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CREReport | Phoenix for October 30, 2014

CREReport | Phoenix

Commercial Real Estate Report for October 30, 2014

Hayden House LLC Acquires 2.5 Acre Site in Tempe, Plans 280K SF Mixed-Use Project

Hayden House Tempe LLC, a venture formed by Douglas Wilson Cos. and Phelps Development LLC, acquired a 2.5 acres at SWC Mill Ave & Rio Salado Pkwy in Tempe.

The company plans to erect a 280,000 square-foot and a 274-door hotel at the location.

Previously mentioned on Sept. 19: $150M Office & Hospitality Development Proposed in Tempe’s Mill Avenue

Jefferson Town Lake Holdings Acquires 1.48 Acre Site in Tempe for $4.15M, Plans for 256-Unit Multifamily Project

Jefferson Town Lake Holdings GP LLC acquired 1.62 acres of land at Scottsdale & Playa Del Norte Dr (just south of Loop 202) for $4.15M from PDN Group LLC.

The partnership formed by TDI Real Estate Holdings plans to build a 256-unit multifamily property at the location.

Casa Mirage Properties Acquries 20K SF Retail Center in El Mirage for $3M

Casa Mirage Properties LLC purchased Rancho El Mirage Plaza, a +/-20,130 square-foot retail center at N/NEC Dysart Rd & Thunderbird Rd in El Mirage, from El Mirage Partners LLC for $3.07M.

Sperry Van Ness’ Trent McCullough and Shari Tucker represented the buyer, Casa Mirage Properties LLC.

CBRE’s Andrew Fosberg, Cam Stanton and Milly Busch represented the seller, El Mirage Partners LLC.

ARJ Properties Acquires 153K SF Retail PAD in Gilbert for $1.7M

ARJ Properties LLC purchased a 152,500 square-foot retail pad at Higley Village, SEC of Higley Rd and Queen Creek Rd in Gilbert, from Jorde Hacienda Inc. for $1.7M.

Sperry Van Ness’ Mary Ridberg and Rommie Mojahed represented the seller, Jorde Hacienda Inc.

Grand Corona One LLC Acquires Ground Lease in Mesa for $608K

Riverside, formed by Grand Corona One LLC, purchased a free-standing Pizza Hut ground lease at E/SEC Dobson Rd & Main St in Mesa from Mesa Partners LLC for $608,000.

Real Estate Foundation Inc’s Alan Fruitman represented the buyer, Riverside.

CBRE’s Andrew Fosberg and Molly Busch represented the seller, Mesa Partners LLC.

Government Properties Income Acquires 67K SF Property in Central Phoenix for $13M

In a press release announcing Q3 2014 results, Government Properties Income Trust (GOV) reported the purchase of a 66,743 square-foot property occupied by Northern Arizona University at N/NWC I-17 & Greenway Rd in Central Phoenix for $13M.

Yahoo Finance

Burger 21 Opening in Raintree Ranch Center

Burger 21 announced that the company is opening a new location in Raintree Ranch Center, SEC Loop 101 & Ray Rd in Chandler.

FirstBank Opening New Location in Sun City

FirstBank Holding Company announced a new location at E/SEC Meeker Blvd & N.R.H. Johnson Blvd in Sun City.

City of Tempe Offering an Estimated $36M Tax Break to TrendEx Holdings

The City of Tempe is reportedly offering an estimated $36M property-tax incentive to TrendEx Holdings LLC in consideration of the company’s plans to purchase and develop 11 acres located at Town Lake.

Excerpt: The development deal includes TrendEx Holdings LLC purchasing the land for an estimated $17.6 million.

Dominion Real Estate Partners and Rentals America Form Strategic Partnership

Dominion Real Estate Partners LLC and Rentals America have entered into a partnership agreement.

“Rentals America is a perfect fit for our company. Prior to our partnership with them, Dominion Real Estate Partners did not offer property management alternatives for their clients.” - Skip Graham, Managing Partner Dominion Real Estate Partners LLC.