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CREReport | Phoenix for September 30, 2014

CREReport | Phoenix

Commercial Real Estate Report for September 30, 2014

Helix and Hubble Land LLC Announce Plans to Develop 7.2K SF Retail Space in West Valley

Helix Asset Management and Hubble Land, LLC announced plans to develop newly acquired Pebble Creek Plaza Retail Pads (Helix Capital Acquires Pebble Creek Plaza Retail Pads in West Valley for $1.05M) located at S/SEC Pebble Creek Pkwy & Virginia Ave in Goodyear.

Plans include developing a 7,200 square-foot retail space (divisible). Advanced Auto Care is also proposing developing an auto-care center at the hard corner.

REEP - MF Chandler AZ Acquires Los Arboles and Vista Del Lagos Apartments in East Valley for $41.8M

REEP - MF Chandler AZ LLC purchased 232-unit Los Arboles for $22,421,000 and 200-unit Vista Del Lagos for $19,329,000 from AIMCO. Both multifamily properties are located at at SE/SEC Dobson Rd & Chandler Blvd in Chandler.

Greenville Leases 40K SF of Office Space in East Valley

Greenville leased 40,000 square-feet of office space at Papago Technology Center, NEC 56th St & Washington St in Tempe, from WDP Partners of Phoenix.

Jones Lang LaSalle’s Jason Moore and Keith Lammersen represented the tenant, Greenville.

CBRE’s Bryan Taute represented the landlord, WDP Partners of Phoenix.

Velocity Retail Group Representing WSS in Search for Arizona Location(s)

Velocity Retail Group’s Darren Pitts is leading the search for Arizona sites offering 10,000 to 15,000 square-feet of free-standing or in-line retail space.

Velocity Retail

$47M Expansion of WestWorld in North Scottsdale Begins to Pay Off

Event planners for big events are starting to take notice of WestWorld Scottsdale since the venue completed their $47M expansion and renovations.

AZCentral Readers Pick: Gilbert Eyesores

In a series of Reader Pick surveys, AZCentral’s Srianthi Perera curates a list of worst properties in Gilbert, AZ.

Topping the list:

• Tierra Office Park - east of McQueen Rd on Elliot Rd

• Crossroads District Park - 2155 E Knox Rd

• Guadalupe Road Property - west of Cooper Rd on Guadalupe Rd


Topgolf® Prepares to Open 65K SF Entertainment Complex in East Valley

In a press release announcing plans to hire 450 positions, Topgolf® indicates the company’s new 65,000 square-foot entertainment complex located at SEC Santan Village Pkwy & Ray Rd in Gilbert will be ready to open late 2014.


Panera Bread Building New Location in Central Phoenix

Located just north of Metrocenter Mall, Panera Bread demolished the former Van’s Pro Shop building and is already in the process of building a new location at S/SWC 28th Dr & Peoria Ave in Phoenix.

AZCentral’s article identifies the site as Panera’s second location in Metro Phoenix. However, Panera’s website indicates the company already has two locations: Phoenix #601829 at 2845 N Central and Chandler #601830 at 3991 S Arizona Ave.

Public Input Sought on Recent Flight Paths Disrupting Grand Ave Corridor Area in Central Phoenix

The City of Phoenix Aviation Department and FAA will hold a meeting asking for public input on the recent decision to change the flight paths of aircraft to an area over Grand Ave. Many residence have already complained about the excessive noise and disruption. One can only think that businesses in the area are also hard-hit.

Meeting: Thurs, Oct. 2, 6:00 PM, at Phoenix City Council Chambers, 200 W Jefferson St.

Downtown Phoenix Journal

Arizona Forward Crescordia Winners

Arizona Forward recognized several projects for their “exceptional, physical and social development” contributions to Arizona.


• Solana Generating Station - President’s Award

• ASU Student Center @ The Post Office (30,000 square-foot center in downtown Phoenix) - Buildings & Structures, Historic Preservation

• Encore on First (81-unit multifamily property in Mesa) - Livable Communities / Sustainable Communities

Many more...

KFC Fears Landlord Black Equities Group May Declare Default at 77 Properties

KFC is on record requesting a judge to issue an order to prevent SBKFC Holdings (Black Equities Group) from declaring default on a lease agreement extended to 77 properties. No details are available as to where the properties are located.

What Kind Of Help To A Tenant Is Self-Help? Part 1

Ira Meislik explores (in detail) obligations both landlords and tenants should consider when “self-help rights” are added to a lease agreement.

Retail Real Estate Law