1.7M

Presson Corp purchased 27,800 square-foot industrial warehouse at NW/NWC Priest Dr & Elliot Rd in Tempe from Hollywood Equities Inc. for $1,695,000.

Lee & Associates’ Matt Fredrick and Matt McDougall represented the buyer, Presson Corp.

Lee & Associates’ Andy Ogan represented the seller, Hollywood Equities Inc..

Fowler Property Acquisitions Acquires 334-Unit Suncadia in Tempe for $24.2M

Fowler Property Acquisitions LLC purchased Suncadia, a 334-unit multifamily property at SW/SWC Kyrene Rd & Baseline Rd in Tempe, from Sun River Village LP for $24.225M.

Strategic Hotels & Resorts Acquiring Four Season Resort Scottsdale at Troon North for $140M

Strategic Hotels & Resorts Inc. entered an agreement to purchase Four Seasons Resort Scottsdale at Troon North, a 210-door hotel at NW/NWC Alma School Pkwy & Jomax Rd in North Scottsdale, from Walton Street Capital LLC for $140M.

Chicanos Por La Causa Acquires +/-30K SF Warehouse in Downtown Phoenix

Chicanos Por La Causa acquired the former +/-30,000 square-foot Arnold’s Pickles building at SWC 15th St & Van Buren St in Downtown Phoenix.

The non-profit company plans to renovate the building to be used as a business incubator and manufacturing facility.

Creditsafe Opening 9.5K SF Office in Tempe

Creditsafe is opening a 9,500 square-foot office at Tempe City Center, W/NWC McClintock Dr & Southern Ave in Tempe.

The company expects to nearly double its space in the coming year.

SanMar Opens 326K SF Warehouse in Avondale

SanMar, industrial apparel and accessories supplier, announced the company is opening a new 326,000 square-foot location in Avondale.

The location is SanMar’s eighth full-scale warehouse in the country.

Lo-Lo’s Chicken & Waffles Opening 4.1K SF Restaurant in Downtown Gilbert

Lo-Lo’s Chicken & Waffles plans to open a 4,100 square-foot restaurant in Heritage Marketplace located north of Gilbert Rd & Elliot Rd in Downtown Gilbert.