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CREReport | Phoenix for November 20, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 20, 2014

Harkins Theatres Plans 78K SF Multiplex in Goodyear

Harkins Theatres plans to build 78,000 square-foot multiplex theater near 150th Ave & McDowell Rd in Goodyear.

Construction is scheduled to begin early 2015. Planned delivery: sometime in 2016.

City of Mesa Selects Team to Design Urban Plaza

Mesa City Council selected Colwell Shelor, West 8 and Weddle Gilmore to transform the area at Mesa City Center, NEC Center St & Main St, into an urban plaza.

Excerpt: The design concept repurposes and renews existing buildings on site that will include new food and drink venues at the ground floors. Mesa City Plaza would get a new “vertical fins” exterior to transform the building architecturally and improve its energy performance.

Mesa AZ

Physicians Group Begins Construction on 96-Room The Center at Arrowhead in Glendale

A group of physicians who previously built Oasis Hospital in Phoenix have begun construction on The Center at Arrowhead, a 96-room skilled nursing facility at NE/NEC 75th Ave & Bell Rd in Glendale.

Desert Palm Management Group Acquires 23K SF Retail Building in North Scottsdale for $2.9M

Desert Palm Management Group purchased a 23,000 square-foot retail building located at NWC Hayden Rd & Raintree Dr in North Scottsdale) from LC Coffey for $2.9M.

Colliers International’s Greg Hopley represented both the buyer, Desert Palm Management Group, and seller, LC Coffey, in the transaction.

Fitch Report: Collier Center in Downtown Phoenix

Excerpt: The third largest contributor to Fitch modeled losses is the Collier Center loan (11.3%), the largest loan in the pool, which is secured by the leasehold interest in a 24-story, 567,163 sf office tower located in downtown Phoenix, AZ.

Fitch reports the drop in tenancy can be attributed to the loss of the property’s second largest tenant back in 2011/2012. “However, lease rollover risk remains a concern as nearly 10% rolls before the end of 2014, 2% in 2015, 6% in 2016, and 9% in 2017.”

Editor’s Note: I’ll venture that RED Development would welcome a large tenant about right now.

ABInsight: Phoenix MSA Nears 50% Unit Turnover

ABI Multifamily looks at a 5-year period for Phoenix MSA mutlifamily pricing (per unit and per SF) plus looks at unit inventory turnover.

Excerpt: Unit inventory turnover, expressed as a percentage of units sold, has steadily increased since 2010 which saw 9,796 of 238,828 units sell which equates to a 4.1% total unit turnover rate. We expect that rate to increase to 12% by the end of 2014.

Discussion available on Reddit: Phoenix MSA Nears 50% Unit Turnover