Saturday, July 21, 2018

Real Estate Daily News

SimonCRE & JLL complete first Phoenix Black Rock Coffee Bar sale...

Secures $1.7 million for East Valley single-tenant building PHOENIX, Arizona – On behalf of SimonCRE, the Phoenix office of JLL has completed the sale of a stand-alone retail/restaurant building in Mesa, Arizona that is fully occupied by Black Rock Coffee Bar. The transaction represents the first sale of a Black Rock-occupied building since...

Prescott’s Bashford Courts Atrium Mall Sells for $4.95 Million

Cushman & Wakefield Negotiates Sale in Downtown Historic Courthouse Square PHOENIX, Arizona  – Cushman & Wakefield completed the sale of Bashford Courts Atrium Mall, located at 130 W. Gurley Street in Prescott, Ariz. Hannay Realty Advisors purchased the property from Bashford Courts, LLC for $4.95 million. Chris Hollenbeck of Cushman &...

Real Estate Daily News

Tucson Regional Real Estate Market Extremely Positive – Just Reloading

TUCSON, ARIZONA -- A recently published article portrayed what many in the industry felt was a rather bleak future for Tucson real estate.  While many of the challenges outlined are real, the reality is that overall trajectory of the market is extremely positive, and we have a lot to...

Phoenix Group Finalizes $20 Million Sale-Leaseback of Four Goodyear Hotels

Transaction is Example of Nationwide Trend of Sale-Leaseback Deals Phoenix, Arizona –  Byrd Hotel Group has finalized a $20 million sale-leaseback transaction involving four hotel properties in Goodyear.  The deal with KawaCapital Management of Florida is an example of the growing sale-leaseback trend in the industry, allowing owners to...

Real Estate Daily News

Tucson Metro Chamber Announces 2018-2019 Board of Directors

Tucson, AZ – The Tucson Metro Chamber announces the election of the 2018-19 board chair, six new board members and the full slate of board members. The Tucson Metro Chamber board of directors elected Barbi Reuter, president for Cushman & Wakefield | PICOR, as chair of the board for the...

ABI Brokers $7.15M Apartment Sale near Desert Ridge Marketplace in Northeast...

Phoenix, AZ -- ABI Multifamily is pleased to announce the $7,150,000 / $79,444 Per Unit sale of Casa Nueva Apartments located in Phoenix, Arizona.  Built in two phases, 1981 and 1987, Casa Nueva Apartments is a two story, garden-style, individually metered apartment community.  It features 90 units consisting of...

Multi-Family Land Transaction on “Washington Street Corridor” Sells for $5.056 M

PHOENIX, ARIZONA -- The “Washington Street Corridor” in Phoenix and Tempe continues to experience revitalization and significant new development.  This new infill development corridor uniquely combines the joint resources of the cities of Phoenix and Tempe. Major developments include The Grand at Papago Park Center, a new 56-acre mixed-use development located...

Foothills Mall Urban Renewal Plans Heading to Pima County P&Z for...

TUCSON, ARIZONA -- As we reported back in December 2016, when Tucson-based, Bourn Companies (Don Bourn, manager) and its affiliate, FHM Partners, LLC announced the acquisition of the Foothills Mall from Columbus-based Schottenstein Property Group, Inc. (SPG), the property was in need of a redesign to a more Lifestyle...

Lee & Associates Arizona brokers sale of Connect on Union for...

Phoenix, Arizona – Lee & Associates Arizona brokered the sale of Connect on Union in Phoenix for 16.5 million. Lee & Associates Principal Todd Braun represented the seller, Union Hills Equity LLC, and the buyer, Western Wealth Capital, was assisted by Ric Holway of Berkadia Real Estate Advisors. Located...

Maracay Launches Rebrand to Reflect Arizona Roots

SCOTTSDALE, Ariz. –  Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), announced today the unveiling of its new logo and branding, inspired by the Arizona landscape where Maracay planted its roots more than 25 years ago. The new, modern logo visualizes both Maracay’s aspirations for peak excellence and...

CBRE Brokers Sale of Two Phoenix Apartment Communities in Phoenix

PHOENIX, Arizona – CBRE has arranged the sale of two multifamily properties in Phoenix for a combined price of $3.4 million ($94,444 per unit). Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE Phoenix arranged the transactions on behalf of both the buyers and sellers of the properties. Suede,...

Arizona Builders Alliance Hires Tim Bee as New Executive Director for...

Phoenix, Ariz. – The Arizona Builders Alliance (ABA) is pleased to announce that Tim Bee has been hired to be the next Director for Southern Arizona, succeeding Tom Dunn, who accepted the position as ABA's new President in June. Southern Arizona Chairman Brian Barker of Barker Contracting led the search...

Local Investor Converting Multifamily Portfolio to Retail

Tucson, Arizona – Local investors, Man Tran and Hao T. Nguyen, purchased the retail property located at 8250 East Broadway Boulevard in Tucson from Trinum Properties, LLC of Los-Angeles, California (Shawn Rita Abrahams, manager). The property commanded a sale price of $320,000 ($97 PSF). The multi-tenant four-unit building consists of...

Building 3 million square feet of new spec space for the...

PHOENIX, Ariz. – Industrial demand remains high following a record 2017 with the Sky Harbor and Southeast submarkets experiencing most of the activity since the last downturn, but demand is outpacing the current supply, spurring the adaptive reuse and modernization of existing buildings to keep up with growing demands,...

Pima County Supervisor Miller Asks Residents to Submit Bond Facts

PIMA COUNTY -- On Monday, Pima County Supervisor Ally Miller reminded voters in a public service announcement that they still have an opportunity to share their fact-based views with fellow voters in the voter publicity pamphlet. The deadline to submit arguments for or against Proposition 463 is July 24, 2018....

MEB Management Services promotes 2 to SVP of operations, promotes manager...

PHOENIX, ARIZONA  – MEB Management Services, a provider of comprehensive multifamily management services throughout the Southwest, has promoted two managers to senior vice president of operations, promoted a manager to assistant asset director and opened an office in Salt Lake City, Utah. Luz Bruscini, CPM, ARM, and Dalia Bureker, CPM,...