Skanska Begins Work on Arizona Center

Skanska, one of the world’s leading construction and development firms, is beginning construction on upgrades to the Arizona Center located at 455 N. Third Street in Phoenix. This $11.6 million project will provide Arizona Center customers and tenants with an updated and upgraded shopping and dining experience.   Skanska’s scope of work includes an exterior…

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7th annual ABA Backpack Supply Drive donates $25,000 worth of supplies to 500 underprivileged youth

The Arizona Builders Alliance’s (ABA) 7th annual Backpack Supply Drive recently served a total of 500 underprivileged youth with help from more than 90 ABA member companies. The ABA’s 30-membered Community Service Board led the program, which provided foster children at RISE Services, Inc., and students of Children First Leadership Academy with backpacks and school…

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CBRE Negotiates Two New Tenants to Regional Power Center in Tucson

Tucson Spectrum, a 1.1-million-square-foot regional power center at the southwest corner of I-19 and Irvington Road, had two new businesses open this month in the highly-successful center. CBRE’s Nancy McClure and Michael Laatsch negotiated the transactions for the landlord, DDR Corp. Foot Locker Retail, Inc. opened a 5,000-square-foot Foot Locker store at 1221 W. Irvington…

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ARA Newmark Brokers $47.5M Sale of 435-Unit Multi-housing Community in Central Phoenix

ARA, A Newmark Company (ARA Newmark) announces the $47.5 million sale of The Urban, a 435-unit multifamily community located in Phoenix, AZ. Executive Managing Director Brad Goff and Director Chris Canter brokered the off-market sale on behalf of the seller, San Francisco-based FPA Multifamily.  The buyer was Texas-based Knightvest Capital.  The acquisition was Knightvest’s first…

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HFF secures $36.3M financing for 292-unit multi-housing community in downtown Phoenix

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $36.3 million in financing for Capital Place, a 292-unit, Class A multi-housing community in downtown Phoenix. HFF worked exclusively on behalf of the borrower, Epoch Residential, to place the three-year, floating-rate loan with a life company lender.   Capital Place is located on the…

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Construction Begins at Arista at Ocotillo

P.B. Bell, a leader in multifamily housing development, management and acquisitions, is marking the groundbreaking of its latest project, a resort-style community within the Ocotillo master-planned community in Chandler, Arizona. Arista at Ocotillo is being developed with joint venture partner Gilbane Development Company. MT Builders will partner with the team to bring Arista to life. The…

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CBRE Inks Lease for State 48 Brewery’s Second Location in Phoenix’s Historic Welnick Marketplace

CBRE has arranged a long-term lease for State 48 Brewery’s second Arizona location. The local, family-owned craft brewery based in Surprise, Arizona, will occupy 8,024 square feet in downtown Phoenix’s historic Welnick Marketplace. Chris Ackel and Max Bippus with CBRE’s Phoenix office represented both the tenant and the landlord, Welnick Marketplace, LLC, in the lease…

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Phoenix Multifamily Market Remains Strong Despite Seasonal Uptick in Vacancy

Greater Phoenix continues its strong multifamily real estate performance, with the first half of 2017 posting increasing rents, strong construction and strengthening investment activity.  The city experienced a traditional, seasonal vacancy uptick during the second quarter, but the remainder of the year is forecast to be strong.  These findings are part of the Multifamily Market…

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