PHOENIX — Empire West Title Agency has renewed its lease for 1,685 square feet of space at Foothills Gateway Corporate Center. The Class A center is located at 4505 E. Chandler Blvd. Empire West was represented by Justin Himelstein and Jason France with Cassidy Turley Arizona’s Office Tenant Representation group. The landlord, Orsett/Gateway, LLC, was represented by Lee & Associates.
Western
BROOMFIELD, COLO. – The 216-unit Willow Run Village in Broomfield has received $22.1 million in financing. The community is located at12621 N Zuni Street. The fixed-interest rate loan includes a 30-year amortization schedule. Financing was arranged by Charles H. Williams and Jon Reible of KeyBank Real Estate Capital through Freddie Mac for Griffis/Blessing, Inc.
SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.
PHOENIX — Camelback Medical Plaza, a 45,936-square-foot medical office building in Phoenix, has sold to CHP Camelback Medical LLC for $2.8 million. CHP Camelback was formed by Centrum Health Properties. The Class B building was constructed in 1981 at 5040 N. 15th Ave. It was 54 percent leased at the time of sale. The seller was RJ Camelback Medical Plaza Investors LLC. The sale was executed by Eric Wichterman and Mike Coover of Cassidy Turley Arizona and Kathleen Morgan and Julie Johnson of GPE Companies.
SALT LAKE CITY – The Westgate Office Buildings, a 73,695-square-foot campus in Salt Lake City, has sold to an unnamed buyer. The purchase price was not disclosed. The two-building property is located at 300 West in the city’s Downtown district. The seller, Westside Property Associates LP, was represented by Craig Thomas and Eric Gustafson of CBRE’s Salt Lake City office.
BROOMFIELD, COLO. – The 216-unit Willow Run Village in Broomfield has received $22.1 million in financing. The community is located at 12621 N Zuni Street. The fixed-interest rate loan includes a 30-year amortization schedule. Financing was arranged by Charles H. Williams and Jon Reible of KeyBank Real Estate Capital through Freddie Mac for Griffis/Blessing, Inc.
SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.
PHOENIX — Camelback Medical Plaza, a 45,936-square-foot medical office building in Phoenix, has sold to CHP Camelback Medical LLC for $2.8 million. CHP Camelback was formed by Centrum Health Properties. The Class B building was constructed in 1981 at 5040 N. 15th Ave. It was 54 percent leased at the time of sale. The seller was RJ Camelback Medical Plaza Investors LLC. The sale was executed by Eric Wichterman and Mike Coover of Cassidy Turley Arizona and Kathleen Morgan and Julie Johnson of GPE Companies.
SALT LAKE CITY – The Westgate Office Buildings, a 73,695-square-foot campus in Salt Lake City, has sold to an unnamed buyer. The purchase price was not disclosed. The two-building property is located at 300 West in the city’s Downtown district. The seller, Westside Property Associates LP, was represented by Craig Thomas and Eric Gustafson of CBRE’s Salt Lake City office.
The Metro Phoenix industrial market has been climbing its way to recovery for the past few years, but the activity of 2012 showed the strongest signs of diversified activity of a healthy marketplace. While overall net leasing was down slightly from 2011, the city benefitted from an abundance of medium and large transactions reflecting many types of industrial users leasing and buying throughout the city. This diversity indicates overall health — and not just in our traditional big box arena. In several strong submarkets, we saw owners pushing back on users’ terms due to improved portfolio and individual property activity. The city’s big box hub of Southwest Phoenix experienced continued strong activity with a variety of notable leases and property sales. We saw a shift to speculative construction and actual groundbreakings taking place on multiple projects. Phoenix has more than 2.6 million square feet of industrial space under construction, with more than 2.2 million of that being situated in the Southwest area. Overall net absorption in that area totaled more than 1.3 million square feet in 2012, leading to a shortage of available large facilities following three years of top eight national leasing and sales activity. The overall net absorption …