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CREReport | Phoenix for October 9, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 9, 2014

Catellus Development Selected as Master Developer of 330-Acre ASU Facilities District

Arizona State University announced that the school has selected Catellus Development Corporation as the master developer of the ASU Athletic Facilities District, a 330-acre zone located on the northeast end of the Tempe campus.

Excerpt: “John Creer, ASU assistant vice president for university real estate development, said the district development will be a long-term project over the next 10 to 20 years, with the potential for seven to 11 million gross square feet of development. He said expectations are for a mixed-use district that will include multifamily residences, commercial development and service retail. The first step will be a public planning process over the next six to nine months.”


OliverMcMillan Begins Construction on 265-Unit Class A Multifamily Project, SALT, in East Valley

OliverMcMillan announced that the company has begun construction on SALT (formerly Lofts@HaydenFerry), a 265-unit, Class A apartment complex at E/NEC Mill Ave & Rio Salado Pkwy in Tempe. Financial partner: Amstar. Projected delivery: Early 2016.

Planned Development at Park West in Peoria Cleared to Add Multifamily and School

The City of Peoria approved amendments to rezone two parcels at Park West to allow for a 254-unit multifamily project and a 140,000 square-foot higher education facility.

Alliance Realty Partners Acquire 240-Unit Village at Gateway Pavilions in West Valley for $23.15M

Alliance Realty Partners LLC purchased The Village at Gateway Pavilions, a 240-unit multifamily property at N/NWC 103rd Ave & McDowell Rd in Avondale, from PEM Real Estate Group for $23.15M.

Cassidy Turley’s David Fogler and Steven Nicoluzakis represented the seller, PEM Real Estate Group.

Dawson Holdings Acquires 140-Unit Hill N’ Dell Apartments in Central Phoenix for $6M

Dawson Holdings Inc. purchased Hill N’ Dell Apartments, a 140-unit multifamily property at NW/NWC Loop 202 & Van Buren St in Central Phoenix for $6M. (Seller undisclosed.)

Hinson Management Sold 13-Unit Wilson Apartments in East Valley for $950K

An undisclosed buyer purchased Wilson Apartments, a 13-unit multifamily property at SW/SWC Mill Ave & University Dr in Tempe from Hinson Management LLC for $950,000.

Vestis Group’s Natan Jacobs, Les Litwin and Victoria Miachika represented the buyer (undisclosed).

Caliber Realty Group’s Terry Kass represented the seller, Hinson Management LLC.


SheKnows Leases 20K SF Office Space at Element at Kierland in North Scottsdale

SheKnows leased 20,000 square-feet of office space at Element at Kierland, a +/-55,268 SF office property located at SW/SWC Scottsdale Rd & Greenway Pkwy in North Scottsdale from Montana Avenue Capital Partners, LLC.

Keyser’s Clint Hardison represented the tenant, SheKnows.

CBRE’s Luke Walker, Dave Carder and Eric Schultz represented the landlord, Montana Avenue Capital Partners, LLC.

ASU Professor Mark Stapp Forecasts Phoenix CRE Recovery

Mark Stapp, real estate professor at ASU’s Center for Real Estate Theory and Practice, expects the Phoenix commercial real estate market to continue its recovery - slowly, though.

Mesa Hosting Building Strong Neighborhoods Meeting

In an ongoing effort to connect with residents, The City of Mesa will host the next Building Strong Neighborhoods Initiative in Council District 4 on Oct. 14, 2014 @ 6:30P.

The focus of the meeting will be on upcoming planned projects in the neighborhoods located from Broadway to 8th Ave and Alma School to Longmore.

Mesa AZ

Valley Metro Asking for Businesses to Comment on South Phoenix Light Rail Plans

On Oct. 23, 2014 at Nina Mason Pulliam Rio Salado Audubon Center, Valley Metro is hosting an open house to present possible routes for the Phoenix Light Rail plans. Businesses are invited to learn about the proposed station locations and configurations. (A public open house is scheduled the day before on Oct. 22.)

What Kind Of Help To A Tenant Is Self-Help? Part 2

In a continuation piece on exploring ways to navigate self-help rights in lease agreements, Ira Meislik ruminates on “another ‘kind of landlord breach’ that a tenant might be willing to ‘cure.’”

Retail Real Estate Law