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CREReport | Phoenix for October 3, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 3, 2014

5317 N 11th St LLLP Acquires 8-Unit Multifamily Property in Central Phoenix for $465K

5317 N 11th St LLLP purchased Drury Lane Apartments, an 8-unit multifamily property at N/NWC 12th St & Camelback Rd in Central Phoenix, from Halavan Limited Partnership for $465,000.

Vestis Group’s Natan Jacobs, Les Litwin and Chad Barber represented the buyer, 5317 N 11th St LLLP.

Seller, Halavan Limited Partnership, was self-represented.

Ray Hult Acquires a Blended 173K SF of Retail Space in West Valley for $3.9M

Ray Hult purchased two vacant spaces totaling 172,831 square feet of retail space at Peoria Town Center, NEC 83rd Ave & Grand Ave in Northwest Valley from SNS Investments for a total of $3.9M.

The first space, formerly occupied by Walmart, is 110,000 square feet and sold for $2.5M.

The second space, formerly occupied by Albertson’s, is 62,831 square feet and sold for $1.5M.

Rein & Grossoehme’s Steve Grossoehme represented the buyer, Ray Hult.

Sperry Van Ness’ Shari A Tucker-Gasser and Trenton McCullough represented the seller, SNS Investments.

Fountainhead Phoenix LLC Acquires 273-Unit Multifamily Property in Central Phoenix for $8.1M

Fountainhead Phoenix LLC purchased Fountainhead Apartments, a 273-unit multifamily property at N/NWC 35th Ave & Indian School Rd in Central Phoenix, from Clancy & Associates for $8.1M.

Verde Investments Acquires 107K SF Office-Industrial Property in East Valley for $8.8M

Verde Investments Inc. purchased Superstition Commerce Park, a 15.97-acre office-industrial property at NW/NWC Sossman Rd & US-60 in Mesa, from Delta SCP LLC for $8.8M. The property includes two buildings totaling 107,231 square feet of space and a 5.49-acre improved parcel.

Cassidy Turley’s Andy Markham, Mike Haenel and Will Strong represented the buyer, Verde Investments Inc..

Lee & Associates’ Fred Darche and Chris McClurg represented the seller, Delta SCP LLC.

Verde Investments Inc. is associated with DriveTime Automotive Group. Last mentioned on Sept. 4, 2014: “Automotive Group Leases 14K SF in Central Phoenix

Abacus Capital Acquires 240-Unit Multifamily Property in Central Phoenix for $41.15M

Abacus Capital Group LLC purchased Level at Sixteenth, a 240-unit multifamily property at NW/NWC 16th St & Camelback Rd in Central Phoenix, from CPF Sixteenth Street LLC for $41.15M.

Air Services International Acquires 20K SF Industrial Building in North Phoenix for $2.3M

Air Services International, Inc. purchased Turner Spectrum Ridge, a 20,040 square-foot industrial building at E/SEC 7th St & Deer Valley Rd in North Phoenix, from Turner Real Estate Investments for $2.3M.

Voit Real Estate Services’s Eric Bell and Mike Ciosek represented the seller, Turner Real Estate Investments.

Editor’s Note: Headline at AZBigMedia indicates this is a lease transaction. Content, thought, supports a sale.

Honeyville Food Products Leased 20K SF Industrial Space in East Valley

Honeyville Food Products leased 20,127 square feet of industrial space at Tempe Commerce Park, NW/NWC Kyrene Rd & Elliot Rd in Tempe, from Investco. Honeyville plans to relocate from their existing space in Chandler in November.

Newmark Grubb Knight Frank’s Rob Stephens represented the tenant, Honeyville Food Products.

Jones Lang LaSalle’s Steve Sayre represented the landlord, Investco.

Phoenix Office Space Vacancy High at +/-23%

According to Jones Lang LaSalle’s report, office vacancy in Phoenix is at 22.9%. That’s high when compared to JLL’s national average of 16.8%. Washington DC and New York City are the lowest at 9.4% and 9.9% respectively.

City of Tempe Adjusts Ordinances to Encourage Adaptive Reuse of Older Buildings

Modeled after actions taken by the City of Phoenix, the City of Tempe is working towards changing ordinances to encourage companies to renovate older buildings.

Excerpt: “Nakagawara said allowing flexibility within building codes for older buildings could lead to unique businesses cropping up in Tempe.”

City of Tempe Working on Incentives for TrendEx Holdings to Purchase & Develop Land at Tempe Town Lake

The City of Tempe is proposing property tax incentives to encourage TrendEx Holdings LLC to purchase 11 acres of land on the south side of Tempe Town Lake.

TrendEx is interested developing a mixed-use complex.

Phase I would include 600,000 square feet of multifamily space, 450,000 square feet of office space and 75,000 square feet of retail space.

Phase II would add 250,000 square of condos, 300,000 square feet of office space and 70,000 square feet of retail space.

Jones Lang LaSalle Phoenix Employment Update, October 2014

Jones Lang LaSalle published the company’s Phoenix Employment Update report for October 2014.


• 12-month job growth at 2.3% (42,504 new jobs)

• Education and Health Services was strongest sector by adding 14,120 new jobs

• Construction sector shed almost 5,000 jobs

Mesa Small Business Resource Guide

Cover of Mesa’s Small Business Resource Guide (photo credit: Mesa, AZ) Mesa Small Business Resource Guide (

The City of Mesa published a resource guide aimed to help businesses launch and succeed.

The 41-page PDF document provides information and links to help “structure a business, regulatory issues, taxation, licensing, business counseling and more.”

Excellent resource to provide to any client looking at taking space in Mesa.

Mesa AZ (PDF)

Phoenix Aviation Department’s “Fast Pitch” for Retail Openings at Sky Harbor

On October 14, Phoenix Aviation Department will accept “fast pitch” proposals from retailers interested in securing space at Phoenix Sky Harbor International Airport, Terminal 4. A total of four spaces are available.

Cushman & Wakefield: Atlanta’s Multifamily Booming Thanks to Millennials

According to Cushman & Wakefield, Atlanta is “leading the way” in the multifamily market.

Key factors:

• Atlanta’s live, work, play culture is attracting new residents.

• Millennials are considered to be forming the foundation of demand.

• Apartment developers can attract more Millennials by focusing on location and maximize access to modern amenities.

Transwestern Research Identifies Top 10 Most Expensive Cities for Office Space; Phoenix Not on List

Transwestern published results of the company’s research comparing office products based on price, volume and volume of transactions.

Sunbelt states are identified as being very attractive for their general pro-business climates. Arizona being on that list.

Maybe a good thing in terms of attracting future companies, Phoenix did not make the list of the Top 10 most expensive cities.

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