GILBERT, ARIZ. — Air Transport Components has signed a 123-month lease for a 62,413-square-foot manufacturing facility in Gilbert. The facility is located at 900 N. Fiesta Blvd. The company will be consolidating from 53,000 square feet at two facilities. The transaction was executed by Bob Kling and Dave Johnson of Lee & Associates Arizona.
Western
PHOENIX —AAA Northern California, Nevada & Utah Insurance Exchange has signed a 40-month lease for 41,752 square feet at Black Canyon Corporate Center in Phoenix. The building is located at 16404 N. Black Canyon Highway. It is now fully occupied. AAA was represented by Wally Hale and Kevin Mechelke of Jones Lang LaSalle. Black Canyon’s landlord, Parallel Capital Partners, was represented by John Bonnell and Brett Abramson, also of Jones Lang LaSalle.
PHOENIX –Allstate Insurance Company has signed an eight-year lease renewal and expansion for 35,560 square feet at Mesa Corporate Center in Phoenix. The 105,168-square-foot office building is located at 1001 W. Southern Ave. Allstate was represented by James Robinson with Phoenix Realty Advisors. The landlord, Parkway Properties, L.P., was represented by Matt Nebeker of Cassidy Turley Arizona’s Office group.
SAN PEDRO, CALIF. – The 107-unit La Corona Del Mar Apartments in San Pedro has received $6 million in refinancing. The loan features a 3.87 percent interest rate, a 10-year, fixed-rate term and 10 years of interest-only payments. It was originated by Don Frankman of Alliant Capital LLC.
WEST COVINA, CALIF. – A 42,000-square-foot Ashley Furniture HomeStore has opened at Eastland Center in West Covina. The stand-alone building was previously occupied by Babies “R” Us. It is located 2753 E. Eastland Center Drive. Ashley was represented by Hodgdon Realty Group and Cole Real Estate Investments in this lease transaction. The Hodgdon Group also handled the entitlements and served as the design-build contractor on the building.
GILBERT, ARIZ. — Air Transport Components has signed a 123-month lease for a 62,413-square-foot manufacturing facility in Gilbert. The facility is located at 900 N. Fiesta Blvd. The company will be consolidating from 53,000 square feet at two facilities. The transaction was executed by Bob Kling and Dave Johnson of Lee & Associates Arizona.
PHOENIX — AAA Northern California, Nevada & Utah Insurance Exchange has signed a 40-month lease for 41,752 square feet at Black Canyon Corporate Center in Phoenix. The building is located at 16404 N. Black Canyon Highway. It is now fully occupied. AAA was represented by Wally Hale and Kevin Mechelke of Jones Lang LaSalle. Black Canyon’s landlord, Parallel Capital Partners, was represented by John Bonnell and Brett Abramson, also of Jones Lang LaSalle.
PHOENIX — Allstate Insurance Company has signed an eight-year lease renewal and expansion for 35,560 square feet at Mesa Corporate Center in Phoenix. The 105,168-square-foot office building is located at 1001 W. Southern Ave. Allstate was represented by James Robinson with Phoenix Realty Advisors. The landlord, Parkway Properties, L.P., was represented by Matt Nebeker of Cassidy Turley Arizona’s Office group.
After several years with virtually no new construction of multifamily homes, the Metro Phoenix market looks to rebound with a pipeline of projects that could result in 5,000 to 7,000 new units built per year in 2013, 2014 and 2015. That returns our market to construction levels last seen in 2007. In order to see this volume of construction, developers will need to be successful in raising the required equity, which has been a challenge. At the end of 2012, the Valley had 17 projects (of 50 units or greater) under construction, totaling a little more than 4,200 units. Building on that, we expect to see 15 to 20 projects per year through 2015. This is just a fraction of the more than 20,000 units filling the development pipeline. The demand for all these units, however, will hinge on Phoenix’s population and job growth. It will also be influenced by the national and global economies. Developers are capitalizing on the recent purchases of properties in prime, upscale locations that were not previously considered for strictly rental housing. Alliance Residential, P.B. Bell and JLB have all either begun construction or have plans in the works for rental developments in premium Phoenix …
BEVERLY HILLS, CALIF. — The 297-room SLS Hotel at Beverly Hills has received $125 million in refinancing. The luxury hotel is located on La Cienega Boulevard at the crossroads of Beverly Hills and West Hollywood. Financing was arranged by Mathew Comfort, Reid McGlamery, Mike Huth, John Strauss and James Stockdale of Jones Lang LaSalle.