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CREReport | Phoenix for October 6, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 6, 2014

Construction Begins on 99-Room Courtyard by Marriott in East Valley

Construction on 99-room Courtyard by Marriott has begun at E/SEC Power Rd & Ray Rd in Mesa, AZ - adjacent to Phoenix-Mesa Gateway Airport.

Developer Sunridge Hotel Group expects the project to deliver October 2015.

Mesa AZ

Cullum Homes Begins Construction of Village at Mountain Shadows in Paradise Valley

Formerly proposed site for Mountain Shadows Resort, Cullum Homes began construction of Village at Mountain Shadows, a 40-home residential development in Paradise Valley.

News of Cullum acquiring the property first appeared back in July, “Mountain Shadows Parcel Sold For $23 Million... Planned For 40 Luxury Homes

Warren Buffett & Berkshire Hathaway Inc Acquiring 28 Metro Phoenix Car Dealerships

Warren Buffett and Berkshire Hathaway Inc are in the process of purchasing 28 Metro Phoenix car dealerships from Van Tuyl Group. Specifics of the transaction are not available.

Lennar Multifamily Acquires 5.5 Acres of Land in Downtown Phoenix for $12.75M

Google Streetview of subject property at NWC Central Ave & McDowell Rd in Phoenix. (credit: Subject Property at NWC Central Ave & McDowell Rd in Phoenix (

Lennar Multifamily purchased 5.46 acres of land at NWC Central Ave & McDowell Rd (Downtown Phoenix) from BSR Projects for $12.75M.

Lennar is proposing development of a 368-unit multifamily complex at the location.

VIzzda News

Tempe 8 Apartments in East Valley Sells for $510K

An undisclosed buyer purchased Tempe 8 Apartments, an 8-unit multifamily property at S/SEC Rio Salado Pkwy & Priest Dr in Tempe, from AHF American Homes Fund for $510,000.

Realty One Group’s Terra Morales represented the buyer (undisclosed).

Vestis Group’s Natan Jacobs, Les Litwin and Victoria Miachika represented the seller, AHF American Homes Fund.

Jones Lang LaSalle: Phoenix Medical Office Buildings Holding Steady

JLL’s “chart of the week” for September 29: Phoenix Medical Offices & Healthcare Buildings.


• Inventory - 11,334,569 square feet

• Year-to-Date Absorption - 22,319 square feet (?! Doesn’t seem right.)

• Average Asking Rate - $23.07/SF

City of Mesa 2040 General Plan: Residents Vote on City’s Future in November

Mesa residents will be voting on the city’s 2040 General Plan in the upcoming election.

The 229-page document addresses urban transit, walkability and employment planning. Highlights include:

• Revitalizing Fiesta District

• Future of Riverview business center

• Industrial corridor now known as “Broadway Corridor”

• Education, Financial Services, High-Tech, Manufacturing and Retail focus of the Superstition Frewway West Corridor

Scottsdale Seeking Bids to Develop Parking Garages in Old Town

Near the end of a story discussing availability of public parking in Old Town Scottsdale, there’s mention that the City of Scottsdale is accepting bids to develop parking garages on two existing parking lots on Stetson Drive.

ABI Multifamily Report: Market Trends & Dynamics in Phoenix MSA Apartment Construction (Part 1)

ABI Multifamily’s Rue Bax and Thomas M. Brophy provide an in-depth perspective on the Phoenix multifamily market.


• Phoenix is in a construction boom - North & South Scottsdale and Tempe being the hot spots in the Valley.

• Institutional investors are “pouring money” into the market.

• Can the current rental pool sustain new inventory?

Much more...

Bob Rauch Opening 284-Room Metro Plaza Hotel in North Phoenix

This starts simple enough: Bob Rauch plans to open 284-room Metro Plaza Hotel at SW/SWC I-17 (Black Canyon Fwy) & Peoria Ave in North Phoenix in December 2014 (soft opening) with the location fully operational in time for the 2015 Super Bowl.

It’s worthwhile to also include links to Mr. Rauch’s strong marketing efforts:

Hospitality Innsights (love the name) (the domain was available?)

• R.A. Rauch & Associates Website

Mervyn’s Opening 83K SF Location in Central Phoenix

Mervyn’s is opening an 83,000 square-foot location at SEC SR-51 (Piestewa Fwy) & Camelback Rd in Central Phoenix.

WinCo Foods Opening 95K SF Store in East Valley

WinCo Foods LLC announced plans to open a new, 94,500 square-foot location at N/NWC Arizona Ave & Ray Rd in Gilbert, AZ.

This will be the company’s fifth location in Arizona, second location in Gilbert.

Yahoo Finance

Arizona Beer and Cider Company Opening Distribution Facility in West Valley

Arizona Beer and Cider Company is opening a distribution facility at W/NWC 51st Ave & Roosevelt St in Phoenix.

The company plans to expand to Tucson early 2015 and to Flagstaff by mid-year 2015.

Pima Medical Institute Opens 17K SF School in North Phoenix

Pima Medical Institute opens 17,000 square-foot school at S/SWC I-17 & Bell Rd in North Phoenix - former location of Anthem College-Bryman School.

Plaza Companies’ Sharon Harper Recipient of GPEC Award

Sharon Harper, President and CEO of Plaza Companies, was awarded the Greater Phoenix Economic Council’s Distinguished Service Award.

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