News Ticker

Commercial Real Estate Activity in the News

Sale Transactions

Photo Credit: Globe St.

ViaWest Group has acquired the remaining 102 condos in the 204-unit Timberline Place Condominium project, Country Club Dr. near E. Soliere Ave in Flagstaff. Cassidy Turley BRE Commercial brokered the deal for $82M ($80K/unit).

Canyon Walk Apartments, 1502 W. Glendale Ave., Phoenix, sold for $3.2M ($19K/unit). The 400 to 800 SF apartments sold to LWG Cascada LPFriedman Integrated Real Estate Solutions and Colliers International represented the seller, LNR Partners.

 

 

 

Photo Credit: Rent Cafe

Haven apartments, a 660-unit complex in foreclosure was acquired by Interwest Capital Corp. and Angelo, Gordon & Co. for $46.5M ($70K/unit) plus a planned $5K/unit for upgrades. The project, 1440 E. Broadway, is being converted to capitalize on its ASU student popularity. Marcus & Milichap Real Estate Investment Services handled the transaction. P.B. Bell retains site management.

 

AARARE LLC acquired four medical office condos from Wells Fargo Bank NA for $1.1M ($100/SF). The two-story buildings, Building 8, 4550 E. Bell Rd., Phoenix, are vacant and will be used by new owner Arizona Arthritis & Rheumatology Associates. Transwestern represented the new owners, GPE Commercial Advisors LLC represented the bank.

Industrial Income Trust, Denver, now owns a 302K SF distribution center, 9704 W. Roosevelt Rd., Tolleson. Prologis sold the $15+M ($50/SF) facility through Jones Lang LaSalle. It’s currently leased to T.J. Maxx and Marshalls. Prologis is building a 1M SF industrial facility at 55th Ave. and Lower Buckeye Rd., which Maxx/Marshalls reportedly will buy and use when completed.

Cassidy Turley BRE Commercial handled both sides of a $7.3M ($59/SF) industrial park transaction for three buildings at 8643 W. Kelton Ln., Peoria between seller Birtcher Anderson Realty LLC to Presson Corporation. The site has three buildings with 123K SF and 73 percent occupancy.

Photo Credit: Commercial Executive

Falcon Commerce Park, Mesa, sold for $1.9M to L’Argent LLC. The 33.3K SF two-building industrial project was handled by Cassidy Turley BRE Commercial in the sale to Arizona Graystar Return, LLC for $19.M ($57/SF).

Ranchland Holdings I, LLC, has acquired a 16.6K SF industrial manufacturing building in Queen Creek, 21775 E. McCowan Ln., for $1.1M ($66/SF). The building has 13K SF for warehouse and 3.5KSF for offices.

Fulton Homes plans more than 800 single family homes on two parcels acquired in the East Valley. Fulton picked up 235 acres in Queen Creek, Ellsworth and Queen Creek roads, for $10.6M ($45K/acre) and 80 acres for $5.1M ($64K/acre) on Greenfield Rd. north of Chandler Heights Rd.

New Openings/Expansion News

District Medical Group signed a lease for 56K SF in Park Central for medical space, 3141 N. 3rd Ave., Phoenix. Plans call for opening a Children’s Rehabilitative Service Clinic in the ground floor this Fall. Colliers International, represented owner Pensus Group LLC and Long Commercial were represented the non-profit medical company.

Salt River Devco, the development arm of the Salt River Pima-Maricopa Indian Community, announces that Nextiva Inc. and Regensis Biomedical, Inc. have leased 26K SF each in Chaparral Business Center, northwest of Loop 101 and Chaparral Rd.

Tri-State Ace Home Center is now open in the Riverview Plaza, 2350 Miracle Mile, Bullhead City, after 20 years in Hancock Center. The new store takes over an empty Office Depot and has 20K SF of display with 9K SF for storage.

Photo Credit: Eastern AZ Courier

Big 5 Sporting Goods is moving into Safford with its first Eastern Arizona location, Thatcher Plaza, 2281 W. Hwy 70. The 20K SF retail space fills the remainder of an old Walmart location. The old store is now completely leased with only the former tire center sitting vacant.

Udall Shumway & Lyons makes the move into 18K SF at Riverview Point, Mesa from downtown Mesa. Jacor Partners LLC represented the law firm; CBRE handled the lease for the property owner, R&R Riverview.

 

 

 

Photo Credit: Body Shop Business

Caliber Collision Centers added two new Arizona facilities bringing its branch total to 106 in Arizona, Texas, Nevada and California. The company acquired Crown Collision, 876 N. Abalone Dr., Gilbert, and a former 911 Collusion franchise, 2025 E Rio Salado Pkwy., Tempe.

Loco Patron plans to open its third location in the Tempe Gateway building, Third St. and Mill Ave., adjoining the light rail stop. The opening is set for Fall.

 

 

 

 

Photo Credit: Phoenix Business Journal

Santa Barbara-based Habit Burger Grill is the newest entry in the brewing burger battle for signature-style hamburgers. Its fourth Arizona location opens June 20 at McDowell Rd. and 7th Ave. The company is continuing to look for additional Phoenix-area sites.

The Sierra Vista Economic Development Foundation is moving into a new location carrying the Business Complex as its moniker. The 4.3K SF office suite will house the foundation and leasable office cubicles for new entrepreneurial businesses. The facility will share conference, work and break rooms. A move into the Bartow Dr. location is slated for July.

 

 

 

Photo Credit: QSR

Subway set up shop at RECon in Las Vegas last week in search of franchisees for the 1,200 units it wants to open in North America during 2012. The franchisor is the largest in terms of numbers of stores in the world with more than 250,000 units operating.

O’ My Buns opens in Park Place, 5870 E. Broadway, Tucson, in its first stand-alone store near the mall’s food court. The fast-food eatery offers coffee, drinks, and sweet Asian roti buns also known as coffee buns.

 

 

 

 

Photo Credit: PRWeb

Canadian Asian fast food eatery, Wok Box, plans to open a Phoenix location following its first U.S. opening in Portland. The franchise has 60 locations in Canada and anticipates expansion to other locations in Phoenix, Portland and Texas metro markets.

Prime Provisions restaurant opens Friday in the former Brokers Bar & Grill, 16640 N. Scottsdale Rd., on the southwest corner of Bell and Scottsdale roads. The locally-focused restaurant features an organic menu, grass-fed Arizona beef, and only Arizona beer and wine. It serves breakfast, lunch and dinner and is open seven days a week.

Whole Foods is expanding its Tucson presence with its third store at E. River and N. Craycroft Rds. The natural foods retailer is in the design process and has inked a pact with Larsen Baker LLC, the shopping center managing operator. The new opening will end a nine-year vacancy in the building.

Sunflower Markets is poised to open a new grocery store near Northern Arizona University in Flagstaff. The retailers will take 26K SF in the University Meadows Shopping Center near Hastings and Michaels.

Photo Credit: Peoria Times

Mischief Brewing Co. plans a winter opening for their family-friendly brewpub at 83rd Ave. and Lake Pleasant Pkwy. They plan to offer pizza and their microbrewed beers. It will be the first microbrewery in north Peoria.

Anytime Fitness has developed a new club at Chandler Plaza, 1072 W. Chandler Blvd. at Alma School Rd. The 5.1K SF facility is open 24/7 and offers cardio workout equipment, weights, personal and strength training and membership reciprocity with more than 1,700 locations in the U.S., Canada and Australia.

 

 

 

Closures/Foreclosure News

Photo Credit: Dave Martinez/Daily News-Sun

Furr’s Family Dining, Sun City, closed after being unable to reach a lease extension with the property owner. The 30-year old cafeteria moved to the Grand Ave. location in 1986, and many of its current employees have been with the eatery since its opening. The Sun City spot was the restaurant’s only Valley location.

The Arizona Biltmore resort will be sold by Paulson & Co. to bring it and sister property, Claremont Hotel Club & Spa, Berkeley, Calif., out of bankruptcy. The Biltmore goes on the market with an opening price of $425M. It was seized in a foreclosure auction in 2011. Paulson plans to remove Hilton Worldwide as Biltmore manager.

 

 

 

 

Photo Credit: Benjie Sanders/AZ Daily Star

Mystery surrounds the closure of Red Sky and Luna Bar at Plaza Palomino with the restaurant saying it closed because of issues associated with plaza construction and the lessor concerned that the restaurant is behind on its rent. Neither side is talking publicly, but reports say the lawyers are talking privately.

Peoria’s long-time Campbell’s Mercantile, 9098 W. Pinnacle Peak Rd., remains closed and owner J.D. Campbell’s plans remain unstated about remodeling or reopening. Campbell requested a liquor license transfer for LW’s Hide-A-Way, but the matter was pulled from the city council agenda due to planning and zoning issues and confusion over some unpaid obligations from the store that may not be affiliated with the restaurant request.

 

The last large parcel, 8.5 acres, on the Arizona Canal at Scottsdale’s Waterfront is on the market through Jones Lang LaSalle. The property was proposed for a 240-room Solis Scottsdale hotel and 140 condominiums. Current owner IMH Financial seized the property for $30M in foreclosure last year.

Other Related News

Photo Credit: Phoenix Business Journal

Ensemble DevMan of Arizona is now Ensemble Real Estate Solutions. The Phoenix-based company manages medical office space in Arizona, California and Nevada with 70 employees, 55 in Phoenix.

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