Phoenix, Arizona – CBRE announced Movement Mortgage, a Charlotte, N.C .- based full-service mortgage company, signed a 13,362-square-foot lease at Chandler Center Commons in Chandler, Ariz. The company plans to relocate its Tempe office to the Chandler property.

Jamie Swirtz with CBRE represented the tenant in the transaction.

Movement Mortgage signed a long-term lease at the property, located at 5500 W Chandler Blvd. The 2008 built single-story multi-tenant campus sits adjacent to the 1.2 million-square-foot Intel Corporation Chandler Campus and less than 2.5 miles from I-10, Loop 101 and the Loop 202 San Tan Freeways.

“Since the pandemic, we’ve seen an increase in demand for easy walk-up access and exterior-loaded entrances, so tenants can control their own environment,” said Swirtz. “The space offered higher ceilings and a lot of natural light, creating a modern and comfortable workplace.”

Charles Miscio with CBRE represented the landlord in the transaction.

“Chandler continues to be a very desirable location for major employers due to its strong educated workforce and relative affordable cost of living and quality of life,” said Miscio.

The Phoenix office market ended 2021 with 314,247-square-feet of positive net absorption, marking its first quarter of positive net absorption after six quarters of negative net absorption, according to CBRE research. The Southeast Valley finished the year at 18.9 percent vacancy, and Allred Park Place’s Buildings 7 and 8 accounted for 300,000- of the 450,000-square feet of office space delivered in the fourth quarter of 2021.

La Encantada is home to region’s premier apparel, home goods, beauty and jewelry brands

TUCSON, Arizona –JLL’s boutique agency leasing team 10twelve has been retained to provide regional and national leasing services for La Encantada, a 246,256-square-foot, open-air lifestyle center located at 2905 E Skyline Drive in Tucson, Arizona.  The center was acquired by Townwest in September 2021.

JLL’s 10twelve curates the best retailers for the best properties. As a boutique agency leasing team, 10twelveis focused on finding those retailers and restaurants that are special to the market and that fit in the tenant mix – the unique up-and-coming local and regional chef creating delicacies, the local designer becoming a social media star or the experience that everyone in the market is talking about.

JLL’s Vice President of Leasing Kristin Grove along with local JLL brokers Regan Amato, and Ryan Tanner will oversee leasing at the center. 

“10twelve takes is a custom approach to merchandising each center in its portfolio with a strong emphasis on the individual community and region,” said Grove. Our goal is to tailoring the merchandising mix with relevant luxury and affordable luxury concepts, keeping in mind the growth in the trade area and young and mature shoppers.”

Developed in 2003, La Encantada is 93 percent leased to some of the most recognized names in apparel, home goods, beauty and jewelry, including Apple, Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma and Bluemercury. Additionally, the retail center is home to popular health, wellness and fitness options Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, along with a variety of full service and specialty food and beverage retailers such as AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia, Firebirds Wood Fired Grill and Blanco Tacos + Tequila.

Situated near the base of the Santa Catalina Mountains in the highly sought-after Foothills Retail submarket, La Encantada is at 2905 E. Skyline Dr. at the intersection of Skyline Dr. and Campbell and is surrounded by some of Tucson’s most prestigious, affluent and in-demand neighborhoods. More than 35,000 residents earning an average annual household income of $120,785 live within a three-mile radius of the property. Additionally, the center is the premiere retail asset in Tucson and pulls from an extended trade area due to having significant market exclusive retailers and restaurants.

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Tucson V, a five-property, 880-unit multifamily portfolio in Tucson, Arizona. The assets traded for $130 million.

“As a new entrant into the Tucson market, the acquisition provides immediate scale for the buyer in one of the strongest tertiary growth markets in the United States, complemented by the prospect of a blank-canvas value-add opportunity across all five assets,” said Hamid Panahi, IPA senior vice president. Panahi and IPA executive managing directors Steve Gebing and Cliff David represented the seller, Weidner Apartment Homes, and procured the buyer, Western Wealth Capital. “The combination of developable land scarcity and local government policies provide for a competitive shelter against future multifamily supply for these assets,” added Gebing. “Tucson may well lead the nation in rent growth over the next three-to-five years.”

The properties are:

• Aventura, 239 units built in 1985 at 1700 West Prince Road in Tucson
• Las Brisas, 248 units built in 1983 at 2525 N Los Altos Ave in Tucson
• Alegria, 161 units built in 1985 at 520 West Prince Road in Tucson
• The Enclave, 120 units built in 1974 at 5555 East 14th Street in Tucson
• Vista Montana, 112 units built in 1984 at 734 East Roger in Tucson

Tucson has a population of 248,000 working professionals, 72 million square feet of office, industrial, and flex space, and employers such as Raytheon, Caterpillar, Geico, Banner Health, and Amazon. Amazon, CIS Global, TuSimple, and Nuvox Pharma have all announced expansions in the city. Downtown Tucson has 45,000 jobs and The University of Arizona and Banner University Medical Center’s greater campus hosts 15,500 positions. Major retail centers include Park Place Mall, Tucson Mall and Tucson Spectrum.

“Tucson is poised for additional demographic growth over the next five years, which should sustain the metro’s recent historical rent and occupancy highs,” concluded David. “We expect that multifamily investment will continue to be strong as capital chases Tucson’s undeniably strong market fundamentals.”

To learn more see RED Comp # 9739, #9740, #9741, #9742 and #9743.