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CREReport | Phoenix for October 2, 2014
    

CREReport | Phoenix

Commercial Real Estate Report for October 2, 2014

Proposed: 24-Unit Multifamily Property in South Scottsdale

Architectual plan of proposed project, Aerium Encore. Drawing by Otak Architects. Proposed Design (Otak Architects, Inc.)

Applicant Slater Hanifan Group submitted plans for Aerium Encore, a 24-unit multifamily project located at S/SEC 70th St & Osborn Rd in South Scottsdale.

Scottsdale AZ (PDF)

MODUS Development Completes Construction of Multifamily Property near Old Town Scottsdale

MODUS Development is set to deliver MZ, an 8-unit multifamily, condo project at NE/NEC Scottsdale Rd & Camelback Rd near Old Town Scottsdale, on October 17, 2014.

arizona.newszap.com

City of Glendale Acquiring 14 Acres of Land at Camelback Ranch for $3M

The City of Glendale entered an agreement to purchase two lots of land at Camelback Ranch / Glendale near NW/NWC 107th Ave & Camelback Rd in Central Phoenix.

Glendale will acquire:

• First Lot - 9.21 acres for $2M.

• Second Lot - 4.99 acres for $1M.

glendalestar.com

CC44 LLC Filing for Chapter 11 Bankruptcy; Planned Residential Development in Central Phoenix in Jeopardy

CC44 LLC, the company behind the planned development of 63 townhomes proposed at N/NWC 44th St & McDowell Rd in Central Phoenix, filed for Chapter bankruptcy.

bizjournals.com

City of Surprise Discusses Hopes for a Resort and Residential Development Near White Tank Mountain Regional Park

At a joint City Council and Planning & Zoning Commission meeting, the City of Surprise discussed a long-range wish to see an area near the White Tank Mountain Regional Park north entrance developed to include a resort and “executive-style” housing.

yourwestvalley.com

City of Tempe Amending Code to Allow Food Trucks More Time in One Place

The City of Tempe is working on amending an ordinance to allow food trucks to remain in a single location for up to four hours.

To help protect brick-and-mortar restaurants and businesses, a “good neighbor” policy is included with the changes... albeit the good neighbor policy appears to only encourage public safety and respect of private property as described by the article.

ktar.com

Metro Phoenix Cities Halt Projects Due to Budget Funding

State legislation intended to help the homebuilding industry during the recession is hurting city budgets. Projects like building a new $27M library in Glendale and a $13M trail system in Scottsdale are being “shelved.”

It’s worthwhile to also scroll to the end of the article as AZCentral provides a list of the biggest parks and libraries in Metro Phoenix. Maybe more useful for residential agents listing amenities near their listings, but could be helpful for CRE, too.

azcentral.com

ASU Natural History Collections Relocates to Off-Campus Alameda Building in Tempe

ASU Natural History Collections, boasting some 1.8M specimens, celebrates moving to their new 24,000 square-foot location at the Alameda Building (off campus), S/SEC Hardy Dr & Broadway Rd in Tempe. The property underwent $3.5M in renovations.

Grand opening is set for October 2, 2014.

asunews.asu.edu

Nordstrom Rack Opening 35K SF Store in Tempe Marketplace

Nordstrom Rack is opening a 35,000 square-foot store in Tempe Marketplace, N/NEC McClintock Dr & Rio Salado Pkwy, on October 3, 2014.

This will be the company’s fifth location in Metro Phoenix.

Phoenix New Times

Green Planet 21 Opens New 46K SF Warehouse in Central Phoenix

Green Planet 21 announced the opening of a new 46,000 square-foot warehouse at N/NWC 19th Ave & Van Buren St in Central Phoenix.

The company’s website also indicates The Sutta Company is affiliated at that location.

Yahoo Finance

Upward Project Opens New Restaurant, Postino, in East Valley

Upward Project opened Postino near NE/NEC Mill Ave & University Dr in Tempe.

azcentral.com

Phoenix Property Management Group Rebrands, Now Knight Management

Formerly Robert F Knight & Associates, the commercial real estate management company is now Knight Management.

cem-az.com

End of an Era: 40-Year Lease Coming to an End

Sandpoint Marina & RV Park at Cattail Cove State Park’s lease is up. On January 31, 2015, the private RV park loses its prime spot on Lake Havasu. The company will have until July 31 to remove property and restore the site. After that, Arizona State Parks is expected to reintegrate the property into its system.

Editor’s Note: You may be asked to complete a survey to read the story. For me, refreshing the page bypassed the restriction.

havasunews.com

Cassidy Turley Set to Release Q3 2014 Office and Industrial Market Reports

Cassidy Turley announced the company’s Third Quarter 2014 Office and Industrial Market Reports on October 17, 2014. The documents will be available on the company’s website.

Early information shared in the press release includes:

• Office rent rates and development activity are heating up

• Net absorption of office space in the Northeast increased by 76.4%. The West and the South regions were well below that average at 13.9% and 6.9% respectively. The Midwest, though, fell 14.8%.

• Phoenix is listed in the Top 10 Strongest Markets for Rent Growth at 7.1%.

Yahoo Finance

Phil Mahler Joins HFF as Managing Director, National Healthcare Practice

Holliday Fenoglio Fowler (HFF) added Phil Mahler to their team as managing director of HFF’s national healthcare practice. From the company’s Chicago office, Mr. Mahler will focus on healthcare capital markets and investment sale transactions throughout the United States.

hfflp.com