Thursday, April 18, 2024
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Arizona

Buckeye-Commons-Buckeye-AZ
ArizonaDevelopmentRestaurantRetailWestern

SIHI Breaks Ground on Costco-Anchored Shopping Center in Buckeye, Arizona

by Amy Works

BUCKEYE, ARIZ. — Sunbelt Investment Holdings (SIHI) has broken ground on Buckeye Commons, a retail center at the southeast intersection of Interstate 10 and Verrado Way in Buckeye, a suburb west of Phoenix. Butler Design Group designed the project, with CHASSE Building Team as general contractor. Buckeye Commons will feature more than 410,000 square feet of retail space. Currently signed tenants include Over Easy, Starbucks Coffee, Jimmy John’s, The Joint Chiropractic, State Farm and DIP Nail Bar, as well as a 160,938-square-foot Costco that opened in July 2023. The first store openings at Buckeye Commons are slated for mid-2025. Greg Laing, Zach Pace and Teale Bloom of Phoenix Commercial Advisors executed the current leases, which represent approximately 60 percent of the property’s first phase of shops and pads.

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Brokers $2M Sale of Alamo Apartments in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Alamo Apartments, a multifamily building in Tucson. The Twenty Lofts on Tenth LLC acquired the asset from Euclid 35 LLC for $2 million. Located at 824 E. 10th St., the 11,189-square-foot building features 20 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction.

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Elwood-Rising-Goodyear-AZ
AcquisitionsArizonaIndustrialWestern

Atlas Capital Partners Sells 120,000 SF Elwood Rising Spec Industrial Project in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Scottsdale-based Atlas Capital Partners has completed the disposition of Elwood Rising, a speculative Class A industrial development in Goodyear, a suburb west of Phoenix. Cohen Asset Management purchased the property for $21.8 million. Delivered in January, the 120,000-square-foot building is fully leased to a global industrial field services company, which executed a long-term lease while the building was under construction. Located at 3750 S. 156th Ave., Elwood Rising features an all-concrete and secured truck court with a maximum depth of 220 feet, 3,600 square feet of office space, 32-foot clear heights and a fully air-conditioned warehouse. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented both parties in the transaction. Pat Harlan and Kyle Westfall of JLL served as the project’s leasing team and negotiated the existing lease.

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Chandler-Airport-Business-Park-Chandler-AZ
AcquisitionsArizonaIndustrialWestern

CapRock Partners Buys 318,683 SF Industrial Park in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — CapRock Partners has acquired Chandler Airport Business Park, a newly finished, Class A industrial asset in Chandler. The 318,683-square-foot property features four freestanding warehouse buildings ranging in size from 56,756 square feet to 103,639 square feet, as well as access to Phoenix’s Southeast Valley region. Chandler Airport Business Park features ESFR sprinklers; ample power; large, secured, concrete truck courts; and space for 428 auto stalls, including electric vehicle charging stations. Individual building specifications include: The 20-acre property is located at the northwest corner of Cooper Road and Queen Creek Road. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the transaction. The team is also leading leasing for the property.

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ArizonaDevelopmentIndustrialLoansMidwestNew MexicoOhioOregonTop StoriesWestern

US Department of Commerce Proposes $8.5B in Funding for Intel Semiconductor Projects in Four States

by Kristin Harlow

ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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2801-S-35th-St-Phoenix-AZ
AcquisitionsArizonaLife SciencesWestern

Lasalle Co., Hannay Investment Divest of 25,569 SF Nextmune-Occupied Lab Space in Phoenix

by Amy Works

PHOENIX — Lasalle Co. LLC and Hannay Investment Properties have sold a 25,569-square-foot lab space at 2801 S. 35th St. in Phoenix. PR & MC Properties LLC purchased the asset for $6.3 million, or $246 per square foot. Nextmune, a global animal pharmaceutical company, fully leases the property. Originally built in 1991, the building was renovated last year to include a state-of-the-art, FDA-certified laboratory and manufacturing facility with multiple clean rooms and built-in coolers. Situated on 1.9 acres, the property serves as one of Nextmune’s five laboratory facilities around the globe and its only U.S. location. The property features 142 parking spaces, a gated yard and loading docks with one grade-level door and one truck well. Geoffrey Turbow of CBRE Investment Properties represented the seller in the deal.

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Alta-Chandler-Apts-Chandler-AZ
AcquisitionsArizonaLoansMultifamilyWestern

IPA Negotiates $94.5M Sale of Alta Chandler at The Park Multifamily Property in Arizona

by Amy Works

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Alta Chandler at The Park, a mid-rise apartment community in the Phoenix suburb of Chandler. Wood Partners sold the asset to Olympus Property for $94.5 million, or $324,742 per unit. IPA Capital Markets also arranged $52 million in acquisition financing for the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged the loan, which features eight years of interest-only payments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the acquisition. Atla Chandler features 291 apartments with open-concept floor plans; nine-foot ceilings; laundry closets with full-size or stackable washers/dryers; extended primary bedrooms with dedicated work-from-home space; and separate den or loft quarters. Select units have direct-access garages. Community amenities include an open-concept leasing office and clubhouse, convenience market, sky lounge, fitness center and private multi-purpose fitness room.

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Aloft-Glendale-Westgate-Glendale-AZ
AcquisitionsArizonaHospitalityWestern

Bradford Allen Acquires 100-Room Aloft Glendale at Westgate in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Bradford Allen’s investment arm has purchased Aloft Glendale at Westgate, a hotel located at 6920 N. 93rd Ave. in the Phoenix suburb of Glendale. Terms of the transaction were not released. The 100-room hotel features an outdoor splash pool, Re:charge fitness center, gift shop, convenience store, meeting spaces, social lounge and the WXYZ bar featuring a full menu, signature cocktails and live music. Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction. The acquisition marks the Bradford Allen’s second purchase in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.

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AcquisitionsArizonaRetailWestern

LNR Partners Sells 189,022 SF Sun Village Fair Retail Center in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — LNR Partners has completed the sale of Sun Village Fair, a shopping center in the Phoenix suburb of Chandler, to Arizona Partners (AZP) for $12.5 million. Situated on 20.46 acres at Alma School and Warner roads, Sun Village Fair consists of 189,022 square feet of existing retail space and six acres of slated for pad development. The redevelopment of the property will be aided by existing tenants, Walmart, First Bank and Wendy’s, that are still operating within the development but were not included in the sale. Darren Tappen, Nathan Thinnes, Peter Beauchamp, Trask Switzenberg and Matthew Ault of Kidder Mathews, along with Trevor Koskovich of Northmarq and Brett Rinehart of Land Advisors, represented the seller in the deal.

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ArizonaMarket ReportsOfficeWesternWestern Market Reports

Phoenix’s Office Sector is Fundamentally Sound

by Jeff Shaw

— By Kyle Seeger, Vice President, JLL — Like office markets across the U.S., Phoenix continues to navigate its post-pandemic “normal.” But with red-hot population growth, a comparatively low cost of doing business, a dynamic office inventory and a stellar quality of life, it also remains a prime contender for new office locations, relocations and expansions. Metro Phoenix’s overall office vacancy rate had ticked up slightly to 25.6 percent at the close of 2023. Average annual rent growth had decelerated moderately to 0.8 percent year over year, but remained positive. The overall direct asking rent had stabilized at just over $29 per square foot. Although negative absorption remained markedly high at more than 3.5 million square feet through 2023, there was less quarterly loss in the fourth quarter compared to the third quarter. Amid all of this, Phoenix’s cost and demographic advantages — along with its ample inventory — pushed leasing momentum forward. In some cases, it even created positive net absorption, such as in prime office corridors and in newer, highly amenitized Class A projects.  The Grove, a 180,000-square-foot, Class AA office building in the Camelback Corridor, is a prime example of this. Within 16 months of its mid-2021 …

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