Arizona

CCR North Starts Construction of Phase II at Crismon Gateway Village in Mesa, Arizona

by Amy Works September 16, 2019

MESA, ARIZ. — CCR North LLC has started construction on Phase II of Crismon Gateway Village, an approximately $40 million mixed-use project situated at the northeast corner of Crismon and Baseline roads in Mesa. The second phase will bring a mix of tenants, including Martin Dental, Vantage West and Sassy’s Café & Bakery. Current tenants include Black Rock Coffee, Bella Nail Bar, Filiberto’s, Radius Fitness and Doc’s Artisan Ice Cream. Upon completion, the master-planned community will include 22,040 square feet of retail, restaurant and office space and a 128-unit multifamily property with individual suite patios. Mary Nollenberger and Nicole Ridberg of SVN/Desert Commercial Advisors are handling leasing efforts for the development.

September 16, 2019

Heritage-Village-Assisted-Living-Mesa-AZ

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Funds $5.1M Mezzanine Loan for Seniors Housing Asset Expansion in Arizona

by Amy Works September 11, 2019

MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos. The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017. The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community. The planned expansion will add two more assisted living and memory care buildings. Sims partnered with a bank to propose a high-leverage financing solution to fund the expansion and recapitalize existing debt, with the bank providing the first-mortgage loan.

September 11, 2019

Arizona Development Healthcare Western

Banner Health Selects NexCore Group to Develop 130,000 SF Health Center in Arizona

by Amy Works September 10, 2019

GLENDALE, ARIZ. — Arizona-based Banner Health has selected NexCore Group, a national healthcare real estate firm, to develop its newest multi-specialty health center. Situated on 17.5 acres within the Aspera mixed-use development in Glendale, Banner Health Center will feature 130,000 square feet of medical office space. The three-story facility will offer clinical services including family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN, as well as lab, pharmacy and imaging services. Groundbreaking is slated for January, with a grand opening scheduled for early 2021.

September 10, 2019

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $3.6M Sale of Planet Fitness-Occupied Property in Buckeye, Arizona

by Amy Works September 10, 2019

BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

September 10, 2019

Arrowhead-Valley-Retirement-Resort-Peoria-AZ

Arizona Development Multifamily Nevada Seniors Housing Western

Resort Lifestyle Communities Completes Seniors Housing Projects in Arizona, Nevada

by Amy Works September 9, 2019

PEORIA, ARIZ., AND HENDERSON, NEV. — Resort Lifestyle Communities has completed construction of two independent living communities, Arrowhead Valley Retirement Resort in the Phoenix suburb of Peoria and Cactus Valley Retirement Resort in the Las Vegas suburb of Henderson. A grand opening is being hosted Sept. 12 at Arrowhead Valley, while Cactus Valley has already opened its doors. The Henderson community features 128 units, but the size of the Peoria community was not disclosed. Resort Lifestyle Communities develops all-inclusive resort-style seniors housing communities across the country, with 45 properties open or under construction.

September 9, 2019

Arizona Development Mixed-Use Multifamily Retail Western

High Street Residential, CBRE Global Investors Break Ground on The Fillmore Mixed-Use Project in Downtown Phoenix

by Amy Works September 6, 2019

PHOENIX — High Street Residential, the residential subsidiary of Trammell Crow Co., and a fund sponsored by CBRE Global Investors have commenced construction on The Fillmore, a mixed-use project in downtown Phoenix. Situated on 2.8 acres at the southeast corner of Fifth Avenue and Fillmore Street, Phase I will include a seven-story, 533,460-square-foot building with 348 multifamily units, 480 parking spaces and more than 7,000 square feet of ground-floor retail space. The first phase will feature one-, two- and three-bedroom apartments, as well as studio and junior one-bedroom units, ranging in size from 489 square feet to 1,626 square feet. The building will include a clubhouse featuring work-from-home suites, a tequila room for resident gatherings, billiards room, kitchen and bar, lounge, catering kitchen, double-sided fireplace and shuffleboard. Other amenities include a fitness center, swimming pool, cabanas, grilling stations, swinging lounge chairs, spa, hammocks, fire pits secure bike storage and Wi-Fi throughout the property’s common areas. Additionally, the phase will feature a second outdoor deck with a water feature, dog run and park. Completion of Phase I is slated for September 2021. Chasse Building Team is serving as general contractor. Alliance Bank is providing financing for the project.

September 6, 2019

Acquisitions Arizona Hospitality Top Stories Western

Trinity Investments, Elliott Management Acquire JW Marriott Phoenix Desert Ridge Resort & Spa for $602M

by Kristin Harlow September 4, 2019

PHOENIX — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the JW Marriott Phoenix Desert Ridge Resort & Spa, the largest resort in Phoenix. Blackstone reportedly sold the asset for $602 million, according to Pacific Business News. Spanning 396 acres, the resort features a 950-room hotel, 212,500 square feet of meeting space and seven food and beverage options. Amenities include a spa, lazy river, five pools and two championship golf courses designed by Arnold Palmer and Nick Faldo. The transaction follows Trinity and Elliott’s joint purchase of the Grande Lakes Orlando Resort in December 2018. The partnership says its strategy is to acquire large hotel properties with value-add opportunities. Trinity and Elliott intend to implement a multi-million-dollar capital improvement plan to further enhance the offerings at the JW Marriott Phoenix Desert Ridge. In addition to guestroom renovations, plans call for upgrades to the resort’s meeting spaces, ballrooms, water features and food offerings. “Large, luxury group-business resort and conference center properties continue to be attractive investment opportunities,” says Tim Mackey, portfolio manager at Elliott. “The JW Marriott Phoenix Desert Ridge is a market leader in terms of number of rooms, meeting …

September 4, 2019

Arizona Development Industrial Western

ViaWest Group To Develop 140,372 SF Spec Industrial Project Near Phoenix

by Amy Works September 3, 2019

CHANDLER, ARIZ. — ViaWest Group is developing a two-building speculative industrial park located at the southwest corner of East Willis Road and South Hamilton Street in Chandler, a southeastern suburb of Phoenix. The company plans to break ground on the 140,372-square-foot project this week. The 65,892-square-foot and 74,480-square-foot buildings will be divisible from 16,000 square feet to 35,000 square feet. The properties will feature 28-foot clear heights, ESFR sprinklers, a mix of dock-high and grade doors and a 180-foot shared concrete gated truck court. The project will complete Phase II of the AZ 202 Commerce Park. Phase I, a built-to-suit for PODS Moving and Storage, was delivered in April 2018. The second phase is slated for completion in April 2020. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are marketing the new buildings for lease. ViaWest Group will manage the properties once completed.

September 3, 2019

Acquisitions Arizona Industrial Office Western

Marcus & Millichap Arranges $9M Purchase of 52,330 SF Flex Building in Metro Phoenix

by Amy Works September 3, 2019

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a flex building, located at 7326 Glen Harbor Blvd. in Glendale, a suburb of Phoenix. FM NPL Glendale LLC acquired the asset from NPL Construction Co. for $9 million in a sale-leaseback transaction. The property features 52,330 square feet of office and industrial space. NPL Construction Co. will continue to occupy the space on a net-leased basis. Jay Krew and Marty Cohan of Marcus & Millichap, along with Gregg Fox of Marc Realty, procured the buyer, while Dan Dowd of Newmark Knight Frank represented the seller. Frank Mandel of New York-based Mandel Management Co. will operate the asset.

September 3, 2019

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retailers Move To Be Upfront, Center

by Taylor Williams August 31, 2019

With all the changes occurring in retail over the past decade, the industry, as a whole, is being transformed before our eyes. These shifts have impacted how new retail development is taking place throughout the Phoenix area. It is also driving a significant change to how retail developers will operate over the next decade. The operational changes are dramatically affecting the prototypes of retailers. These changes are making it necessary for some retailers to relocate from an inline space at the back of a center to an outparcel with street-front visibility. It becomes even more complicated as more and more tenants are demanding a drive-thru. Panera Bread, Chipotle and Starbucks are just a few examples of retailers that have revised their real estate requirements to accommodate a drive-thru. Many retailers are also consolidating their total number of stores or downsizing their traditional physical footprint, which is also impacting centers. Some chains have even waved the white flag and closed their business altogether. These changes are driving the design of new retail projects throughout Phoenix. While the traditional configurations of regional malls, power centers and neighborhood shopping centers will always be a staple, the retailer’s shift to be up front and …

August 31, 2019

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