Phoenix Commercial Real Estate News From CoStar Group


    Calypso St. Barth to Liquidate All Stores Nationwide
    Luxury women's lifestyle brand Calypso St. Barth is liquidating and closing all of its stores following its bankruptcy filing late last month. Founded on the Caribbean island of Saint Barthélemy in 1992, the luxury lifestyle brand operated 26 boutiques in New York, Georgia, Massachusetts, Colorado, California, Florida, Arizona, Maryland and South Carolina. Valued at a total of $15 million, the inventory of resort wear, home goods, and furniture...

    JDM Partners, Transwestern Finalize 2 Million-SF State Farm Office Deal in Arizona
    State Farm has sold and leased back the 370,000-square-foot building it developed at 300 Rio Salado Parkway and four other office buildings in the Phoenix metro. A partnership between Transwestern Investment Group (TIG) and JDM Partners LLC led by principals the principals Jerry Colangelo, David Eaton and Mel Shultz has wrapped up the acquisition of Marina Heights, a five-building office campus on 20 acres from State Farm Automobile Insurance at...

    Mission Springs Apartment Homes Fetches $33.8M in Tempe
    29th Street Capital purchased The Mission Springs apartment community located at 1311 W. Baseline Rd. in Tempe, AZ from Gelt, Inc. for $33.8 million, or approximately $110,000 per unit. The 306-unit complex was sold in an off-market deal. The apartments were built in 1987 and consist of 24 buildings. The units range from one- to two-bedroom apartments ranging from 506 to 884 square feet. The apartment community also features amenities. Jim Crews...

    Phoenix-Area Apt. Complex Valued at $115 Million Hits the Block
    A 10-year-old Phoenix-area apartment complex hitting the sales block comes with an attractive tax break and some potential upside for the next owner. Ten01 on the Lake in Tempe, AZ is a 523-unit, garden-style complex that is approximately 95% occupied. Local pros think bids will come in at about $220,000 per unit, or about $115 million. That price would translate into a capitalization rate of about 5.5%. Bruce Gray developed the property in...

    Pure Fillmore Apts Sold for $56M
    Pure Multi-Family REIT LP acquired the Pure Fillmore Apartments at 601 W. Fillmore St. in Phoenix, AZ for $59 million, or about $243,000 per unit, from Wood Partners. The 354,800-square-foot multifamily building was developed in 2016, originally known as the Alta Fillmore. It consists of 230 units averaging 934 square feet each. Sitting on about four acres, the five-story property includes a variety of amenities. Rue Bax, John Kobierowski,...

    Apex Off 7th Street Apts Sell for $8.7M
    Pro Residential Services, Inc. sold the 104-unit Apex Off 7th Street multifamily building at 948 E. Devonshire Ave. in Phoenix, AZ for $8.7 million, or about $84,000 per unit, to Allante Properties. Completed in 1998, the 156,280-square-foot multifamily building features a number of amenities. Bill Hahn, Trevor Koskovich and Jesse Hudson with Colliers International represented the seller. Please refer to CoStar COMPS #4061001for more information...

    Tempe Vista Apts Sell for $20.5M
    Ocean Real Estate Partners and Jevan Capital sold the 186-unit Tempe Vista apartments at 2045 E. Broadway Rd. in Tempe, AZ for $20.5 million, or about $110,000 per unit, to Capital Real Estate. Completed in 2007, the 156,280-square-foot multifamily community features a number of amenities. Brett Polachek with Cushman & Wakefield represented the seller. The buyer handled the sale in-house. Please refer to CoStar COMPS #4018624 for more information...

    The Ledges at West Campus Apts Sells for $23M
    Aspen Square Management, a real estate investment and management company based in Massachusetts, sold the 205-unit multifamily building located at 2162 W. Speedway Blvd. in Tucson, AZ for $23 million, or about $112,000 per unit, to Tempe Friends and Family LLC. Completed in 1997, the 269,000-square-foot The Ledges at West Campus Apartment Community features amenities and improvements. Hamid Panahi, Cliff David and James Crawley from Institutional...

    Investor Acquires Two Multifamily Apartment Complexes in Phoenix
    Investor Richard Trull of Vancouver, WA acquired two multifamily properties in North Phoenix from builder Key Construction, which disposed of the assets as the down leg of a 1031 exchange. Bell Villas 28, consisting of 28 units, sold for $4.4 million, or $157,000 per unit. Siesta 16, consisting of 16 units, sold for $2.4 million, or $150,000 per unit. At the time of closing, both properties were 100 percent occupied. Bell Villas 28 delivered...

    Aldelson Joins Newmark Knight Frank
    Newmark Knight Frank has hired Tom Adelson as executive managing director in the firm's Phoenix, AZ office. In his new role, Adelson will identify and manage commercial properties in the Phoenix region. Over the past three decades, Adelson has facilitated transactions encompassing more than 30 million square feet of space. Previously at CBRE, where he was continually noted as one of the firm?s top producers, Adelson was presented an award that...

    Colliers International Awarded Leasing for Forty6Forty5
    Crown West Realty has selected Colliers International to oversee the leasing of Forty6Forty5, its 116,858-square-foot, two-story office building located at 4645 E. Cotton Center Blvd. in Phoenix, AZ. Todd Noel, CCIM and Ryan Timpani of Colliers International will be handing lease-up efforts at the class A office building, which is currently vacant. Built in 2000 and recently renovated in 2017, the building offers easy access to SR-143, I-10, US...

    387,000-SF Building Listed for Sale
    The two-story, 387,271-square-foot industrial building located at 5005 E. McDowell Rd. in the Tempe Northwest Industrial submarket has been listed for sale for an undisclosed price. The property is in a secure campus with a fenced lot. It features fully air-conditioned, eight 1,000-ton chillers, two 600-HP steam boilers, N+1 redundancy for all systems in Central Plant, power at 48.5MVA capacity ranging from 750kVA to 2,500kVA service by two loop...

    Osbrink Joins Newmark Knight Frank
    CJ Osbrink has joined Newmark Knight Frank (NKF) as an executive managing director. Osbrink will be joining the West Coast Capital Markets team, based in the firm's Phoenix, AZ office. Osbrink was previously at HFF for 11 years, where he also served as a managing director. His career also includes acquisitions roles at a private Orange County-based firm and at the former Grubb & Ellis. "CJ is a strong addition to our Phoenix office," said...

    Harrison Properties Purchases 581,000-SF Central Arizona Distribution Center
    Harrison Properties acquired the Central Arizona Distribution Center at 2592 E. Hanna Rd. in Casa Grande, AZ for $13.6 million, or about $23 per square foot, from Clarion Partners. The facility is 63 percent leased to three tenants including Kuehne & Nagel, a freight forwarding and logistics company anchoring the property in more than 200,000 square feet. JLL?s Mark Detmer gives credit to the Casa Grande industrial market for generating interest...

    CA Ventures Breaks Ground on The LINK PHX in Downtown
    CA Ventures, in a joint venture with Diamond Realty Investments, Inc., broke ground on The LINK PHX, a 30-story, mixed-use development project located at 702 N. 3rd St. in Phoenix?s Roosevelt Row Arts District. The project is expected to be delivered in August of 2019. The tower is the first of a three-phase development and will include 257 residential units and 7,000 square feet of retail space. The residential units range from 450 to 1,450 square...

    Phoenix Multifamily Development Sells for $22.6M
    Bear Holdings and Active Investments sold the Dunlap Falls apartments at 3333 W. Dunlap Ave. in Phoenix, AZ to private investors for $22.6 million, of about $78,000 per unit. The 245,280-square-foot multifamily building was built in 1973 in the Maryvale / GreenBrier Groves MF submarket. Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers International represented the seller. The buyer handled the sale in-house. Please refer to CoStar...

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Brock Danielson
Phone: 602-881-8852
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