Lincoln Property Co. Earns 2017 Best of NAIOP Honor for Luhrs City Center

Lincoln Property Company (LPC) has earned the 2017 Best of NAIOP “Redevelopment Project of the Year” for Luhrs City Center, a National Historic Landmark that incorporates 157,735 square feet of office and retail space, along with a Class A parking garage, at the southwest corner of 1st Avenue and Jefferson Street in the heart of downtown Phoenix. Since acquiring Luhrs…

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Daum Negotiates $1.55 Million Corporate Office & Manufacturing Building Purchase for Kroy Sign Systems in Scottsdale Airpark

Daum Commercial Real Estate Services has negotiated the $1.55 million purchase of the new corporate office and manufacturing operation for Kroy Sign Systems in the Scottsdale Airpark at 8221 E Gelding Drive. Kroy Sign Systems has been located in the Scottsdale Airpark for 38 years and relocated from 7575 E. Redfield Road. David Wilson and…

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PSRS refinances $11.25M grocery‐anchored shopping center in Phoenix

(Pacific Southwest Realty Services) a Southern California based commercial mortgage banking firm, recently closed a $11.25M loan for a 90,626 SF grocery anchored shopping center in Phoenix, Arizona. The center is anchored by a regional Hispanic grocer, El Super, which makes up approximately 50% of the center. Originally built in 1979, and renovated in 2006,…

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PSRS refinances $11.25M grocery‐anchored shopping center in Phoenix, Arizona

(Pacific Southwest Realty Services) a Southern California based commercial mortgage banking firm, recently closed a $11.25M loan for a 90,626 SF grocery anchored shopping center in Phoenix, Arizona. The center is anchored by a regional Hispanic grocer, El Super, which makes up approximately 50% of the center. Originally built in 1979, and renovated in 2006,…

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CONSTRUCTION MATERIAL COSTS IN MARCH OUTPACE CONTRACTORS’ PRICING; INDUSTRY ASSOCIATION WARNS AGAINST POLICIES THAT WOULD ADD TO SQUEEZE

Double-digit price increases for key construction materials pushed up construction costs in March, while the prices charged by contractors remained moderate, according to a new analysis of federal producer price data released today by the Associated General Contractors of America. Association officials urged policy makers to avoid adopting restrictions on international trade that would add…

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LGE Design Build Set to Break Ground on New 20,000 SF Facility for Milam Glass in Surprise

Milam Glass is breaking ground. The family-owned-and-operated business has long been the Valley’s go-to provider of premium-quality commercial glass, and they’ve teamed up with LGE Design Build to break ground on an expansive, 20,129 square-foot part-production facility, part- “forever home.”   The official groundbreaking for the building set to undergo construction at 132nd Ave &…

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Scottsdale, Deer Valley Submarkets Prevail in JLL Q1 Phoenix Industrial Report

Asking rents surge 25 – 30 percent in these top-performing markets Growth among traditional and non-traditional industrial users continues to push the Phoenix industrial market forward. This is particularly true in Scottsdale and Deer Valley, where asking rents surged as much as 30 percent in the first quarter of the year as demand surpassed new product…

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DOWNFALL OF SUBURBAN OFFICE SECTOR HIGHLY EXAGGERATED, ACCORDING TO CBRE REPORT

With the migration of many millennials to urban environments, some commercial real estate industry observers are less than bullish when it comes to suburban office product. However, the so-called “downfall of the suburban office sector” may be highly exaggerated, according to a new report from CBRE Group, Inc. that shows the U.S. suburban vacancy rate…

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$55.2 Million Luxury Multifamily Community Sale Brokered by IPA

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Indigo Creek, a 408-unit multifamily community in Glendale, Arizona. The $55.2 million sales price represents more than $135,000 per unit. “Indigo Creek is a vibrant, luxury multifamily asset…

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Montecito Medical Purchases Successful Best of NAIOP Sun City Medical Office Building

Thunderbird Square Medical I, a fully-leased medical office building at 13640 N. 99th Ave. in Sun City, has been sold to Montecito Medical of Tennessee. Awarded the Best of NAIOP Medical Office Building of the Year in 2012, this national medical office investment fund was attracted to the property’s quality, location and outstanding mix of…

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