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Saxa, Caliber Team Up for Spec Project in N. Scottsdale

25 Apr 2015, 6:56 pm

By Liviu Oltean, Associate Editor

Caliber Logo

Scottsdale-based SAXA Inc. and Caliber Cos. plan to break ground June 1 on Bahia 101, a 40,000-square-foot spec commercial office building in North Scottsdale. The project will rise on a 2.5-acre tract located south of Bell Road on Bahia Drive and is the first new Class A development in the Scottsdale Airpark area since 2009.

According to a statement, the office building is designed to accommodate either single-tenant or multi-tenant use. The developers’ options include selling the entire building, marketing office condos on three floors and leasing the property to multiple tenants. Completion is scheduled for January 2016.

“With lower vacancy rates, there’s a need for new high profile professional office buildings surrounding the Loop 101/Scottsdale Airpark employment base,” said Jim Keeley of Colliers International, who is marketing the project, in a statement.

“The delivery of this office building in early 2016 is ideal due to the absorption of space in older buildings that were built just prior to the 2008 recession,” Keeley added. “Many of these older buildings lack the new technology and conveniences that Bahia 101 will provide.”

NexMetro Communities Announces New Hires, Future Plans

21 Apr 2015, 8:55 am

By Liviu Oltean, Associate Editor

Jill Long and Mary Tanner

On the heels of announcing the development of a new residential community in Chandler, NexMetro Communities has appointed Mary Tanner as the company’s finance manager and Jill Long as corporate administrator.

The new hires will help with the company’s expansion plan, which includes the development of four new communities in the Phoenix metro area this year.

NexMetro announced the appointments shortly after acquiring a 15-acre tract at the northeast corner of Warner Road and Grace Boulevard in Chandler, where it plans to develop the Avilla Grace Community, a 194-unit Avilla Homes neighborhood.

As Commercial Property Executive has reported, Avilla Homes communities offer a hybrid model that combines the physical separation and private backyards of a single-family home with the convenience of maintenance and landscaping provided by a property management company. Leasing is expected to begin in late 2015.

For 29th Street Capital, 4 Months=4 New Assets

11 Apr 2015, 2:33 am

By Liviu Oltean, Associate Editor

The Village Green Apartments

In little more than four months, 29th Street Capital has expanded its Phoenix portfolio by four multi-family communities. The Irvine, Calif.-based firm recently closed on the 72-unit Williams Landing Apartments in Gilbert and the 108-unit Village Green Apartments in Mesa, a few months after grabbing two other multifamily communities in Mesa.

Village Green Apartments is located at 1045 S. San Jose St. in Mesa’s Fiesta District, one of the largest regional employment centers, and in close proximity to Phoenix Sky Harbor International Airport. Located at 5850 S. Power Road in Gilbert, Williams Landing Apartments is within the Power Knowledge Corridor, close to several universities and businesses as well as Phoenix-Mesa Gateway Airport.

“With new economic activity and job opportunities throughout the East Valley, 29SC believes the Phoenix metro area is poised for continued growth,” said Dusty Eddy, 29th Street Capital’s vice president of acquisitions, in a statement. “Developments such as Eastmark speak well for the Gilbert area, and the tech and education sectors are strong in the south Tempe/Mesa area.”

The new owners plan to invest $350,000 in value-added improvements at Williams Landing and $600,000 at Village Green. Plans call for new kitchen appliances, plumbing fixtures, lighting, flooring and landscaping.

Crescent Kicks Off Pre-Leasing for N. Scottsdale Property

5 Apr 2015, 4:33 am

By Liviu Oltean, Associate Editor

The Crescent Scottsdale Quarter

Charlotte, N.C.-based Crescent Communities has started pre-leasing for the Crescent Scottsdale Quarter, a 275-unit luxury apartment community in North Scottsdale.

Located on the northeast corner of North 73rd Place and North Greenway Hayden Loop, the luxury community will be located in one of Phoenix’s best-performing submarkets.

According to a statement, the community will offer penthouse units, studios and one- and two-bedroom apartments. Monthly rents will range from $1,200 to $4,000.

Amenities will include 10-foot ceilings, wood cabinets, stainless steel appliances, designer lighting, wood-style plank flooring, washers and dryers. Residents will also have access to a saltwater pool, a sun deck, a grill and fire pit, a two-level fitness center and a lounge.

Image Courtesy of Crescent Communities Website


Laurus Corp. Acquires Scottsdale’s Canyon Village

28 Mar 2015, 9:47 pm

By Liviu Oltean, Associate Editor

The Canyon Village Office Park

Laurus Corp. has acquired Canyon Village, a four-building, 93,890-square-foot mixed-use office complex in Scottsdale’s Airpark submarket. The property is part of the DC Ranch development and also features retail, restaurants and a 289-space parking structure. Terms of the deal, which was announced on March 18, were not disclosed.

Located at the corner of Thompson Peak Parkway and Legacy Boulevard, the asset is five minutes away from Loop 101 Pima Freeway. Canyon Village was only 76 percent leased when the deal closed, but its new owners expressed confidence in its future. The Scottsdale Airpark submarket is Arizona’s second-largest employment center and was one of last year’s best- performing regional submarkets.

“Canyon Village presents strong upside potential through current rental growth and a unique opportunity to acquire an institutional-quality project in a growing area that is only getting better,” said Andres Szita, chairman of Laurus, which is an affiliate of Ethika Investments L.L.C. “The project is particularly desirable as it represents one of only a few opportunities tenants have who are looking for Class-A office space in the northern Scottsdale area.”

Image Courtesy of Laurus Corporation




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