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CREReport | Phoenix for October 20, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 20, 2014

Carefree Partners Investments’ Project, The City at Surprise, Under Fire by City Mayor

Surprise Mayor, Sharon Wolcott, is disappointed with the lack of progress on the 550-acre* development, The City at Surprise. The property located at Bell Rd & Litchfield Rd is to be the site of a spring training facility, government center, urban park complex.

Developer Surprise Center Development Company, an affiliate of Carefree Partners Investment, LLC, has not impressed the mayor with any progress.

* The article indicates the property is 550 acres. Carefree Partners’ website indicates the property is 765 acres, 115 acres donated to the city... leaving it at 650 acres.

Carlibach Acquires 204-Unit Esteban Park in Central Phoenix for $20.7M

Carlibach L.P. purchased Esteban Park, a 204-unit multifamily property at N/NEC 32nd St & Southern Ave in Central Phoenix from Esteban Apartments LLC for $20.675M.

Berkadia’s Mark Forrester, Ric Holway and Dan Cheyne negotiated the transaction.

Bottom of story: The buyer is interested in acquiring more multifamily properties in Metro Phoenix.

Hartford Exchange and Reems & Greenway Acquire 67K SF Office Property in North Scottsdale for $7M

Hartford Exchange LLC and Reems & Greenway LLC purchased Hartford Place, a 66,800 square-foot office property at NW/NWC Perimeter Dr & Bell Rd in North Scottsdale from Buchanan Street Partners for $7M. The property is located in the Perimeter Center Business Park.

Cassidy Turley’s Eric Wichterman and Mike Coover represented the seller, Buchanan Street Partners.

DDR Corp. and Blackstone Real Estate Acquire Shopping Center Portfolio; At Least One Location in Phoenix

DDR Corp. and Blackstone Real Estate Partners purchased 71 retail centers from American Realty Capital Properties Inc. for $1.93B.

Specific details are not yet available, however at least one “power center” is located in Phoenix.

Transmissions 4 Less Leases 3.8K SF of Retail Space in North Phoenix

Transmissions 4 Less leased 3,800 square-feet of retail space at N/NWC Cave Creek Rd & Cactus Rd in North Phoenix from MWM Property LLC.

Rein & Grossoehme’s Jared Lively represented both the landlord, MWM Property LLC, and tenant, Transmissions 4 Less.

CoStar: “Market Trend: Phoenix Office Vacancy Decreases to 17.6%”

CoStar reports the Phoenix Office market stands at a 17.6% vacancy rate.

Compare that to JLL’s report from a couple weeks ago: “Phoenix Office Space Vacancy High at +/-23%

New Restaurants Opening in Old Town Scottsdale Region

Five new restaurants are opening around Old Town Scottsdale:

• Park Place Bar & Grill - 7373 E Scottsdale Mall

• Modify Yoga Spa Cafe - 4146 N Marshall Way

• Craft 64 - 6922 E Main St

• The Beverly - 7018 E Main St

• ROK Social House - 7419 E Indian Plaza

Torres Multicultural Communication Opening 8K SF Office in Downtown Phoenix

Torres Multicultural Communications (TMC) announced that the company will open a newly renovated 8,000 square-foot office at E/SEC 7th St & Washington St in Downtown Phoenix in the next few months.

3,000 square feet of the space will be devoted to the Luna Culture Lab - a facility available for companies too conduct research, art exhibits, events, workshops and more.

Mackenzie Ford Promoted at Cushman & Wakefield

Cushman and Wakefield promoted Mackenzie Ford to the position of associate.

Kip Gilleland Joins Walton Group

The Walton Group of Companies announced that Kip Gilleland has joined the company as Senior Vice President. Mr. Gilleland will oversee land acquisition and new market research in Arizona, California, Salt Lake City and Reno. (PDF)

Cushman & Wakefield Launch C&W TechBeat, a Progressive Website Custom Built for the Technology Market

Excerpt: “The website will deliver real estate information in an entirely different format compared to that of other real estate providers. TechBeat was created to fill a void and will make Cushman & Wakefield the ideal partner from startups to enterprises,” Matt Coxhead said.

Link to website: C&W TechBeat

Alliance Residential Included in So Scottsdale’s Luxury Living Section

Alliance Residential wants you to know that the three of the company-managed communities are featured in So Scottsdale’s “Rising Up: Luxury Apartments and Condos in Scottsdale.”

The properties are:

• Broadstone Waterfront

• Broadstone Lincoln

• The Stetson

Look for the link at the end of the story to read the full article.

ADOT Commercial Properties For Sale

Arizona Department of Transportation published a 6-page PDF listing several sections of land available for sale. The title of the document indicates they are also available for lease. Nothing presented in the listings supports that, though.

Rough count, there appear to be 25 listings.

Worth a look... (PDF)

ArizonaDailyStar Reports on Projects Under Construction in South Arizona


• $4M Parasol Building at 5834 N Oracle

• $39M Tucson Premium Outlets at I-10 & Twin Peaks Rd

• $7.2M Precision Toyota Showroom at Tucson Auto Mall

• $4.8M Palo Verde Behavioral Health medical office at on Craycroft Rd.

Injoy Thrift Stores Leases 22K SF at Tucson Marketplace

Injoy Thrift Stores leased 22,370 square feet at Tucson Marketplace at N/NEC Pantano Rd & Broadway Blvd in Tucson from Broadway and Pantano Retail LLC.

Rein & Grossoehme’s Sandy Alter represented the tenant, Injoy Thrift Stores.

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