Owners, investors and developers are bullish about the Phoenix industrial market – and for good reason. We occupy one of the most strategic supply chain locations in the West – a sweet spot between West Coast ports, manufacturing in Mexico, and alongside truck and rail routes leading product into the heart of the nation. Add to this Governor Ducey’s mandate to grow Arizona’s trade volume with Mexico by 20 percent per year – not to mention Mexico itself being on the verge of becoming the world’s largest manufacturer – and you have a Phoenix market entering a new era of long-term growth. This has expanded our already robust industrial construction industry, where design-build is hot and will likely stay that way, thanks to the 8 million square feet to 10 million square feet of industrial requirements seriously considering Arizona for their location solutions. For energy-centric companies with high employee head counts in particular, Arizona offers as much as a 30 percent to 40 percent savings proposition over higher-cost Tier 1 markets. The West Valley has welcomed 10 million square feet of larger build-to-suit corporate projects looking for specialized footprints and visibility along I-10 in the past three years. These include …
LAS VEGAS — DTZ has arranged the $15 million sale of Alamosa Plaza, a 77,650-square-foot shopping center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, Pan Pacific (Alamosa) LLC, in the transaction. RPM Investments Inc. purchased the center, which was 90.5 percent leased at the time of sale to eight tenants including anchor Albertsons. Dan Adamson of Las Vegas-based ROI Commercial Real Estate assisted DTZ during the transaction.
PHOENIX — Primestor Development has begun major renovations at Palm Glen Shopping Center, a 177,754-square-foot shopping center anchored by Food City and Wells Fargo in Phoenix. Renovations will include remodeling the façade of the entire center; renovating interiors, site work and anchor spaces; the application of a new contemporary design; a new branding campaign; and increased lighting, landscaping, tower elements, site amenities and signage. The renovation will be completed in the fourth quarter of 2015. Tenants at the center include Dollar Tree, Aaron Rents, Little Caesar’s Pizza, Modlo Dance Hall, Liberty Tax and Title Max.
RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $13 million sale of Tyler Village, a 91,498-square-foot neighborhood retail center located in Riverside. Donald MacLellan and Chris Tramontano of Faris Lee represented the seller, a private investor from Northern California, as well as the buyer, a private investment partnership from Southern California, in the transaction. The center was 78 percent occupied at the time of sale.
BELLINGHAM, WASH. — Sun Commercial Real Estate Inc. has arranged the $7 million sale of a 15,120-square-foot single tenant Walgreens located in Bellingham. Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz and Riley Foley of Sun Commercial Real Estate Inc. represented the buyer, Howe Family LP, and Kevin Shelburn of Pegasus Investments represented the seller, KMD Bellingham LLC, in the transaction.
POMONA, CALIF. — Administrators at Cal Poly Pomona announced this week that it will use 13 acres of campus horse pasture to build on-campus student housing for 800 to 1,000 students. The site chosen, located on the southeast corner of Kellogg Drive and Eucalyptus Lane, was one of 10 sites originally considered for the project. Financing for the project will come by issuing bonds, which will be paid back by student fees. Details such as the cost, as well as the selection of the architecture and construction company, have not yet been announced. According to a local report, approximately 400 students are on a waiting list seeking housing for the upcoming school year that starts Sept. 24. The past two semesters 700 students seeking campus housing were rejected. A new dining hall will accompany the new residence halls. Work on the housing is expected to begin in 2017.
FORT WORTH, TEXAS — A ribbon cutting ceremony has been held for the Tom Vandergriff Civil Courts Building in Fort Worth. Yates Construction provided preconstruction and construction services for the project. The downtown development consists of a public plaza and six levels, including 13 courtrooms spanning nearly 235,000 square feet. The finished building mirrors the architecture of other buildings downtown using local and regional materials. Historic elements from the original civil courts building were salvaged and are now featured on the front facade of the new civil courts building. The design and construction team utilized BIM for clash detection, verified and worked with several design models and incorporated sustainable features to pursue LEED Silver certification.
HOUSTON — Transwestern’s Houston office has arranged the sale of a two-property multifamily portfolio totaling 117 units in Houston’s Spring Branch District. Ed Cummins and Ryan Mendez of Transwestern represented the seller, OSD Ltd., in the transaction. The off-market deal involved the sale of Spring Gardens, a 79-unit apartment complex located at 1714 Wirt Road, and Johanna Square, a 38-unit complex located at 1715 Johanna Drive. An unnamed buyer purchased both properties.
HOUSTON — NAI Partners represented Rockwell Management in the lease of 8,200 square feet at the 1900 St. James Building in Houston’s Galleria submarket. Sam Hansen of NAI Partners represented the landlord, Rockwell Management, in the transaction. Connor Tamlyn of CBRE represented the tenant, ioMosaic.
WALTHAM, MASS. — American Realty Advisors has completed the disposition of an office complex located at 10, 40 and 52 Second Ave. in Waltham. The three-building property consists of 294,663 square feet. The price and the buyer were undisclosed. At the time of sale, the property was 94 percent leased to a variety of tenants, including Massachusetts General Physicians Organization Inc. and National Grid.