Monday, May 21, 2018

Phoenix Retail Market Posts Healthiest 1st Quarter Absorption in a Decade

Healthy Leasing, Declining Vacancy and Rising Rents Result from Strong Economy  Phoenix, Arizona – Colliers International of Phoenix is reporting the Greater Phoenix retail market posted an unusually strong first quarter.  The past three months marked the strongest first quarter performance since 2008 as retailers ramped up activity in...

Local Buyer Purchases $8.5 Million Staybridge Suites at Tucson Airport

Off-Market Transaction Posts First Time the Property Has Been Sold Phoenix, Arizona – The Staybridge Suites Tucson Airport has been sold for $8.5 million ($87,629 per room) to a local investor.  The extended stay hotel has never been sold before and the transaction was an off-market deal. James Meng and Jon...

TAR: Tucson April Housing Prices and Volume on the Rise

Tucson Association of Realtors has released April 2018 Tucson Housing Statistics.  Here are some highlights from the April Residential Sales Statistics: Total Sales Volume of $375,510,677 is an increase of 4.19% from March’s number of $360,404,000 and an increase of 18.58% over April 2017. The Average Sales Price of...

Midtown Phoenix Apartments Sell for $33.35 Million

Cushman & Wakefield Negotiates Sale of The Prescott on Thomas PHOENIX, Arizona – Cushman & Wakefield completed the sale of The Prescott on Thomas, located at 1645 E. Thomas Road in Phoenix. Capital Real Estate, LLC (CRE) of Denver, Colo. purchased the property from New York-based AMFP III Cabana on...

Governor Ducey Signs Industrial Hemp and Food Truck Freedom Bills

PHOENIX — Governor Doug Ducey signed two bills Monday. SB 1098 provides funding for the Arizona Department of Agriculture’s (AZDA) agricultural pilot program to allow universities and those with a license from AZDA to begin cultivating industrial hemp - the fiber form of cannabis. Specifically, the hemp would be required...

‘Thunderbird Fields’ wins REIAC/Rockefeller Group Challenge

Three teams compete in finals of 5th Annual Arizona State University MRED event PHOENIX, Ariz. – It was one of the closest finishes in its history as three teams competed in the 5th Annual REIAC/Rockefeller Group Challenge held May 8 at Arizona Country Club. Teams consisting of graduating students from...

Tucson Lease Report May 7-11, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from May 7-11, 2018. INDUSTRIAL – 702 E 17TH STREET, TUCSON Solar Gain, Inc. leased 18,751-square-feet at 702 E. 17th St. in Tucson, from Intermediate Village, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker,...

Phoenix Lease Report May 7-11, 2018

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from May 7 thru 11, 2018. RETAIL – 2445 E THOMAS ROAD, PHOENIX A lease for 4,400-square-feet at 2445 East Thomas Road to Marisco’s Imperio was recently consummated.  The location of the property is...

NAI Horizon negotiates long-term lease for Biltmore Nail Bar

PHOENIX, ARIZONA -- NAI Horizon represented the tenant in negotiating a long-term lease for Biltmore Nail Bar at the prestigious Biltmore Plaza shopping center, located at 3150 E. Camelback Rd., in Phoenix. The NAI Horizon retail team of Gabe Ortega, Chris Gerow, Shelby Tworek and Patrick Anthon represented Biltmore Nail...

Fry’s Marketplace To Be Developed at 22nd Street & Houghton Road

Tucson, AZ- There has been some updated information received to our April 24, 2018 article on Smith’s Food & Drug Centers, Inc., dba Fry’s Food & Drug Stores, that acquired 16.3 acres of undeveloped land at the northeast corner of 22nd Street and Houghton Road, Tucson, AZ, from Twenty-Second...

Hines Launches Strategic Expansion with Self-Storage Projects

PHOENIX, Arizona – Hines, the international real estate firm, is further diversifying its portfolio by launching a high-end, self-storage expansion strategy in the Southwestern U.S. Hines will soon break ground on the Valley’s first Class A self-storage facility in Gilbert and plans to build three to five more a year...

Tanque Verde Apartments in Tucson Sell for $26.5 Million for 428-Units

TUCSON, Arizona -- CBRE has completed the sale of the Tanque Verde Apartment complex, 428-unit multifamily community located at 7671 E. Tanque Verde Road in Tucson, Ariz. The multifamily asset sold for $26.5 million ($61,916 per unit). The property was 96 percent leased at time of sale. Michael Sandahl with...
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