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CREReport | Phoenix for November 26, 2014

CREReport | Phoenix

Commercial Real Estate Report for November 26, 2014

Top Stories from Tuesday, November 25

• Gilbert Design Review Board Approves Agritopia Epicenter in Gilbert

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

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

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

CREReport | Phoenix

Construction Begins on Southern Extension of 933K SF Mixed-Use Rockefeller Group Chandler 101

Screen capture of Rockefeller Group Chandler 101 from Screen Capture of Project Rendering (

The Rockefeller Group announced that the company has begun construction of the southern extension of Rockefeller Group Chandler 101, a 933,000 square-foot mixed-use property located at SEC Loop 101 & Chandler Blvd in Chandler.

Additional info available at

Rockefeller Group

Plans Filed for Agave Residential, a 379-Unit Multifamily Project in Scottsdale

Plans to develop a 379-unit multifamily project at SW/SWC Scottsdale Rd & Osborn Rd in South Scottsdale were filed on behalf of JLB Partners.

The proposed project is scheduled to be reviewed by the Scottsdale Development Review Board on Jan. 15, 2015, and the Planning Commission on Jan. 28, 2015.

Scottsdale AZ

Stockbridge Capital Group Acquires 656K SF Office-Industrial Portfolio for $53.16M

Stockbridge Capital Group LLC purchased a five-property office-industrial portfolio totaling 656,032 square feet of space from PS Business Parks for $53.16M.

Subject Properties:

• Corporate Park - Phoenix - 199,581 SF

• Metro Business Park - Phoenix - 110,004 SF

• University I - Tempe - 199,835 SF

• University II - Tempe - 68,574 SF

• Mesa Station - Mesa - 78,038 SF

According to a recent press release distributed by PS Business Parks, the company has one remaining 23,000 square-foot Tempe property in its Arizona portfolio which is already under contract to sell.

Wood Partners Acquires 4 Acres of Land in Downtown Phoenix; Plans Multifamily Project

Wood Partners assembled 4.09 acres of land at the SEC of 7th Ave & Fillmore St in Downtown Phoenix through two transactions totaling $4.8M in value.

Wood Partners plans to develop Alta Fillmore, a 220-unit multifamily property at the location. Construction is set to begin second quarter 2015 with a scheduled delivery second quarter 2016.

Old School Property Acquires 9.3K SF Old School 07 in Phoenix for $6.1M

Old School Property LLC purchased Old School 07, a 9,293 square-foot retail property located at NWC 7th St & Osborn Rd in Phoenix from 07, LLC, for $6.1M.

TauroREIS’ Steven Stein represented the buyer, Old School Property LLC.

CBRE’s Joe Compagno represented the seller, 07, LLC.

Clear Sky Uptown II Acquires 18-Unit Plantation Arms in Phoenix for $870K

Clear Sky Uptown II, LLC purchased Plantation Arms, an 18-unit multifamily property located at W/SWC 7th St & Camelback Rd in Phoenix, from Tralke, LLC for $870,000.

CBRE’s Brian Smuckler and Jeff Seaman represented both the buyer, Clear Sky Uptown II, LLC, and seller, Tralke, LLC, in the transaction.

Downtown Phoenix Urban Housing in Demand

Once offered as luxury condos, the 44 Monroe underwent a transformation when ST Residential repositioned the property as for-rent apartments. Occupancy went from 5-percent to 98-percent in less than a year’s time.

As more people are calling Downtown Phoenix home, demand for both residential and commercial space is on the rise.

Excerpt: “The more residents we can attract and accommodate, the more attractive we become to commercial and residential developers,” Downtown Phoenix Partnership’s R.J. Price said. “Having more people here is integral to our arrival as a premier downtown.”