Arizona

Cushman & Wakefield Arranges Leasehold Interest Sale of 534,849 SF Sky Harbor Center Office Campus in Phoenix

by Amy Works June 7, 2024

PHOENIX — Cushman & Wakefield has arranged the sale of leasehold interest in Sky Harbor Center, an office campus on 37 acres in Phoenix. A private investment partnership acquired the asset for $44.3 million. Located at 825 Buckeye, Sky Harbor Center consists of five two- and three-story buildings offering a total of 534,849 square feet. The campus features a fully renovated café, coffee/juice bar, conference center and outdoor areas for seating and events, as well as surface and parking options. Bank of America has occupied the five office buildings since 1989. The ground lessor is the City of Phoenix. Steve Lindley and Alexandra Loye of Cushman & Wakefield, along with Will Strong and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West and Eric Wichterman and Mike Coover of the firm’s Private Capital Group, represented the seller in the transaction. Cushman & Wakefield’s Jerry Roberts and Pat Boyle provided leasing advisory for the property.

June 7, 2024

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Top Stories Western

Creation to Break Ground on $120M The Switchyard Mixed-Use Development in Suburban Phoenix

by Katie Sloan June 6, 2024

QUEEN CREEK, ARIZ. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio. Creation plans to break ground on the multi-phase project later this year. Phase I is scheduled for completion in early 2026. The development team includes Dallas-based architect GFF Design and general contractor LGE Design Build. Creation is a real estate development firm with dual headquarters in Phoenix and Dallas. The company has a $4.5 billion pipeline of ground-up development currently underway across six states. — Katie Sloan

June 6, 2024

Acquisitions Arizona Industrial Western

Marcus & Millichap Brokers Sale of 17,200 SF Industrial Park in Show Low, Arizona

by Amy Works June 5, 2024

SHOW LOW, ARIZ. — Marcus & Millichap has arranged the sale of Show Low Small Bay Industrial Park, a two-building industrial asset in Show Low, approximately 175 miles northeast of Phoenix near the New Mexico border. A private investor sold the property to a California-based private investor for $2.2 million. Located at 1241 E. Lumbermans Loop, Show Low Small Bay Industrial Park offers 17,200 square feet of small-bay industrial space on 1.5 acres. At the time of sale, the buildings were fully leased. Cory Gross of Marcus & Millichap represented the seller and procured the buyer in the deal. Ryan Sarbinoff, also of Marcus & Millichap, served as broker of record in Arizona for the transaction.

June 5, 2024

Arizona Development Industrial Western

Ryan Cos., Alidade Capital Break Ground on Innovate48 Industrial Park in Phoenix

by Amy Works June 4, 2024

PHOENIX — A joint venture between Ryan Cos. and Alidade Capital has broken ground on Innovate48 Industrial Park, located at the southeast corner of 48th and Washington streets in Phoenix. Slated for completion in second-quarter 2025, Innovate48 will feature a 163,000-square-foot Class A industrial facility. The development will offer 25 dock-high doors, 18 trailer stalls, four grade-level doors and a fully secured concrete truck court. Additionally, the fully air-conditioned building will feature LED lighting and a 3,500-square-foot speculative office suite. Ryan Cos. is the developer and builder on the project. Butler Design Group is serving as architect of record. JLL’s Steve Larsen, Pat Harlan, Kyle Westfall and Jason Moore are handling marketing and leasing for the project.

June 4, 2024

Acquisitions Arizona Hospitality Western

Anish Hotels Group Sells Home2 Suites by Hilton Phoenix Downtown for $43.3M

by Amy Works June 3, 2024

PHOENIX — Anish Hotels Group has completed the disposition of Home2 Suites by Hilton Phoenix Downtown to Chatham Lodging Trust for $43.3 million, or $293,000 per room. Chatham funded the purchase using proceeds from recent asset sales and available cash. Located at 125 E. Jackson St., the six-story hotel features 148 guest rooms and is connected to the historic Fuller Paint Company Building, which offers a customized reception area, guest lobby, 1,200 square feet of meeting space and a signature food and beverage outlet. Island Hospitality Management will manage the hotel. Carter Gradwell, Jennifer Bergamo and Rick Rush of CBRE represented the seller in the deal.

June 3, 2024

Arizona Development Industrial Western

VanTrust Real Estate Breaks Ground on 750,000 SF Industrial Park in Glendale, Arizona

by Amy Works June 3, 2024

GLENDALE, ARIZ. — VanTrust Real Estate has broken ground on the first phase of VT 101, a 48-acre, three-building, 750,000-square-foot industrial park in Glendale, just northwest of Phoenix. The first phase will include two 156,000-square-foot, Class A industrial buildings, slated for delivery in April 2025. The buildings will offer office suites, HVAC and LED lighting. The project team includes Butler Design Group as architect, Layton Construction as general contractor and JLL’s Pat Harlan and Kyle Westfall as leasing agents.

June 3, 2024

Arizona Development Mixed-Use Multifamily Office Retail Student Housing Western

GMH Communities Plans 1 MSF Central Station Mixed-Use Project in Phoenix

by Amy Works May 30, 2024

PHOENIX — GMH Communities has unveiled plans for Central Station, a 1 million-square-foot, mixed-use, transit-oriented community in Phoenix. The project will consist of two residential towers that will offer market-rate, student and workforce housing, two levels of below-grade parking, a transit hub, retail space and office space. Adjacent to Civic Space Park and Arizona State University’s downtown Phoenix campus, the 22-story student housing tower will offer 655 beds, and the 33-story residential building will offer 338 units. The project team includes Medistar, Layton Construction, Multistudio and CBRE Investment Management.

May 30, 2024

Arizona Industrial Loans Western

CBRE Arranges $44M Refinancing for Queen Creek Commerce Center in Chandler, Arizona

by Amy Works May 30, 2024

CHANDLER, ARIZ. — CBRE has secured $44 million in refinancing for Queen Creek Commerce Center, an industrial complex at 555 E. Queen Creek Road in Chandler. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance arranged the 10-year loan with a 5.47 percent interest rate and a 65 percent loan-to-value ratio on behalf of the borrower, Schnitzer Properties. A life insurance company provided the funding. Built in 2022 on 34.5 acres, Queen Creek Commerce Center consists of two industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors. Totaling 560,352 square feet, the asset includes a 163,072-square-foot Building A and a 397,280-square-foot Building B. At the time of financing, the property was fully occupied.

May 30, 2024

Arizona Development Industrial Market Reports Western Western Market Reports

Mesa Becomes a Mecca for Industrial Development

by Jeff Shaw May 30, 2024

Todd Ostransky, vice president of development at Indicap, knew Metro Phoenix was a market the firm wanted to enter for industrial development. Though the area is a hotbed of industrial activity, Indicap’s attention immediately set on Mesa, less than 20 miles east of Phoenix, for its inaugural project. “We identified the East Valley as an area of growth, along with the need for space for mid-bay industrial spec product,” he says. Indicap and joint venture partner AECOM-Canyon Partners chose a 65-acre space within the mixed-use, master-planned community of Eastmark. The JV purchased the site for $48 million in April 2022 during a period of “aggressive expansion,” which saw Indicap kick off 10 developments involving more than 13 million square feet of Class A industrial space across key Arizona corridors. The inaugural Phoenix-area project was Eastmark Center of Industry, which completed Phase I construction in April. This phase brought 978,837 rentable square feet of Class A industrial space to Mesa’s Gateway Airport submarket. The space spans five mid-bay and cross-dock buildings. It features concrete slab on grade, tilt-up exterior walls, and a hybrid wood roof system, ensuring durability and flexibility. Power was also a major amenity for a project of this …

May 30, 2024

Acquisitions Arizona Multifamily Western

Garrett Cos. Divests of 164-Unit The Plaza Taos Apartment Complex in Chandler, Arizona

by Amy Works May 29, 2024

CHANDLER, ARIZ. — The Garrett Cos. has sold The Plaza Taos, a multifamily community in Chandler, to Olympus Partners for an undisclosed price. Situated off Arizona State Route 87, The Plaza Taos features 164 one-, two- and three-bedroom apartments with open-concept floor plans, washers/dryers and oversized patios/balconies. Completed in 2023, the community offers a heated swimming pool and spa, an off-leash pet park, indoor dog spa and outdoor kitchen with gas grills. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets secured a seven-year loan on behalf of the buyer.

May 29, 2024

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