Mutual of Omaha Bank has purchased a 73,377 square foot, three-story office building in Tempe, Ariz., that will house its national client services center and several business groups, the company announced. Located in the Cotton Corporate Center at 4950 S. 48th St., the class A building will serve as Mutual of Omaha Bank’s national client services center, including its customer…Details
Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Starbucks, a 800-square foot net-leased property located in Mesa, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,415,000. Mark Ruble and Jamie Medress, investment specialists in Marcus…Details
The State of Arizona recently signed a 30,000 s.f. five-year Lease within Metro North Corporate Park located at 13450 N. Black Canyon Highway in Phoenix.
The State of Arizona will be utilizing the space for its Department of Economic Security – Child Protective Services Division. The space will be used primarily for administrative activities.
RETAIL LEASES: Greg Vanlerberghe and Erin Schrauth represented the landlord at Gilbert Fiesta II at 207 E. Williams Field Road in Gilbert to lease 2,025 SF to Sundust Gallery. Darlene Saunders of Evergreen Commercial Realty represented the tenant. Michael Franks and Michael Gaida represented an Allstate Insurance Company franchisee to lease 1,250 SF at Tapanema…Details
Cassidy Turley represented Portofino at McCormick, LLC in the purchase of Monaco North, a 112 unit multifamily property located in Scottsdale at 8250 North Via Paseo Del Norte. The Michigan based investor purchased the property for $12,700,000 / $113,393 per unit / $134 per square foot. Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy…Details
Hines, the international real estate firm, announced today that along with joint venture equity partner PCCP, LLC, it has acquired Kierland One, a Class A, 175,441-square-foot office building located in the North Scottsdale Airpark submarket of Phoenix. Completed in 1999, the four-story building is located at 16430 N. Scottsdale Road across from the Promenade Shops,…Details
The owners of six vacant Phoenix-area Albertson’s grocery stores were faced with a challenge in 2012. The partnership wanted to sell the assets at a time, and in a market, that was saturated with big boxes. Four of these buildings were in the southeast valley, which had been hardest hit by big box vacancy. Retail…Details
Velocity Retail Group and Ross Brown Partners Sell Downtown Scottsdale Parcel to La-Z-Boy Furniture Galleries
EBCO, Inc., the operating company for Arizona’s La-Z-Boy Furniture Galleries purchased a .64 acre parcel at 6828 E. Camelback Road in Scottsdale, Arizona. The parcel currently has a 10,096 square foot office building; however, plans are to replace most of the building with a new concept La-Z-Boy store. T.D. Note, LLC, the Seller, was represented…Details
CBRE Group, Inc., through its FHA Lending Group, (which operates as CBRE HMF, Inc.), announced today the successful refinancing of the Clarendon Park Apartments, a market-rate apartment project located in Phoenix. The loan was funded through CBRE’s FHA-insured permanent loan program providing a fixed rate, 35-year, fully-amortizing loan. Clarendon Park Apartments is a 138-unit apartment…Details
James DuMars and John Kinser of NorthMarq’s Phoenix regional office, arranged first mortgage refinancing of $8.94 million for The Vineyards Apartments, a 300-unit, market-rate suburban multifamily property located in Glendale, Arizona. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Vineyard/Phoenix Investments, LLC, an Arizona…Details
SRS Real Estate Partners announced the sale of a former bank building with a drive thru, a 5,000-square-foot single-tenant single story building located at the southeast corner of Broadway and Greenfield roads in Mesa, Ariz.
Sean Thomas represented the seller in the transaction, Antelope Ranch Holdings, LLC.
Before the recession, Phoenix depositors could easily yield 6 percent interest annually from a certificate of deposit, while today’s depositors are lucky to earn more than 0.18 percent on a short-term CD. By reviewing GoBankingRates.com’s latest comparison of CD interest rates on the city, state and national level, local account holders can identify the CD…Details
Construction employment continued its spotty improvement in July, as more states posted year-over-year gains but most states posted decreases compared with June, according to an analysis by the Associated General Contractors of America of Labor Department data. Association officials said the steady improvement in employment in many states was welcome news, but cautioned that the…Details
Construction is set to begin on the third office building at SkySong, The ASU Scottsdale Innovation Center, continuing the momentum on one of the most successful commercial development projects in Arizona over the past few years. With the first two office buildings at SkySong almost fully leased, work will begin on SkySong III on August 19, with a groundbreaking ceremony scheduled for late…Details
“Healthcare Trust of America, Inc., Chairman and CEO Scott D. Peters will participate in Commercial Executive Magazine’s Fourth Annual Fall Forum on September 12, 2013. The Fall Forum is one of Arizona’s most prominent commercial real estate gatherings, featuring many of the top business leaders in the state. This year’s event is focused on the…Details