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CREReport | Phoenix for October 23, 2014
    

CREReport | Phoenix

Commercial Real Estate Report for October 23, 2014

Phoenix Rising Investments Begins Construction on 140K SF Office Project in Mesa

Phoenix Rising Investments began construction on Centrica, a +/-140,000 square-foot office project at NWC Longmore & Southern Ave in Mesa.

azbigmedia.com

Artspace Hopes to Develop 50-Unit Multifamily Project in Mesa

Artspace, a non-profit developer, is looking at developing a 50-unit multifamily property at N/NEC Hibbert & 2nd Ave in Mesa. If all goes well, construction would begin by Fall 2015.

azcentral.com

Thunderbird I Medical Properties Acquires 14K SF Medical Office Property in Sun City for $3.1M

Thunderbird I Medical Properties LLC, a company formed by MBRE Healthcare Group, purchased a 14,000 square-foot medical office property located at N/NEC 103rd Ave & Grand Ave in Sun City from HTA-SC Eye Institute LLC for $3.135M.

This is part of a three-property purchase as published by Business Real Estate Weekly on Oct. 22, 2014.

brewaz.com

Meeker I Medical Properties Acquires 72K SF Del Webb Medical Plaza C in Sun City for $23.6M

Meeker I Medical Properties LLC, a company formed by MBRE Healthcare Group, purchased Del Webb Medical Plaza C, a 72,000 square-foot medical property northeast of Grand Ave & Meeker Blvd in Sun City from HTA-SCW Webb Medical C LLC for $$23.55M.

This is part of a three-property purchase as published by Business Real Estate Weekly on Oct. 22, 2014.

brewaz.com

Del Webb I Medical Properties Acquires 45K SF Medical Office Property in Sun City for $14.2M

Del Webb I Medical Properties, a company formed by MBRE Healthcare Group, purchased a 45,000 square-foot office property* at NEC Grand Ave & Del Webb Blvd in Sun City from HTA-SC 13041 DWB LLC for $14.2M.

This is part of a three-property purchase as published by Business Real Estate Weekly on Oct. 22, 2014.

* BREW identifies the property as office use. However the subject property is on the Banner Boswell Medical campus according to Google Maps.

brewaz.com

Lennar Multifamily Acquires 5-Acre Downtown Phoenix Site for $12.75M

Lennar Multifamily purchased 5-acre development site at Central Ave & McDowell Rd in Downtown Phoenix from Africa-Isreal USA for $12.75M.

azbigmedia.com

Fitch: Embassy Suites Phoenix Expected to be Sold

Excerpt: The largest contributor to expected losses is the real estate owned (REO) Embassy Suites Phoenix (0.8% of the pool), which is a 314 room hotel located in Phoenix, AZ. The borrower began having cash flow difficulties in 2008, but continued to support the loan through the May 2012 debt service payment. Negotiations with the Borrower were unsuccessful and a receiver was appointed in March 2013. The property converted to REO on June 5, 2013, and is expected to be sold.

Editor’s Note: Google identifies three properties as Embassy Suites in Phoenix. The press release does not identify the property by address. So I won’t either.

businesswire.com

Arizona Priority Care of Chandler Leases 25K SF of Office Space in Chandler

Arizona Priority Care of Chandler leased* 24,896 square feet of office space in Chandler Corporate Center, W/NWC McClintock Dr & Chandler Blvd in Chandler, from Garmin International Inc.

Colliers International’s Michael Dupuy and Fletcher Perry represented the tenant, Arizona Priority Care of Chandler.

Colliers International’s Todd Noel and Ryan Timpani represented the landlord, Garmin International Inc.

* The headline indicates that this is a new lease. There’s a comment in the article that also indicates that this could be a lease renewal and expansion.

globest.com

Tuft & Needle Leases 5K SF in Central Phoenix

Tuft & Needle leased 5,100 square-feet of industrial space at N/NWC 7th St & Buckeye Rd in Central Phoenix.

azbigmedia.com

Learning Building LLC Acquires 43K SF Property in North Phoenix for $4.6M in Sale-Leaseback Transaction

Learning Building LLC purchased 42,623 square-foot commercial building at S/SWC 19th Ave & Happy Valley Rd in North Phoenix from The Learning Journey International LLC for $4,643,568 in a sale-leaseback transaction.

Editor’s Note: I believe the subject property is a flex-office building.

cem-az.com

Architectural Billing Index Ticks Upward

Excerpt: The national index hit 55.2 in September, up from 53.0 in August. The other two indexes AIA reports, inquiries and new contracts are also up.

bizjournals.com

Mesa’s Efforts Recognized by International Economic Development Council

The City of Mesa received three awards presented by the International Economic Development Council:

• Public-Private Partnership for its partnership with Phoenix-Mesa Gateway Airport and Able Engineering to design, finance and construct a new $20 million, 191,000 square foot manufacturing headquarters.

• Business Retention and Expansion for retention strategy to finance the construction of a new Chicago Cubs Spring Training site.

• Partnerships with Educational Institutions for recruitment of five colleges and universities.

Mesa AZ

Scottsdale Honored For Economic Development Website

Excerpt: The city’s ChooseScottsdale.com website received the council’s Bronze Excellence in Economic Development Award in the general purpose website category for cities its size.

Scottsdale AZ