Arizona

PGA TOUR Superstore Plans New Experiential Store in Glendale

by Nellie Day October 25, 2016

GLENDALE, ARIZ. — Golf equipment and apparel retailer PGA TOUR Superstore recently acquired a Sports Authority location in Glendale, with plans to open a store in the building by January 2017. Glendale represents the company’s fifth Arizona location, joining Chandler, North Scottsdale, Scottsdale and Tucson. Each store is staffed with PGA of America teaching professionals and houses up to 14 state-of-the-art swing simulators and hitting bays, putting green, and in-house club making and repair facility. Golf & Tennis Pro Shop Inc., a subsidiary of AMB Group LLC, operates all PGA TOUR Superstores. The company is headquartered in Roswell, Ga.

October 25, 2016

Arizona Market Reports Office Western Western Market Reports

Tech Takes Hold in Phoenix

by Camren Skelton October 25, 2016

One of the newest trends in Phoenix office leasing is the spur in technology and creative space requirements, especially for tenants moving in from Northern and Southern California. These companies are searching for a more favorable market — one with lower labor costs and rental rates, more affordable housing, an educated workforce from which to draw, less traffic and an overall higher quality of life — and the Phoenix area fares well comparatively. I expect this trend to continue, especially in the downtown markets of Phoenix, Tempe and Scottsdale. Strong leasing activity throughout the Phoenix market this year resulted in robust absorption, with Class B product leading the way. There are numerous large tenants currently in the market seeking to lock up space, which will keep demand elevated throughout the remainder of the year. Healthcare and financial services industries are committing to the market, especially with larger-scale operations centers. Parking needs for these users are 6:1000 and greater. Tempe remains a hot spot for development, with two new high-profile speculative projects underway — the Grand at Papago Park Center (213,055 square feet) and 2100 Rio Salado (102,819 square feet). Two new buildings were completed this quarter at Tempe’s Marina Heights …

October 25, 2016

Arizona Market Reports Retail Western Western Market Reports

Retail Occupancy Rises in Phoenix

by Camren Skelton October 18, 2016

As we approach the fourth quarter of 2016, the Phoenix retail market is experiencing its lowest vacancy rates since 2008. Vacancy has dropped to just under 9 percent, a slight improvement from the start of 2015, while rental rates have climbed 0.8 percent to $14.53 per square foot. Positive economic indicators such as population growth, a favorable job market, and new-home construction are all contributing toward a healthy retail market in Phoenix. Consumer confidence continues to rise and demand for retail space has become stronger than previous years. Vacant spaces in core locations are being absorbed by national, regional and local retailers as well. Anchor space activity continues to be geared around value-oriented retailers, fitness users, family entertainment concepts and alternative uses. Quick-serve restaurants are the most active tenants in the market. These concepts include Panera Bread, Starbucks, Café Rio, Pieology, MOD Pizza and Jimmy John’s. In addition, new health-conscious restaurants are starting to look at Phoenix for store openings in 2017, such as Ahi Poki, Eat Fit Go, Grabba Green and Nekter. Supermarkets are driving new development in core trade areas of Phoenix, as well as in high-growth markets. Fry’s Food & Drug has started construction on seven new …

October 18, 2016

Arizona Loans Multifamily Western

Meridian Capital Group Arranges $116.4M Refinancing for Arizona Multifamily Portfolio

by Nellie Day October 13, 2016

GLENDALE AND CHANDLER, ARIZ. — Meridian Capital Group has arranged $116.4 million to refinance four multifamily properties in Arizona. The four properties were financed in two separate loans. The first loan was for Tela Verde and Tuscany Palms in Glendale. The assets contain a total of 778 units. The properties in the second loan include Alante at the Islands and Laguna Village in Chandler. These assets contain a total of 780 units. Meridian originally financed these four properties as part of a seven-property portfolio acquisition loan on behalf of PB Bell Companies in July 2014. The firm sold the other three properties while repositioning the four assets included in this refinancing. Meridian’s Seth Grossman, Sarah Kuebler and Ryan Gandell arranged the two fixed-rate, non-recourse financing packages.

October 13, 2016

Arizona Multifamily Western

Exchange Services Buys The Lodge Apartments in Flagstaff $43.6M

by Nellie Day October 13, 2016

FLAGSTAFF, ARIZ. — Exchange Services has acquired The Lodge, a 252-unit luxury apartment community in Flagstaff, for $43.6 million. The community is located on Lake Mary Road just south of the I-17/I-40 freeway interchange. The Lodge was built in 2004. Exchange Services acted as an intermediary for SK5-ELA LLC (Keller Investment Properties LLC). David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Clear Sky Lodge LP, in this transaction. The company is a partnership between Clear Sky Capital and Narland Properties.

October 13, 2016

Arizona Industrial Market Reports Western Western Market Reports

Industrial Owners Delight in Phoenix’s Thriving Market

by Camren Skelton October 11, 2016

The Phoenix industrial market is thriving, despite more than 5.6 million square feet of new construction set to deliver this year. There is enough demand in this market to keep the average vacancy rate at a near eight-year low of 9.7 percent, while absorption is on pace to exceed 6 million square feet for the third year in a row. Tenants have more choices than ever thanks to all this new inventory. Many are making a flight to quality, upgrading to next-generation space featuring wide column spacing and clear heights of up to 36 feet. This is particularly valuable in the West Valley, where large, efficiency-focused, third-party logistics firms and e-commerce companies must maximize how they manage vast amounts of product. Some of these needs are so specific that corporations have opted to custom build, as is the case with the recently completed 400,000-square-foot REI distribution center and the 384,377-square-foot IRIS USA facility, both situated in Surprise. These projects rank as the Valley’s two largest owner-builder completions of the year and have propelled the Northwest submarket — the third smallest industrial submarket in metro Phoenix — into the “hot” category. Meanwhile, owners and builders have gotten more creative in centralized …

October 11, 2016

Arizona Multifamily Western

Aukum Management Acquires Cantera Apartments in Chandler for $46M

by Nellie Day October 5, 2016

CHANDLER, ARIZ. — Aukum Management has purchased the 288-unit Cantera apartments in Chandler for $46 million. The community is located at 2475 W. Pecos Road. Cantera was built adjacent to the Price Road Corridor, the area’s largest high-tech employment hub, in 2002. About 200 units will undergo a renovation. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch executed the transaction. The seller was Rockwood Capital.

October 5, 2016

Arizona Multifamily Student Housing Western

Western Wealth Capital Buys Multifamily Property Near ASU for $17M

by Nellie Day October 5, 2016

TEMPE, ARIZ. — Canada-based Western Wealth Capital has acquired Amber Gardens, a 164-unit multifamily community located less than one mile away from the Arizona State University campus in Tempe, for $17 million. The property — built in 1985 — features a mix of studio, one- and two-bedroom units. Amenities include two pools, a spa, 24-hour fitness center, clubhouse and laundry facilities. United Development Group was the seller in the transaction. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented the buyer.

October 5, 2016

Arizona Multifamily Seniors Housing Western

Bascom Acquires 123-Unit Independent Living Community in Arizona for $18M

by Nellie Day October 4, 2016

PRESCOTT, ARIZ. — Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living community for $18 million or $146,341 per unit. Built in 2003, the community is located within the Prescott Lakes master-planned community in Prescott, about 100 miles north of Phoenix. Bascom plans interior and exterior renovations to the community, including an in-pool lounge, new entrances and a remodeled clubhouse. Brian Halpern and Alex Kane of Jones Lang LaSalle Americas Inc. arranged the debt financing for the buyer. John Cunningham from JLL represented the undisclosed seller in the transaction. Bascom Arizona Ventures is an affiliate of private equity firm The Bascom Group LLC.

October 4, 2016

Arizona Industrial Western

REI Seeks LEED-Platinum Certification for New Distribution Center in Goodyear

by Nellie Day October 4, 2016

GOODYEAR, ARIZ. — REI will build its new distribution center in Goodyear to be net zero energy as it pursues LEED-Platinum — the highest level in the U.S. Green Building Council’s (USGBC) rating system. Situated in the Arizona desert, the facility is intended to be one of the world’s most sustainable distribution centers. REI is driving sustainability and efficiency at its new distribution center in several new ways: • The facility’s 2.2 megawatt solar system produces renewable energy on-site, enough to power the entire facility annually. The system is expected to provide REI with 20 years of free energy and pay for itself in five years. • REI and its partners have designed an omnichannel one-touch fulfillment system, enabling one person to process items eight times faster than the typical distribution center. • The distribution center will help restore the nearby Verde River, enhancing water flows and recreation access. • The distribution center features a non-evaporative cooling system fully powered by renewable energy, saving millions of gallons of water every year. Butler Design Group designed the facility in collaboration with Rocky Mountain Institute. The developer is Merit Partners Inc., and the builder is The Renaissance Companies. DMW&Hand KNAPP led technology design, …

October 4, 2016

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