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Phoenix: Valley of the Value-Added Opportunities

6 Jul 2015, 3:16 pm

By Liviu Oltean, Associate Editor



A 224-unit apartment community in Phoenix was recently sold for $9.64 million, according to an announcement made by Marcus & Millichap. The community is located at 11821 North 28th Drive and wears the moniker of Brentwood.

The seller, Brentwood-Phoenix LP, was represented in the transaction by Cliff David, Vice President of Investments, and Steve Gebing, Senior Director. The Marcus & Millichap duo also procured the buyer, Pacific Real Estate Partners Inc.

Brentwood features studio, one- and two-bedroom apartments. Community amenities include a swimming pool and a spa; barbecue stations and a playground; common laundry facilities; and a tennis and basketball court.

The deal was touted as an excellent value-added opportunity because of the community’s fortunate location. “Brentwood stands to benefit from its close proximity to the Metrocenter Mall, a retail center that is centric to a redevelopment program that includes a myriad of new commercial opportunities, including a potential healthcare component alongside retail, office, multi-residential, and senior living,” said Cliff David. “Furthermore, the repositioning of the mall, coupled with the 6.5 million square feet of office space and 3.5 million square feet of industrial space that encompasses the property will allow area residents to reclaim the lifestyle amenities that once made the region the prototypical live, work and play environment within the Valley.”

Image courtesy of Yardi Matrix 

White Star Portfolio Shines for Boston-Based Fund

1 Jul 2015, 7:40 pm

By Liviu Oltean, Associate Editor

In a market where Class A industrial buildings near major thoroughfares are often hard to find, Realty Associates Fund X L.P. has acquired not just one top-quality asset, but a portfolio of nine.

White Star Corporate Center

White Star Corporate Center

Sponsored by Boston-based TA Realty, the fund paid $42.2 million for the properties, known collectively as the White Star Portfolio. Totaling more than 460,000 square feet, the assets are located near Phoenix Sky Harbor International Airport and interstate highways.

JLL announced the transaction on behalf of the seller, White Star L.L.C.

“There is a limited supply of institutional-quality industrial product, so investors are aggressively chasing properties that provide barriers to entry, flexibility and are located along major transit routes,” said JLL Managing Director Mark Detmer in a statement. “This portfolio features high-quality buildings with credit tenants, further driving the properties’ value.”

The portfolio includes the White Star Corporate Center, located at 2110 –2140 S. 7th Ave.; Baseline Foothills, located at 4401 –4409 E. Baseline Rd.; and the industrial buildings at 3710 E. University Drive and 2501 W. Phelps Rd.

Sun Devil Stadium’s New Neighbor to Get Sneak Preview

22 Jun 2015, 2:15 pm

By Liviu Oltean, Associate Editor

If everything goes as planned for Arizona State University and Catellus Development Corp., a 330-acre tract east of Sun Devil Stadium in Tempe could become a thriving community.

ASU Athletic Facilities District Development Map

ASU Athletic Facilities District Development Map

According to the Phoenix Business Journal, ASU and Catellus are ready to unveil their preliminary master plan for the ASU Athletic Facilities District, a master-planned community that might add, over the course of 20 years, more than 7 million square feet of office space; 250,000 square feet of retail; and 2,500 to 3,000 residential units. Oakland, Calif.-based Catellus will handle development, marketing, leasing and management of the community.

The preliminary plan will be available for review during a public open house that will be held at Gallery 100 on June 23rd. ASU and Catellus representatives will be present to answer questions and review the plan.

“The district and its capacity to generate revenue for the university and Sun Devil Athletics typifies the progressive thinking for which Arizona State has become known,” said Ray Anderson, Vice President and Athletic Director at ASU. “The development of the district will create a sustainable revenue stream necessary to support and invest in championship-caliber facilities for our 23-plus athletics programs and will benefit our 550-plus student-athletes.”

As Commercial Property Executive has reported, ASU has already begun working on the renovation of its Sun Devil Stadium. Work is being carried out in phases so as not to hinder team activities and is expected to be completed in 2017.

Image Courtesy of ASU

Investors Knock at Casa Grande’s Door

19 Jun 2015, 5:27 pm

By Liviu Oltean, Associate Editor

The 1.75 million-square-foot PhoenixMart project that broke ground last November in Casa Grande is attracting attention from opportunistic investors.  Spurred by the area’s rising economy,  Siegel Group Nevada Inc. acquired a 483-unit extended-stay property for $8.3 million.



The PhoenixMart project is a global trade center designed to connect, facilitate and streamline manufacturing, retailing and wholesaling under the same roof. The project is expected to create more than 7,000 jobs and feature more than 2,000 manufacturers from a diverse group of industries, such as home and hotel; electronics and accessories; office and recreation; auto and industrial; and fashion and variety.

However, this project marks only the beginning of Casa Grande’s economic rebirth. Upon completion, the PhoenixMart project will anchor of the North American Logistics, Trade & E-Commerce City (NALTEC), a 585-acre, $1 billion, master-planned community that has been described as a model for the business hub of the future.

Image Courtesy of AZSourcing

It’s Official: From Tennis Courts to Luxury Guest Rooms

19 Jun 2015, 5:17 pm

By Liviu Oltean, Associate Editor

By this time next summer, the Fairmont Scottsdale Princess hotel will have 102 new guest rooms. Strategic Hotels & Resorts, the property’s owner, provided details of the schedule this week.

Developed in 1987, the 649-room Fairmont Scottsdale Princess was acquired by Strategic Hotels in 2006. Under the company’s owmership, the hotel completed a five-year, $60 million capital improvement plan, which included the renovation of 530 guestrooms, new décor, new dining and nightlife opportunities, and a $20 million convention center.

Fairmont Scottsdale Princess Room

Fairmont Scottsdale Princess Room

Strategic Hotels will break ground this month on the expansion, which will take shape on the current location of the hotel’s tennis courts. Besides the new guest rooms, the project will add , three luxury suites; a new 6,900-square-foot, zero-edge entry pool; a replica of an 1880s Western town that will include saloons, stages, a blacksmith shop and a jail; and a 35,000-square-foot landscaped lawn for outdoor events.

Completion is expected by May 2016.

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