Arizona

Voit Negotiates $10M Sale of Multi-Tenant Office Building in Phoenix

by Amy Works September 2, 2025

PHOENIX — Voit Real Estate Services has arranged the purchase of 4645 E. Cotton Center Boulevard, a multi-tenant office property in Phoenix. PRH XXXXV LLC, a private investor, acquired the asset for $10 million, or $86 per square foot, from an undisclosed seller. Situated within Cotton Corporate Center, the 116,858-square-foot property underwent $9.4 million in renovations and capital improvements over the past decade. Mike Bench of Voit represented the buyer, while Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.

September 2, 2025

Arizona Development Industrial Loans Western

Essex Real Estate Capital Secures $46M Construction Loan for Chandler Innovation Park in Arizona

by Amy Works August 29, 2025

CHANDLER, ARIZ. — Essex Real Estate Capital Advisors has secured a $46 million construction loan for Chandler Innovation Park, a Class A speculative industrial development in Chandler. The sponsor is Colorado-based DPC Development Cos. The loan was secured through Principal Asset Management. Situated on 21.3 acres, Chandler Innovation Park will feature a 39,387-square-foot building, a 99,222-square-foot building and a 189,167-square-foot asset. The three buildings will be front-park, rear-load facilities designed for manufacturing and logistics users. Construction began in July 2025, with completion scheduled for August 2026. Alcorn Construction is serving as general contractor. Lee & Associates is handling leasing for the project.

August 29, 2025

Arizona Industrial Loans Western

PSRS Arranges $3.3M Refinancing of Commercial Kitchen Facility in Phoenix

by Amy Works August 28, 2025

PHOENIX — PSRS has arranged $3.3 million in refinancing for a commercial kitchen facility in Phoenix. The property features 22 private, health department-approved commercial kitchens ranging from 250 square feet to 500 square feet. Shared amenities include walk-in freezers and coolers, dry storage and dedicated areas for pick-up, delivery and order fulfillment. Mike Davis and Garrett Carter of PSRS secured the loan that includes a three-year term and 25-year amortization schedule through one of PSRS’ correspondent life insurance company lenders.

August 28, 2025

Acquisitions Arizona Idaho Nevada Retail Utah Western

Newmark Mountain West Negotiates Sale of 10-Property C-A-L Ranch Store Portfolio

by Amy Works August 26, 2025

SALT LAKE CITY — Newmark Mountain West has brokered the sale of a 10-property C-A-L Ranch store portfolio spanning Idaho, Utah, Arizona and Nevada. Integra CRE sold the portfolio for an undisclosed price. The name of the buyer was not released. Totaling more than 637,000 square feet, the retail locations serve rural and suburban communities. Chad Moore, Drew Helm and Brendan Lee of Newmark Mountain West represented the seller in the deal.

August 26, 2025

Acquisitions Arizona Office Western

Transwestern Brokers $20.5M Sale of Two Office Buildings in Tempe, Arizona

by Amy Works August 26, 2025

TEMPE, ARIZ. — Transwestern Real Estate Services has arranged the sale of two office buildings located at 8530-8550 S. Priest Drive in Tempe. Widewaters acquired the asset from Target Corp. for $20.5 million. Built in 2003 and renovated in 2019, the asset features two two-story, 94,480-square-foot buildings and a two-level parking garage. The 25-acre lot offers direct access to Interstate 10 and Loop 202. Paul Borgesen, Dylan Sproul and Royden Hudnall of Transwestern represented the buyer, while Bill Bayless of CBRE represented the seller in the deal. William Zurek and Jim Achen Jr. of Transwestern joined the acquisition team to market the property for either sale or lease.

August 26, 2025

Acquisitions Arizona Office Western

Cushman & Wakefield Negotiates $7.3M Sale of Flex Office Building in Tempe, Arizona

by Amy Works August 22, 2025

TEMPE, ARIZ. — Cushman & Wakefield has directed the sale of a flex office building situated on ground leased land within the Arizona State University Research Park in Tempe. LNR Partners sold the property to David McHenry for $7.3 million. Situated on 9.6 acres at 8700 S. Price Road, the two-story building offers 132,070 square feet of office space that is fully available for new tenancy. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented the seller. Charles Miscio and Luke Waller of CBRE assisted in the transaction.

August 22, 2025

Acquisitions Arizona Retail Western

Longpoint Partners Buys 144,192 SF Stetson Village Shopping Center in Phoenix for $71M

by Amy Works August 21, 2025

PHOENIX — Lena Centers, a subsidiary of Longpoint Partners, has purchased Stetson Village, a grocery-anchored shopping center at 3780-3890 W. Happy Valley Road in Phoenix, from Pederson Group for $71 million. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and buyer in the transaction. Built in 2007, the 144,192-square-foot Stetson Village is fully occupied by a variety of tenants, including Capriott’s, Nekter Juice Bar, UPS Store, First Watch and Great Clips.

August 21, 2025

Arizona Leasing Activity Retail Western

Vestar Signs Leases with Five New Retail Tenants at Verrado Marketplace in Suburban Phoenix

by Amy Works August 18, 2025

BUCKEYE, ARIZ. — Vestar has signed leases with five new tenants at Verrado Marketplace, a 500,000-square-foot open-air lifestyle and entertainment center under development in Buckeye, roughly 35 miles west of downtown Phoenix. Retail and restaurant concepts including Sourdough & Co., See’s Candies, CityVet, Great Clips and NextCare are anticipated to open in May 2026 and will occupy a combined 10,000 square feet. Upon completion, Verrado Marketplace will offer a selection of retail, dining and service-oriented options. The new tenants will join a mix of anchors and national brands such as Target, Harkins BackLot, Safeway, Ross, Marshalls, HomeGoods, ULTA Beauty, Famous Footwear, Buckle, Bath & Body Works, European Wax Center and Zara Nails. A variety of eateries are also confirmed including Salt Tacos + Tequila, Shake Shack, Handel’s Ice Cream, Nekter Juice Bar, Thai Chili, Einstein Bros. Bagels, Tropical Smoothie and Hawaiian Bros Island Grill.

August 18, 2025

Arizona Development Retail Western

Thompson Thrift Begins Development of 27,000 SF Retail Center Near Phoenix

by Amy Works August 13, 2025

TEMPE, ARIZ. — Indiana-based Thompson Thrift has broken ground on South Tempe Square, a 27,000-square-foot neighborhood shopping center located in Tempe, roughly 10 miles east of Phoenix. Nearly 75 percent of the property is preleased or under lease negotiations. Tenants who have already signed leases include BURN Total Body Conditioning, Pacific Dental, Look Lab, Luna Grill Restaurant, The Slice House by Tony Gemignani and GoodVets. A 4,500-square-foot restaurant pad and two inline retail spaces are still available for lease. A construction timeline was not disclosed.

August 13, 2025

Arizona Development Loans Retail Western

JLL Arranges $42.5M Equity Placement for Papago Marketplace Mixed-Use Project in Metro Phoenix

by Amy Works August 12, 2025

SCOTTSDALE, ARIZ. — JLL Capital Markets has arranged a $42.5 million equity placement for Papago Marketplace, a 55,500-square-foot mixed-use development located in the Phoenix suburb of Scottsdale. Patrick Dempsey and Quin Madden of JLL represented the developer, Pivot Development Co., in securing the equity placement on behalf of an undisclosed institutional advisor. A 23,343-square-foot Sprouts Farmers Market will anchor the project upon completion, which is scheduled for August 2026. Construction is expected to begin this month. Over the past five years, the development of Papago Marketplace has included a 276-unit luxury apartment complex, a 116-room hotel and a mix of retail tenants. The project is currently 80 percent preleased.

August 12, 2025

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