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CREReport | Phoenix for October 29, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 29, 2014

Cypress Development Group Prepares to Build 213 High-End Condos in North Scottsdale

Cypress Development Group expects to begin construction of The Sterling Collection at Silverleaf, a 213 high-end condominium project at SEC Pima Rd & Thompson Peak Pkwy in North Scottsdale, in Q1 2015. Projected delivery: Early 2016.

Tanger Outlets Westgate Adding 78K SF of Retail Space in Glendale

In a press release reporting Q3 2014 results, Tanger Factory Outlet Centers, Inc. announced that the company is expanding Tanger Outlets Westgate, SEC Loop 101 & Glendale Ave in Glendale, by +/-78,000 square feet.

Scottsdale Envy: Construction Set to Begin End of Next Year

According to Fox 10, construction on Envy Scottsdale*, a $47M 89-Unit multifamily property planned in Old Town Scottsdale south of 75th St & Camelback Rd, is scheduled to begin “at the end of next year.”

Previously, we found the project was scheduled to delivery by end of 2016.

* Fox 10 also refers to the project as “Envy Residence” - Which aligns with the branding at and contradicts other branding and paperwork.

Fox 10 Phoenix

Wood Partners Acquires 5.75 Acres of Land in North Phoenix for $9.5M, Plans 278-Unit Multifamily Property

Alta Paradise Ridge LP, a Wood Partners’ venture, purchased 5.75 acres of land at south of 68th St & Mayo Blvd in north Phoenix from PR Grigio LLC for $9.5M.

Wood Partners plans to build a 278-unit multifamily property at the location.

Phoenix VA Health Care Leases 6.9K SF Medical Office Space in North Scottsdale

Phoenix VA Health Care System leased 6,880 square feet of medical office space at NEC Frank Lloyd Wright Blvd & Via Linda in North Scottsdale.

A press conference is scheduled Thursday, Oct. 30, at 10:00 AM at the new location. (Attending: Glenn Costie, Phoenix VA; Congressman David Schweikert; and Mayor Jim Lane.)

Sperry Van Ness Retail Sales and Leasing Transactions


• Mary Ridberg and Rommie Mojahed represented the seller, Jorde Hacienda Inc. in the $1,700,000 sale of a 152,460 SF PAD at Higley Village. Higley Village is located at the SEC of Higley Road and Queen Creek Road in Gilbert. The buyer was ARJ Properties LLC.

• Trenton McCullough and Shari A. Tucker represented the buyer, Casa Mirage Properties, LLC in the $3,070,000 purchase of a 20,130 SF multi tenant retail building located at 13915 N. Dysart Road in El Mirage. The seller was El Mirage Partners, LLC and was represented by Cam Stanton and Andrew Fosberg of CBRE.

• Mary Ridberg and Rommie Mojahed represented Potato Barn to lease 22,252 SF of retail space at Scottsdale 101 Retail, located at the NWC of Mayo Blvd. and Scottsdale Road in Scottsdale.

Many more...

DriveTime Leases 96K SF Office Space in Liberty Center at Rio Salado in Tempe

DriveTime Automotive Group Inc. leased 96,000 square-feet of office space in Liberty Center at Rio Salado located north of 52nd St & University Dr in Tempe from Liberty Property Trust.

Lee & Associates’ Fred Darche represented the tenant, DriveTime Automotive Group Inc.

CBRE’s Brad Anderson and Michael Strittmatter represented the landlord, Liberty Property Trust.

Introducing Wearable Tech for Real Estate Buying and Selling

In a press release focused on the appointment of Elliott Frutkin as CEO of Vitrum View, there’s mention that the company is ready to introduce their wearable technology on Nov. 3 at The Summit Technology Conference in Dublin, Ireland.

Excerpt: “The possibilities for Google Glass and similar wearable devices will have a dramatic impact on the business of buying and selling real estate,” said Elliott Frutkin. “I am excited to lead Vitrum View to shape the future of technology in the real estate business.”