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CREReport | Phoenix for November 25, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 25, 2014

Top Stories from Monday, November 24

• Elevation Chandler Demolished, Hines Readies Construction of Chandler Viridian

• PS Business Parks Announces Sale of Phoenix Assets Totaling 656K SF of Office Space

• Logisticare Solutions Leases 21.3K SF Industrial Space Near Sky Harbor Airport in Phoenix

CREReport | Phoenix

Gilbert Design Review Board Approves Agritopia Epicenter in Gilbert

The City of GIlbert Design Review Board unanimously approved the proposed mixed-use development, Agritopia Epicenter, located at NWC Higley Rd & Ray Rd in Gilbert.

The planned development includes four buildings with the bottom floors reserved for retail and restaurant use and the top floors designated as luxury apartments.

Construction is scheduled to begin mid-2015 with planned delivery Fall 2016.

Regent Properties Acquires 90 Mountain View in North Scottsdale for $34.6M

Regent Properties purchased 90 Mountain View, a 183,644 square-foot office property located at NE/NEC Loop 101 & Mountain View Rd in North Scottsdale, from Principal Real Estate Investors for $34.6M.

Cassidy Turley’s Bob Buckley, Tracy Cartledge, Steve Lindley, Jeff Wentworth and Sean Spellman represented the buyer, Regent Properties.

Richmark Holdings Acquires San Norterra in North Phoenix for $62.5M

Richmark Holdings purchased San Norterra, a 388-unit multifamily complex located at NE/NEC I-17 & Jomax Rd in North Phoenix, from San Norterra Apartments LLC for $62.5M.

Unity Pacific Residential Acquires Newport Mesa in East Valley for $8.37M

Unity Pacific Residential purchased Newport Mesa, a 156-unit multifamily property located at E/NEC Dobson Rd & Southern Ave in East Valley, from Newport Mesa Apartments, LLC for $8.37M.

Cassidy Turley’s David Fogler and Steven Nicoluzakis represented the seller, Newport Mesa Apartments, LLC.

Renovations Scheduled for The Esplanade in Central Phoenix

Renovations are scheduled to commence on The Esplanade at SEC 24th St & Camelback Rd in Central Phoenix.

Property owner, MetLife, secured CBRE to manage the property and oversee renovations. Gensler has been selected as the project’s architect and design firm. Work is scheduled to begin first quarter of 2015.


Pulte Homes Terminates Interest in The Lakes Golf Course

Pulte Homes announced that the company is terminating their agreement with the owner of Ahwatukee Lakes Golf Course in the effort to acquire the property.

The golf course is located at S/SWC 44th St & Warner Elliot Loop in South Phoenix. Pulte’s interest in developing the property was met with opposition by a group of area homeowners.