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CREReport | Phoenix for October 1, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 1, 2014

Trammell Crow Begins Construction on Phase 1 of Park Lucero in Gilbert

In partnership with Artis REIT, Trammell Crow Company began construction on Phase I of Park Lucero, a planned 618,000 square-foot industrial park located near SE/SEC Gilbert Rd & Germann Rd in Gilbert.

Phase I includes three buildings totaling 210,000 square feet of space. Estimate delivery: March 2015.

A few of the details above come from Trammell Crow’s press release dated April 9, 2014: Trammell Crow Company Announces Industrial Development in Gilbert, AZ (PDF).

Michael Leary LTD Submits New Elevation Plans for 12K SF Restaurant in North Scottsdale

Rendering of exterior (elevation) of proposed restaurant in North Scottsdale by Tomecak Design Rendering (Tomecak Design)

Applicant Michael Leary LTD submitted new elevation plans to the City of Scottsdale for approval. The proposed development is a 11,661 square-foot restaurant at NWC Loop 101 (Pima Fwy) & Frank Lloyd Wright Blvd in North Scottsdale.

The narrative identifies that the previously approved plans did not accurately portray the property as the high-end contemporary restaurant as intended.

Scottsdale AZ (PDF)

Panda Express Acquires 34K SF Lot in East Valley

Panda Express purchased 34,289 square-foot lot at NEC Stapley Dr & Southern Ave (Mesa) for an undisclosed amount

De Rito Partners’ Morey Fischel represented the buyer, Panda Express. (Seller undisclosed.)

Westwood Management Acquires Castellana Apartments in Central Phoenix

Westwood Management LLC purchased Castellana Apartments, a 117-unit multifamily property at NW/NWC I-17 (Black Canyon Fwy) & Bell Rd in Central Phoenix, from Castellana LLC for $7M.

Kasten Long Commercial Group’s Linda Fritz-Salazar represented both the buyer, Westwood Management LLC, and seller, Castellana LLC.

Virani Family Trust Acquires McDowell Apartments near Downtown Phoenix

Virani Family Trust purchased McDowell Apartments, an 8-unit multifamily property at E/SEC 15th Ave & McDowell Rd near downtown Phoenix, from Pinnacle AZ Development LLLP for $719,000.

RAN Realty & Property Management’s Tom Rizen represented the buyer, Virani Family Trust.

Vestis Group’s Natan Jacobs and Les Litwin represented the seller, Pinnacle AZ Development LLLP.

De Rito Partners Transaction Report (September 30)

De Rito announced several successful transactions.


• Downtown Phoenix - Counter Custom Built Burgers leased 3,184 square feet at SWC Central Ave & Adams St.

• Scottsdale - Orange Theory leased 3,296 square feet at NEC Scottsdale Rd & Indian Bend.

• Central Phoenix - Learning Pawsibilities leased 3,250 square feet at SEC 32nd St & Indian School Rd.

Many more...

City of Mesa Proposes New Zoning to Create Elliot Road Technology Corridor

The City of Mesa Economic Development office is proposing to re-zone a region between Hawes Rd and Signal Butte Rd on Elliot Rd to create the Elliot Road Technology Corridor.


Concentrix Opens 100K SF Office in East Valley

Concentrix announced the company’s new 100,000+ square-foot “flagship” office at NW/NWC 52nd St & Broadway Rd in Tempe.

Hyatt Hotels & Noble Investment Group Open 129-Room Hotel in Chandler

Hyatt Hotels Corporation and Noble Investment Group announced the company officially opened their new location, Hyatt Place Phoenix / Chandler-Fashion Center, at SWC Country Club Way & Chandler Blvd in Chandler. (129 rooms)

Newly Renovated 125-Room McCormick Scottsdale Reopens in Central Scottsdale

Millennium Hotels and Resorts announced the company has reopened The McCormick Scottsdale, formerly Millennium Resort and Villas Scottsdale, following a six-month renovation of the property.

Yahoo Finance

Arizona General Hospital Plans to Open New 39K SF Facility Early 2015 in West Valley

Arizona General Hospital, a new 39,000 square-foot, full-service health care facility north of 51st Ave & Baseline Rd in Laveen, is expected to open early 2015.

David Verwer Joins Xceligent

Xceligent, Inc announced that David Verwer is now a senior director of client services in Arizona.

Molly Busch Joins CBRE

CBRE added Molly Busch to their team as a senior associate in the capital markets group.

Sean Cummings Joins The Opus Group

The Opus Group added Sean Cummings to their team as senior director, real estate development of Opus Development Company LLC’s Phoenix office.

ADT Corporation Seeks to Establish Presence in AZ Commercial Security Market

ADT’s non-compete agreement with Tyco Integrated Security expired September 30, 2014. Today, October 1, the company announced plans to expand operations in commercial securities market. The company will target several major markets, Phoenix being on the list.

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