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CREReport | Phoenix for October 17, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 17, 2014

Irgens Begins Construction of 48K SF Class A Office Project in Chandler

Irgens began construction on Portico Place II, a 48,173 square-foot, Class A office property located at W/SWC Dobson Rd & Chandler Blvd in Chandler. Scheduled delivery: March 2015.

Alliance Residential and AIG Global Real Estate Developing 335-Unit Multifamily Project at Chandler Viridian

Alliance Residential Co. and AIG Global Real Estate are planning to build Broadstone Fashion Center Apartments, a 335-unit multifamily project located at the site of Chandler Viridian (SWC Loop 101 & Frye Rd).

CyrusOne Completes Construction of 120K SF Phoenix II Data Center in Chandler

CyrusOne announced that the company has completed construction of Phoenix II Data Center, a 120,000 square-foot data center located at SW/SWC Dobson Rd & Germann Rd in Chandler.

Everest Holdings and Walton Street Capital Acquire 105K SF Crossroads Corporate Center in Central Phoenix for $7.2M

Everest Holdings and Walton Street Capital purchased Crossroads Corporate Center, a 105,100 square-foot industrial property at NW/NWC I-17 & Bell Rd in Central Phoenix from Kossman Development Co. for $7.2M.

CBRE’s Barry Gabel, Chris Marchildon and Ashley Brooks negotiated the transaction.

304-Unit Emerald Shores Apartment Complex in West Phoenix Sells for $8M

An undisclosed buyer purchased Emerald Shores, a 304-unit multifamily property located at E/NEC 83rd Ave & Indian School Rd in West Phoenix from Gran Victoria Housing LLC for $8M.

Marcus & Millichap’s Rich Butler, Brian Tranetzki and Steve Gebing represented the seller, Gran Victoria Housing LLC.

SRS Real Estate Partners Report New Tenants Joining Shops at 38th Street Plaza in Phoenix

SRS Real Estate Partners announced that Whining Pig Beer & Wine Bar, OccuMed Diagnostics and The Blind Tiger Tattoo are leasing space at Shops at 38th Street, W/NWC 38th St & Indian School Rd in Phoenix.

SRS’ Scott Ellsworth represented the landlord, 38th Street Center Oliver LLC, in all three transactions.

City of Chandler Considering Re-Zoning 25-Acres Near Chandler Airport for Commercial Use

Already passed by the Planning and Zoning Commission, on Oct 23rd, Chandler’s City Council will consider approving the use of 25-acres at SWC Cooper Rd & Germann Rd near Chandler Municipal Airport for commercial use.

The development, Metro Chandler Airport Center, could include industrial buildings, educational facilities, church property, office, retail, and recreational facilities.

Construction of New Office Space in Tempe

Excerpt: Massive Tempe developments will put a lot of Class A office space on the market in the next few years. Here’s a look at how much square footage of office space the Valley has absorbed annually for the past 10 years. * Requires Login

Market Update: Tempe Developments

Eric Jay Toll provides an overview of current and future projects shaping Tempe’s skyline.

Excerpt: Within 20 years, nine new projects totaling nearly 20 million square feet of mid- and high-rise buildings will line Tempe Town Lake. There is talk of other potential developments adding 250,000 to 600,000 square feet of offices to that massive volume. * Requires Login

EastGroup Properties Announces Record Setting Q3 2014 Results, Lists Two Phoenix Properties “In Development”

EastGroup Properties announced that the company had a record setting third quarter for 2014 and listed 15 projects currently completed or under construction.

While I couldn’t find out the actual status of the two projects the EastGroup lists in Phoenix, here’s what I did find:

• Kyrene 202 I (Phoenix) - 75,000 square feet, 67% leased, project cost $6.9M - delivery: Oct. 2014

• Kyrene 202 II (Phoenix) - 45,000 square feet, 0% leased, project cost $3.9M - delivery: Oct. 2014