Arizona

Foothills-Gateway-Corporate-Center-Phoenix-AZ

HB Foothills Gateway Divests of Office Building in Phoenix for $11.5M

by Amy Works January 17, 2020

PHOENIX — HB Foothills Gateway has completed the sale of Foothills Gateway Corporate Center, a multi-tenant office building located at 4505 E. Chandler Blvd. in Phoenix. Equity Advantage purchased the property for $11.5 million. Located in the Southeast Valley neighborhood of the Ahwatukee Foothills, the 68,198-square-foot building was 85 percent occupied at the time of sale. Built in 1999, the office building features frontage and signage along Chandler Boulevard, as well as quick access to Interstate 10 and Loop 202 South Mountain Freeway. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal.

January 17, 2020

Arizona Market Reports Retail Western Western Market Reports

Employment, E-Commerce, Experiences Drive Phoenix’s Retail Market

by Taylor Williams January 17, 2020

Ecommerce and generational shifts in spending patterns have spawned discussions regarding the health and future of retail. However, Phoenix has proven to be one of the most resilient and dynamic retail markets in the country. This resilience is a product of corporate and residential migration from gateway markets due to increasing regulation and costs of living. Maricopa County has been named the fastest-growing county in the country for three years straight by the U.S. Census Bureau, and is forecasted to add another 500,000 people by 2023. This population and income influx has the Phoenix retail market bucking national trends. Consumer sentiment remains at peak 2006 levels despite political uncertainty, without the artificial run-up in home values we experienced leading up to the financial crisis. Average vacancy rates have lingered in the high 6 percent range with active retail construction remaining tempered at around 1 million square feet. This is compared to more than 11 million square feet in 2006. Vacancy may fall into the mid- to high 5 percent range over the next two years — where it was in 2006 — barring any extreme economic events. Triple-net rents have averaged $16.30 per square foot in 2019 and have grown …

January 17, 2020

Northrop-Grumman-Innovation-Systems-Campus-Chandler-AZ

Arizona Industrial Loans Office Western

NorthMarq Arranges $185M Loan for Northrop Grumman Innovation Systems Campus in Arizona

by Amy Works January 15, 2020

CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.

January 15, 2020

Acquisitions Arizona Industrial Western

Pinnacle Peak Acquires Single-Tenant Industrial Building in Phoenix for $17M

by Amy Works January 15, 2020

PHOENIX — Pinnacle Peak, a Bellingham, Wash.-based investment company, has purchased an industrial manufacturing building located at 2140 W. Pinnacle Peak Road in Phoenix. Thul LLC sold the property for $17 million. The seller is a principal of APSM Systems, a sheet metal fabrication company that has occupied the property since 1994. APSM signed a 10-year leaseback for the property. Situated on 13.5 acres within the Deer Valley submarket, the 168,897-square-foot industrial building features 25,484 square feet of office space. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the buyer in the transaction.

January 15, 2020

Acquisitions Arizona Office Western

ViaWest, Taconic Capital Acquire Two-Building Office Complex in Phoenix for $27M

by Amy Works January 14, 2020

PHOENIX — A joint venture between ViaWest Group and New York-based Taconic Capital Advisors has purchased Canyon Corporate Plaza, a core-plus office campus in Phoenix. An undisclosed seller sold the asset for $27 million. The property consists of a five-story building and a six-story building, each offering a parking garage, plus 6.4 acres of developable land. Constructed in 1989 and 2000, the 313,000-square-foot asset is located at 2510 and 2512 W. Dunlap Ave. in Northwest Phoenix. At the time of sale, the property was 66 percent occupied. The buyers plan to renovate the asset with upgrades including new lobbies, elevator modernizations, a food truck plaza, tenant lounge and more. Dennis Desmond, Tivon Moffitt and Peter Baumann of JLL’s Phoenix office and Lynn LaChapelle of JLL’s San Diego office represented the buyer and seller in the deal. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle leasing for the property.

January 14, 2020

Arizona Development Multifamily Seniors Housing Western

Watermark Opens Hacienda at the Canyon Seniors Housing Asset in Tucson

by Amy Works January 14, 2020

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).

January 14, 2020

Acquisitions Arizona Hospitality Western

Marriott Sells Sheraton Phoenix Downtown to Blackstone Group for $268M

by Amy Works January 13, 2020

PHOENIX — A subsidiary of Marriott International has completed the disposition of Sheraton Phoenix Downtown, located at 340 N. Third St. in Phoenix. An affiliate of The Blackstone Group acquired the asset for $268 million. The hotel features 1,003 guest rooms, nearly 77,000 square feet of meeting space, a fitness center and lap pool. Marriott acquired the hotel in 2018 and began a major renovation to create a showcase hotel for the new Sheraton brand vision. The project is slated for completion in the first half of this year. Marriot will continue to operate the hotel under a long-term management agreement with the buyer.

January 13, 2020

Acquisitions Arizona Retail Western

Sun Valley Plaza Holdings Acquires Retail Center Near Phoenix for $6.4 Million

by Amy Works January 13, 2020

MESA, ARIZ. — Sun Valley Plaza Holdings Inc. has acquired Sun Valley Plaza, a 94,094-square-foot retail center in Mesa, for $6.4 million. The center was 96 percent leased at the time of sale to tenants including Denim Diamonds, Main Street Antique Mall and Carbajal’s Mexican Restaurant. The seller, Michael A. Pollack Real Estate Investments, purchased the property in 2004 for $3.1 million when the center was 16 percent leased. Sun Valley Plaza is located at 7336 E. Main St., 30 miles east of downtown Phoenix.

January 13, 2020

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Strategic Growth Positions Industrial for Success in 2020

by Taylor Williams January 11, 2020

Phoenix’s industrial inventory is undergoing a period of growth due to the delivery of 2.2 million square feet of new product in the third quarter of 2019 and more than 4.7 million year to date (as of late November). In fact, the market has seen the highest amount of total industrial development year to date since 2007. While these deliveries have increased the industrial vacancy rate slightly, the overall vacancy rate for the area remains low at less than 7 percent. Absorption has been strong and is expected to remain so for the near future. Rental rates also continue to rise, though they are still at a considerable discount to many other West Coast markets. A high amount of development activity is still occurring, particularly in the southern portion of Phoenix. Much of this development is speculative rather than build-to-suit, which indicates developers are confident in the demand for industrial space in this market. Major factors for our growth have been significant job creation and in-migration of both residents and businesses, which have led to growth in industrial and construction jobs in the region. In fact, Greater Phoenix remains one of the top five metros for job creation in the …

January 11, 2020

Acquisitions Arizona Lee & Associates Office Western

Pinnacle Healthcare Buys Creative Office Building in Tempe for $8.4M

by Amy Works January 10, 2020

TEMPE, ARIZ. — Oregon-based Pinnacle Healthcare has purchased 1860 West University, a creative office building located in Tempe. iT1 Source sold the asset for $8.4 million, or $314 per square foot. The seller, an IT solutions company, will continue to occupy the property through a long-term lease. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix, along with Colton Trauter and Bill Blake of Lee & Associates in Phoenix represented the seller in the deal. Renovated in 2018, the single-story, 26,750-square-foot building features open/collaborative floor plans, superior-quality interior finishes, a rooftop solar power system, excellent ingress/egress and a parking ratio of 4.3 spaces per 1,000 square feet.

January 10, 2020

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