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CREReport | Phoenix for October 22, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 22, 2014

Thorofare Capital Funds $7M in Acquisition Financing for Indian Bend Hotel Group

Thorofare Capital announced that the company has funded a $7,000,000 bridge loan for Indian Bend Hotel Group, LLC (affiliated of Caliber Companies) for its leasehold aquisition of 290-room Hampton Inn & Suites Scottsdale Riverwalk.

News of the purchase first appeared on Oct. 16: “Caliber Affiliate Acquires 290-Room Hampton Inn & Suites Scottsdale-Riverwalk in Central Scottsdale

DCT Industrial Trust Acquires 355K SF of Industrial Space in Tempe for $26.5M

DCT Industrial Trust purchased a three-property industrial property portfolio totaling 355,371 square-feet of space from Gateway Valleyview Inc. for $26.45M.

All three properties are in Tempe:

• Roosevelt Center, 2 buildings, 179,745 SF total at S/SEC Roosevelt St & Broadway Rd.

• Wilson Center, 1 building, 112,860 SF at S/SEC Roosevelt St & Broadway Rd.

• Parkland Center, 2 buildings, 62,766 SF total at SEC Harl Ave & Todd Dr

LGI Homes Arizona Acquires Sundance in Buckeye for $3.9M

LGI Homes Arizona, LLC purchased Sundance, a residential subdivision at NE/NEC Watson Rd & Yuma Rd in Buckeye from Kaufman Capital Sundance LLC for $3.9M.

Cassidy Turley’s Brian Rosella and Will French represented the seller, Kaufman Capital Sundance LLC.

Phoenix Office Vacancy: CBRE Reports 21.7%; Lee & Associates Reports 21.6%

3rd Quarter reports for the Phoenix Office Market continue to surface.

Looking at Phoenix Office Vacancy Rate...

•CBRE Group: 21.7%

•Lee & Associates: 21.6%

• Jones Lang LaSalle: 22.9% (previously reported)

• CoStar Group: 17.9% (previously reported)

White Mountain Health Center OK’d to Open West Valley Dispensary

White Mountain Health Center is approved to open a medical marijuana dispensary at E/NEC 99th Ave & Bell Rd in Sun City.

The company has begun renovations of their 1,700 square-foot space.

PGA TOUR Superstore Opens in North Scottsdale

PGA TOUR Superstore announced that the company has opened its third location in Metro Phoenix at SWC Scottsdale Rd & Loop 101 in North Scottsdale.

Yahoo Finance

Irgens Appoints Jaclynn Walsh as President, COO

Jaclynn Walsh is now company president and COO, of Irgens.

Mark Irgens will continue as CEO / manager.

Be Prepared, Not Scared: Planning for Emergencies

In light of all the talk/hype about the Ebola virus and flooding that occurred in Phoenix MSA (Sept. 2014) ABInsight | Be Prepared, Not Scared provides some context to the headlines and offers safety/preparedness tips property owners/managers can take.

Editor’s note: ABI’s info is written with multifamily properties in mind. Considering the scope, the suggestions can be applied to just about every property type.


22nd Street Co-Op Plans $12M, 150K SF Exposition Center in Tucson

22nd Street Co-Op, a company formed by Eons Expos LLLP, is planning to begin construction of a $12M, 150,000 square-foot exposition facility, 22nd Street Expo Coop, east of I-10 & 22nd St in Tucson.