Commercial Infinity Group

The new Vogue: Mixed-use realty development

hani — Mon, 20 Feb 2012 22:58:02 +0000

Developers are focusing in a big way on mixed-use development. This is become the global trend. As real estate in India goes vertical, mixed-use development has become very popular. Experts call it the need and future of real estate. Let’s face it they are not making any more land. In many countries and areas land has become a scarce resource.

Internationally, mixed use development has been quite popular for a long time now. However we are see more and more of it here as well. Here in Phoenix we have a hotel on top of a mall. Even Phoenix Mills is selling offices. This can also been seen in more recent developments around the Scottsdale Airpark and the Chandler Airpark areas.

Source: business-standard.com

Downtown Phoenix success spreads outward

hani — Mon, 20 Feb 2012 22:02:47 +0000

“Downtown is our public face to the global business community, and its success can be perceived as representing the promise of the region,” said Paul Blue, chief of staff to Phoenix Mayor Greg Stanton.

More than 100 members of the downtown Phoenix business community recently gathered at the 18th annual DREAMR Awards lunch to celebrate downtown Phoenix’s best and brightest. But eyes were far beyond downtown.

Ebert recently won an award from the Downtown Phoenix Partnership for his leadership with RED, which manages CityScape, a mixed-use project with office and retail space that opened in November 2010. In June, RED took over management of the CityNorth development at Loop 101 and 56th Street in northeast Phoenix.

“We’re certainly seeing pretty noticeable improvements in our Phoenix properties. CityScape is virtually full from a leasing standpoint and Town and Country (Camelback Road and 22nd Street) is getting new tenants. And with CityNorth, we have four or five new office tenants that we’re completing transactions with right now,” he said. “That would not have been the case in 2009 or 2010.”

During the recession, sales taxes generated in downtown Phoenix actually grew, while they declined in other parts of the city.

The Downtown Phoenix Partnership said about 65,000 people are employed within a mile of CityScape.

Support for locally owned downtown businesses benefits the business communities across the Valley, said Edward Gomillion, executive director of the North Phoenix Chamber of Commerce.

“Anytime dollars are spent locally, more of those dollars circulate back into the local economy than not,” he said. “And that … most definitely has a ripple effect.”

Source: www.azcentral.com 12news

Hayden Ferry Lakeside building sells for $86 mil

hani — Fri, 17 Feb 2012 18:25:42 +0000

Hayden Ferry Lakeside II, a 12-story, multi-tenant office building at 60 E. Rio Salado Parkway in Tempe, has been sold for $86 million to an affiliate of Parkway Properties Inc., which owns the adjacent, eight-story Hayden Ferry Lakeside I.

Built in 2007, Hayden Ferry Lakeside II was 95 percent occupied at the time of sale. The building is in a mixed-use project consisting of 1.6 million square feet of office, retail and residential condominium units on Tempe Towne Lake

As of March 2011, the building was owned by New York-based Sumitomo Corp. of America, which had acquired the property in 2008 from developer SunCor for $92.5 million.

Source: www.azcentral.com

Coldwater Springs Promenade SOLD

hani — Thu, 16 Feb 2012 19:09:47 +0000

Labrusca Holdings Corp. of Phoenix has sold Coldwater Springs Promenade, a lender-owned retail development on 10.9 acres at the southwestern corner of Van Buren Street and Avondale Boulevard in Avondale, to Reddy Development of Scottsdale for $7.75 million.

Source: www.azcentral.com

Flurry of construction projects is good news for Valley

hani — Thu, 16 Feb 2012 19:03:22 +0000

More than 4 million square feet of industrial-building space and at least 5,000 apartment units are under construction or in the planning stages in the Phoenix area, real-estate analysts said.

There are even a handful of office-building projects under construction or scheduled to be built in the East Valley.

That’s positive news for the construction industry, which until recently had been limited almost entirely to government-funded projects and smaller, tenant-improvement jobs.

Source: www.azcentral.com

High-End Tempe Multifamily Property Fetches Big Bucks

hani — Thu, 09 Feb 2012 20:08:31 +0000

AZ-Partners Mark-Taylor and Principal Real Estate Investors sold the 308-unit San Portella Apartments, collecting $45.1 million in the process. The sellers, operating under the name Apartments at Fountainhead LLC of Des Moines, IA, sorted through approximately eight offers received for the class A multifamily property, ultimately selecting Seattle company PrivatePortfolioGroup LLC as its buyer.

Source: www.globest.com

US Airways renews lease for travel-reservation center

hani — Thu, 09 Feb 2012 20:01:14 +0000

US Airways has signed a $4.5 million, multiyear renewal lease for 61,997 square feet of office space at 8140 S. Hardy Drive in Tempe for US Airways’ travel-reservations center.

Source: www.azcentral.com

Architect Mark Vinson for the City of Tempe to Receive AIA Fellowship Medal

hani — Tue, 07 Feb 2012 20:27:06 +0000

Tempe City Architect Mark Vinson has received one of the highest honors bestowed by the American Institute of Architects.

Vinson will receive the Fellowship medal at th 2012e AIA National Convention and Design Exposition May 17 in Washington.

The medal is given to AIA members who have made a significant contribution to architecture and society. Vinson is the only architect in Arizona to receive the honor this year and one of three in the Western Mountain Region. Some 105 members will be inducted into the College of Fellows this year.

Source: www.bizjournals.com

Revitalizing the Bell Road Area in Glendale

hani — Thu, 02 Feb 2012 21:50:16 +0000

This is some promising news. Glendale has plans to revitalize the Bell Road area that was hit hardest by the recession. There are 11 new businesses that have joined in the effort. The City is helping find new tenants for vacant spaces as well re-purpose a few of them.

“We really feel like in the next 12 months or so these buildings will generate serious interest,”says Brian Friedman, the city’s economic development director.

source: www.bizjournals.com

A Few Top Industrial Leases for Q4 2011 in Phoenix

hani — Thu, 02 Feb 2012 21:18:36 +0000

If you have an doubt that the commercial real estate market is on its way back just take a look at this info from CoStar.

The following is an account of the Phoenix market’s select top 10 industrial lease transactions for fourth quarter 2011.

Cornerstone Services, Inc. leased 337,897 square feet in Interstate Logistics Center at 7210 W Van Buren St. in Phoenix.

T.J. Maxx signed a three-year lease for the entire 302,640-square-foot building in Tolleson Distribution Center at 9704 W Roosevelt St. in Tolleson.

CGB Enterprises, Inc. signed an 18-month deal for the entire 208,835-square-foot property in Reywest Commerce Center at 109 N 37th Ave. in Phoenix.

Maxwell Technologies, Inc. leased the entire 123,048-square-foot building in Arrowhead 101 Business Park at 8644 W Ludlow Drive in Peoria.

Northdown Industries renewed 84,000 square feet at 4635 W Colter St. in Glendale. The company signed a five-year deal for the entire property.

Summit Warehouse & Logistics LLC signed a three-year lease for 76,800 square feet in Park 75 West at 7102 W Roosevelt St. in Phoenix. The third-party logistics company already occupied the other half of the 153,600-square-foot property.

Plastics General Polymers renewed 70,000 square feet in Kyrene Commons I at 455 W Diamond Drive in Tempe.

SXC Health Solutions signed a seven-year lease for 65,645 square feet in Thistle Landing at 4805 E Thistle Landing Drive in Phoenix.

US Airways renewed 61,997 square feet at 8140 S Hardy Drive in Tempe.

Hajoca Corp. leased 60,550 square feet in Granite Commerce Center at 405 N 75th Ave. in Phoenix.

Source: www.costar.com