Not Everyone Gets a Trophy: Phoenix’s Trophy Office Rental Rates Continue to Rise

There’s no space like Trophy space. The premiere office towers that make up Phoenix’s skyline boast—by far—the most expensive office space to rent, garnering asking rents that are 33.5 percent higher than non-Trophy space, according to JLL’s 2015 Digital Skyline. Average Phoenix Trophy rates in the first quarter of 2015 were $26.53 per square foot,…

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COMMERCIAL PROPERTIES INC., IS PLEASED TO ANNOUNCE THE SALE OF ±32,221 SF FLEX INDUSTRIAL BUILDING IN PHOENIX

Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of 1911 W Parkside Lane, a ±32,221 SF building in Parkside Business Center in Phoenix. Tyson Breinholt of CPI’s Investment Specialists Team represented the buyer, OPNS, LLC in this transaction. Tyson Breinholt commented, “Parkside Business Center was a…

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Daum Negotiates $5.7 Million Sale of Industrial Manufacturing Facility in Glendale to AMERCO Real Estate Company for U-Haul

Daum Commercial Real Estate Services has negotiated the $5.7 million sale of a 120,000-square-foot industrial manufacturing facility located on 28 acres at 6112 N. 56th Avenue in Glendale. David Wilson, executive vice president with Daum Phoenix represented both the buyer and the seller in the transaction. The buyer was AMERCO Real Estate Company, a provider…

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DCT Industrial Trust Acquires Tempe Industrial Property

DTZ, a global leader in commercial real estate services, announced today that DCT Industrial Trust (NYSE: DCT) purchased a fully leased, 49,956 square foot freestanding distribution center at 402 W. Geneva Dr. for $3.35 million. DCT Industrial Trust is a publicly-traded, real estate investment trust (REIT) specializing in the ownership, acquisition, leasing, development, redevelopment and…

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Wetta Ventures Partners with ASU Foundation to Develop Restaurant Project at SkySong

Wetta Ventures, Arizona State University Foundation and SkySong, The ASU Scottsdale Innovation Center today announced a partnership to develop a $5 million, multiple-restaurant building at the thriving Scottsdale project. This announcement comes on the heels of Wetta Venture’s successful redevelopment and opening of the Annex (615 S. College) at ASU in Tempe, which is a…

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BH PROPERTIES ACQUIRES 230,500 SF OFFICE AND INDUSTRIAL PORTFOLIO IN ARIZONA

Portfolio was 72 percent leased at time of sale. BH Properties, LLC, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed commercial real estate properties, has acquired an office and industrial portfolio from Buchanan Street Partners for $22.85 million. The portfolio is comprised of three properties totaling 230,500 square feet of…

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MUTUAL OF OMAHA SELECTS RYAN COMPANIES TO MANAGE 75K SF FACILITY AT COTTON CENTER, PHOENIX

Mutual of Omaha Insurance Company has selected Ryan Companies US, Inc. to manage its three-story, approximately 75,000 square foot office building at Cotton Corporate Center in Phoenix. Ryan Companies US, Inc. will provide management services and support facility needs for the company at 4950 South 48th Street, which employs approximately 325 employees and houses its…

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CUSHMAN & WAKEFIELD OF ARIZONA NEGOTIATES LONG-TERM LEASE FOR JAPANESE FIRM AT CHANDLER TECH CENTER

Cushman & Wakefield of Arizona, Inc. helped negotiate a long-term lease renewal and expansion at Chandler Tech Center, 7406 W. Detroit St., for a material handling and automation solutions firm headquartered in Japan. The renewal and expansion transaction for Daifuku of Osaka, Japan, is for 30,247 square feet at Chandler Tech Center, which is owned…

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COMMERCIAL REAL ESTATE VETERANS ROSENE AND MILLER FORM NOVO DEVELOPMENT

Veteran real estate experts Kurt Rosene and Justin Miller have formed NOVO Development, LLC, a commercial real estate development company headquartered in Scottsdale, Ariz. Rosene, who recently received NAIOP Phoenix’ Award of Excellence, has spent more than 25 years in the commercial real estate field. He has provided development, leasing and management expertise to a…

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Plaza Companies and Duke Realty to Partner in Building New 70,000-Square-Foot Medical Office Building on Banner Estrella Campus

Plaza Companies has partnered with a national real estate developer to build a new Class A medical office building on Banner Estrella Medical Campus in Phoenix. Plaza is partnering with Duke Realty in a joint venture to build the project. Founded in 1972 in Indianapolis, Duke Realty has a significant national real estate portfolio, but…

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