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CREReport | Phoenix for September 29, 2014

CREReport | Phoenix

Commercial Real Estate Report for September 29, 2014

Update: Optima Center Kierland Planners Moving Forward with Development Plans

Now that the City of Phoenix approved plans for $300M multifamily development, Optima Center Kierland at NWC Scottsdale Rd & Kierland Blvd on the Phoenix/Scottsdale border, developers are making plans to begin construction Summer 2015.

Meantime, while the developers work through details including opposition to the project, businesses at the location are busy finding new space for relocation.

TIs Concluding at Heritage Marketplace in Downtown Gilbert, Restaurants Opening

As individual tenant improvements are concluding in the first phase of downtown Gilbert’s Heritage Marketplace, five restaurants prepare to open: • Zinburger; •Lo-Lo’s Chicken and Waffles; •Barrio Queen; •Pomo Pizzeria Napoletana; and • Petersen’s Old Fashioned Ice Cream.

Only one space remains available at Heritage Marketplace’s first phase of development. Construction on phase two is expected to begin February or March 2015. Expected delivery: Q3 2015.

Dr. Paul R. Brown Family Acquires 7.5-Acres of Land in East Valley for $1.6M, Plans to Build Residential Rentals

Dr Paul R Brown Family purchased 7.545 acres of land at NW/NWC Gilbert Rd & Elliot Rd (East Valley) from International Risk Group for $1.55M.

The family plans to develop residential rental project at the location. The property currently has two warehouses.

Vizzda News

Fine Line Fabricating Acquires 21K SF Flex Property in North Phoenix for $1.2M

Fine Line Fabricating purchased a 20,565 square-foot office-industrial property at SE/SEC 26th Ave & Bell Rd (North Phoenix) from Baughman-Williams for $1.2M.

DAUM Commercial Real Estate Services’s Jerry Hillery and Chris Rogers represented the buyer, Fine Line Fabricating.

Lee & Associates’s TJ Swearengin and Matt Hobaica represented the seller, Baughman-Williams.

GlobeSt Deal Tracker (Sept 29, 2014)

• Sold - Covered Wagon RV Park at 6540 N Black Canyon Fwy in Phoenix for $1.3M (44 RV sites)

• Sold - Four buildings totaling 18,496 square-feet at 8164 W Buckeye Rd in Phoenix for $2.9M.


Encanto Oasis Partners Sell 26-Unit Multifamily Property in Central Phoenix for $1.2M

26-unit Encanto Oasis Apartments at NEC 19th Ave & Thomas Rd in Central Phoenix sold for $1.2M.

Marcus & Millichap’s Brian Tranetzki and Rich Butler represented both the buyer, undisclosed, and seller, Encanto Oasis Partners, in the transaction.

List: Restaurants Opening Near Metrocenter Mall in Central Phoenix

AZCentral presents a gallery of restaurants that have just opened or are opening soon in the region near Metrocenter Mall at SWC I-17 (Black Canyon Fwy) & Peoria Ave in Phoenix:

• Chick-Fil-A at 3111 W Peoria Ave

• Mod Pizza at 3121 W Peoria Ave

• Potbelly Sandwich Shop at 3121 W Peoria Ave

• Yogis Grill at 3121 W Peoria Ave

Photo’torial of New Scottsdale Multifamily Properties

AZCentral assembled a photo album highlighting Scottsdale multifamily properties that are planned, under construction or now open...


• The Enclave at Borgata - 6166 N. Scottsdale Road (90 units)

• Sunrise Commons - 15333 N. Hayden Road (281 units)

• Optima Kierland - 15440 N. Scottsdale Road (660 to 796 units)

Under Construction:

• Crescent Scottsdale Quarter - 15037 N. Scottsdale Road (275 units)

• Jefferson on Legacy - 7400 E. Legacy Blvd. (322 units)

• Liv North Scottsdale - 15509 N. Scottsdale Road (240 units)


• Jefferson at One Scottsdale - 7355 E. Thompson Peak

Black & Blue Opens 9K SF Restaurant in Central Scottsdale

Black & Bleu opened a 9,443 square-foot restaurant at Shops at 94 Hundred Shea, E/SEC 92nd St & Shea Blvd in Central Scottsdale.

Quarles & Brady Opens New Office in North Scottsdale

Quarles & Brady opened a new office at SEC Loop 101 (Pima Fwy) & Bell Rd in North Scottsdale. This is the company’s third location in Arizona.