Office space available for lease. Office complex under new, stable ownership. Spec suites available for immediate occupancy. Building signage available. Surrounded by retail and restaurant amenities. Easy access to US-60 and Loop 101 freeways.
Even while small businesses felt the brunt of heavier tax burdens and the effects of federal sequestration, credit conditions improved for the country’s biggest economic engine during the first quarter of the year. — bizjournals.com
US rate on 30-year mortgages rises to 3.59 pct.
Average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery. — azcentral.com
theBrokerList Featured in Starting a Business: The Great Big Checklist of Everything
Consider using this great resource and tool as a reference for your start-up clients or as a reference for yourself. It is great to find checklists such as this. As commercial real estate professionals, we have to be resourceful and DocStoc offers many great forms and documents for anyone to reference. — thebrokerlist.com
CRE Online Marketing: How Email Distribution Is Changing (Part 2
In the previous post, I covered email’s journey from a novel communications tool to its current overwhelming mess, and how targeted email marketing can fix the currently broken mass email marketing techniques. — creoutsider.com
Zillow: Far fewer Phoenix homeowners underwater on mortgage
Phoenix-area home prices have been rising at an astonishing rate this past year, which also means fewer homeowners are underwater. — bizjournals.com
For Lease
First Financial Plaza
Mesa, AZ 85210
Offices for lease next to Fiesta Mall in West Mesa. Monument sign on Alma School Road with easy access to Loop 101 and US-60.
Tempe Town Lake apartment complex planned by Miami builder
The Business Real Estate Weekly of Arizona reported today that Lennar Multifamily Investors LLC — a newly-formed subsidiary of Lennar Corp. (NYSE: LEN) — recently paid $13.5 million for a 5.3-acre lot along Tempe Town Lake where it plans to immediately start building a 328-unit apartment project. — more at bizjournals.com
Gaylord resort in Mesa at Eastmark development may have new life
Remember last year when Gaylord Entertainment Inc. pulled the plug on its long-awaited Mesa resort and convention center at Eastmark after being acquired by Marriott International? Well, it turns out plans for the huge project may be resurrected. — more at bizjournals.com
DMB enlists partner for Eastmark development
DMB Associates has added some international financial muscle to its Eastmark development in Mesa. The Scottsdale company, which has been working for more than six years to redevelop five square miles of the former General Motors Desert Proving Ground, announced last week that Brookfield Residential Properties Inc. is joining the effort. — more at azcentral.com
Market Trend: Select Top Five Phoenix Office Leases Signed in
Q1 2013
The select top office lease signed during the first quarter of 2013 in the Phoenix market was at 8900 N. 22nd Ave. in the Northwest Phoenix submarket. Vangent, Inc. renewed its lease for 124,552 square feet there. CBRE represented the landlord in the deal. — more at costar.com
Office Space
Alma School Corporate Center III
1839 South Alma School Road, Mesa, AZ 85210
741 RSF to 5,428 RSF
Lease Rate: $14.50 per RSF - Full Service
West Mesa Office Space for Lease - Great Location on Alma School
Downtown Scottsdale eyesore could become ‘landmark property’
Among downtown Scottsdale’s biggest eyesores, a partially demolished building near Scottsdale and Camelback roads finally may be redeveloped into a multistory building with a restaurant, lounge and penthouse residence. — more at azcentral.com
New Lennar Division To Develop Apartment Complex At Tempe
Town Lake
Tempe - The red hot rental housing market in the Valley has caused many investors and developers to want to get in on the action. The newly-formed Lennar Multifamily Investors LLC plans to build 328 units in Tempe in what will be the company’s initial foray into the apartment development and rental business. — more at brewaz.com
Greystar Pays $36.5 Million For 328 Units From Equity Residential
In Scottsdale
Scottsdale - A company formed by Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) paid $36.5 million ($111,280 per unit) to purchase the 328-unit Via Ventura apartments at 8375 E. Via de Ventura Drive in Scottsdale. — more at brewaz.com
Another EQR Property Sells – This Time to Greystar
SCOTTSDALE, AZ-Business Real Estate Weekly reports that Equity Residential Trust has unloaded another multifamily property. The Chicago-based seller sold the 328-unit Via Ventura apartments to Greystar Real Estate Partners LLC for $36.5 million. — more at globest.com
Arizona Humane Society opening new Phoenix thrift shop
The Arizona Humane Society is accepting donations for a new 26,000-square-foot thrift store in Phoenix, expected to open in July. The new store near Camelback Road and 43rd Avenue is the third thrift store run by the Humane Society. — more at azcentral.com
New growth spurt for Valley
Shaking off a population slump tied to the housing bust, Phoenix once again was among the nation’s fastest-growing cities last year, newly released Census Bureau estimates show. The city added more than 24,000 new residents and edged closer to overtaking Philadelphia as the fifth-largest city in the country. — more at azcentral.com
Global Data Center Services Provider CyrusOne Launches Virtual Tour of Its Phoenix Data Center
Global Data Center Services Provider CyrusOne Launches Virtual Tour of Its Phoenix Data Center Virtual tour highlights 1,000,000-square-foot Arizona facility, which will be one of the largest and most energy-efficient in the United States — more at dailyfinance.com
SanTan Brewing to host ‘Cans for Oklahoma’ fundraiser Tuesday
SanTan Brewing in downtown Chandler has a personal connection with the Oklahoma tornado victims. “One of our own employees, Jennifer Simson, has family that was affected by the devastation,” says SanTan owner and head brewer Anthony Canecchia. “This tragedy hits very close to home for all of us, and we are doing what we can to help.” — more at mouthbysouthwest.com
Office Space
First Financial Plaza
1550 South Alma School Road, Mesa, AZ 85210
1,111 SF to 2,942 SF
Lease Rate: $12.50 per SF - Full Service
Office Space for Lease Next to Fiesta Mall in West Mesa
Rocky Point Cantina in Tempe to get reality TV makeover
this weekend
Looks like Amy’s Baking Company isn’t the only Valley business getting a makeover on a reality TV show. Cameras also will be rolling this weekend at Rocky Point Cantina in Tempe. — more at mouthbysouthwest.com
Market Trend: Select Top Three Tucson Office Leases Signed in
Q1 2013
The select top office leases signed during the first quarter of 2013 in the Tucson market include: the 4,000-square-foot lease signed by Strongpoint Marketing at 616 N Country Club Rd in the Central market; the 3,489-square-foot lease signed by Sterling Investment Management at 6262 N Alvernon Way in the North market; and the 3,462-square-foot deal signed by Cyracom at 100 N Stone Ave in the Central market. — more at costar.com
Gangplank walks itself to new downtown Tucson offices
Gangplank Tucson, a nonprofit collaborative work space, has moved into its new downtown offices in the historic Pioneer Building, 100 N. Stone Ave., Suite 110. Gangplank Tucson provides free resources and mentoring to local entrepreneurs, with the aim of bringing creative minds together to help drive economic and community development, entrepreneurship and civic engagement. — more at azstarnet.com
Sinfonia acquiring 4th home-health firm
Sinfonia HealthCare Corp., a new home health-care company launched by former Providence Service Corp. CEO Fletcher McCusker, has signed an agreement to acquire AirVida, a Tucson-based oxygen and pulmonary supply company. Sinfonia’s fourth acquisition since April completes the company’s business model to combine all aspects of home health under one roof, Sinfonia founder and CEO McCusker said in a news release. — more at azstarnet.com
Corporate Relocation Activity Picking Up As Business
Confidence Rises
As business confidence in the economic recovery deepens, corporate c-suites are at least thinking about when and where to expand their operations. Although the evidence is largely anecdotal so far, commercial real estate brokers and corporate site selection consultants tell CoStar they’ve noticed a general increase in the number of corporate expansions and headquarters relocations after sitting on their hands through the recession and early recovery. — more at costar.com
Medical Office Boom Continues
Medical office building portfolio sales totaled more than $2 billion in 2012, and they’re expected to match or exceed that level this year thanks to high demand and available capital, according to Jones Lang LaSalle. — more at ccim.com
Will Building Boom End the Party for Apt. Investors
Apartment developers and investors likely can look forward to enjoying another year or two of high occupancy and pricing power in a strengthening economy. But the music may stop by 2015 when the full brunt from the growing wave of new supply is expected to be felt across U.S. markets. — more at costar.com
Neiman, Saks merger not likely to happen soon, analyst says (Video)
Don’t expect a merger between Neiman Marcus Group and Saks Fifth Avenue to happen anytime soon, even though news reports are swirling that such a deal could happen. — more at bizjournals.com
Office Space
Palm Plaza
3120 - 3160 North Arizona Avenue, Chandler, AZ 85225
653 RSF to 11,760 RSF
Lease Rate: $12.00 - $13.00 per RSF - Modified Gross - Net of Electric and Janitorial
Spec Suites Available for Immediate Occupancy
Office space for lease in desirable Chandler location
While the number of stores closed in 2012 increased by 9.6 percent over 2011, the amount of retail square footage lost to the market decreased by 28.8 percent, according to the International Council of Shopping Centers/PNC Research’s January report. In 2012, 46.5 msf of retail space closed, compared with 65.3 msf in 2011. — more at ccim.com
Rising Online Sales Prompt Retail Shifts
Despite the 16.3 percent jump in online sales in 2012, development of brick-and-mortar retail rose approximately 9 percent year over year. However, there is a noticeable shift in the retail segments that have entered expansion mode, according to The E-Commerce Imperative, a new Cassidy Turley white paper — more at ccim.com
25 REITs Most Likely To Buy Your Property in 2013
This may well be the year that property owners in secondary and tertiary markets get a chance to cash in on the spending spree of the nation’s largest publicly held REITs and real estate operating companies. — more at costar.com
Single-Family Rental REITs Continue Tapping Capital Markets
The ranks of public or soon-to-be public companies that own portfolios of for-rent single-family homes swelled this week as one new firm registered for an initial public offering, another firm completed its IPO and yet a third completed a follow-on offering. — more at costar.com
Pair of Cole REITs among most active in the nation
If you’re looking to sell off your commercial real estate asset this year, chances are a real estate investment trust may show some interest, specifically Phoenix-based Cole Real Estate Investments. — more at bizjournals.com
