Arizona
Commercial Real Estate.
Providing commercial property real estate in the Phoenix Metro
Area. Covering commercial real estate for retail,
multi-family, industrial in Anthem, Buckeye, Carefree, Cave
Creek, Chandler, Fountain Hills, Gilbert, Glendale, Mesa, Paradise
Valley, Peoria, Scottsdale, Sun City, Surprise and Tempe.
Phoenix
Commercial Property
Full and FREE access to Arizona MLS
Listings
of commercial property in: Phoenix, Scottsdale, Paradise Valley,
Cave Creek, Carefree, Sun City, Peoria, Glendale, Surprise, Buckeye,
Avondale, Tempe, Chandler, and Mesa, Arizona.
Looking for investment properties
in Phoenix, Arizona? We will help you find and secure a property
that meets your income portfolio.
NOTE: I can provide more updated and detail information that is not
viewable for free through MLS due to the nature of commercial
property offerings and details of properties values.
Contact me today so I can
provide you with the latest details and listings of available
commercial real-estate in the Phoenix metro area
Bette Zerba - GRI, Realtor
RE/MAX Desert Showcase - Multi-Million
Dollar Producer
14155 N. 83rd Ave
Peoria AZ
bettezerba@cox.net
Mobil: 602-791-1766
bettezerba.com
freephoenixmls.com
phoenix-home-search.com
phoenix-real-estate.biz
|
 |
 |
 |
| |
Phoenix Commercial Property Grows
Home
Phoenix Commercial Property
Services
Millions of investment dollars could
flow into downtown Phoenix before
the year's end as commercial
property speculators make a
last-minute push to beef up their
portfolios.
At least two large downtown office
high-rises are in escrow to be sold,
and investors are shopping around a
third building for potential buyers,
according to several brokers.
Despite rising vacancy rates in some
Valley areas, downtown Phoenix
remains a hot investment prospect
because of high demand for space and
the lack of new inventory, and
experts say these potential sales
are an example of that.
advertisement
Houston-based Hines is currently in
escrow to buy the One and Two
Renaissance Square buildings at
Central Avenue and Washington Street
from The Pauls Corp. in Aurora,
Colo. for $272.9 million, or $283
per square foot, according to a
report from industry tracker CoStar
Group Inc.
"I believe that will close before
the end of the year," said Hines
Vice President Bill Olson, who
oversees the firm's Phoenix office.
If the sale does close by Dec. 31,
it would be the largest office
transaction of 2007 in terms of the
dollar amount.
The $176.8-million sale of Collier
Center, 201 E. Washington St., to GE
Asset Management in June currently
stands as the most expensive office
deal this year. That transaction
included one building.
Real estate Web site GlobeSt.com
first reported last week that Hines
was under contract to purchase the
two buildings, which include a total
of 962,087 square feet.
Property records show that Pauls
bought the 26-story One Renaissance
Square, Two N. Central Ave., in June
2005 for $128.8 million from Maguire
Properties. The company then bought
the 28-story Two Renaissance Square,
40 N. Central Ave., from Crescent
Real Estate Equity Cos. in September
2005 for $119 million.
Those familiar with the properties
describe them as some of the most
exquisite office buildings in the
Valley.
"It's going to be difficult for
anybody to recreate them because
their construction materials are so
elaborate," said Mindy Korth, an
executive vice president in CB
Richard Ellis' Phoenix office.
The Renaissance towers are not the
only ones that could be sold in the
near future. Several brokers have
said that the nearby Phelps Dodge
Tower, One N. Central Ave., is also
for sale by its owner, Sumitomo
Corp.
Calls placed to the company were not
returned as of press time.
Sumitomo bought the building from
developer Ryan Cos. in 2004 for
$82.8 million. The property was
built in 2001 and is one of the last
office towers to open in downtown
Phoenix.
"The underlying fundamentals of our
market are still very strong," said
Don Mudd, a senior vice president
with Grubb & Ellis/BRE Commercial
LLC, who specializes in office
properties. "Absorption is going to
be off (in 2008), but rents are
going to hold, and that's a function
of the overall market maturing."
He and other brokers said it is
typical for investors to try to
close deals before year's end, as
some may have equity partners that
require them to place money within a
certain amount of time.
Downtown Phoenix isn't the only spot
benefiting from investors' faith in
the market.
Opus Cotton Center, a four-building
complex on 21.5 acres near 48th
Street and Baseline Road, was sold
to Minnetonka, Minn.-based Carlson
Real Estate Co. for $46.1 million.
Carlson bought the properties from
Opus West Corp. in Phoenix and Opus
Real Estate Fund IV in Minneapolis
in a deal that closed Thursday,
according to brokers with Cushman &
Wakefield of Arizona Inc. who
negotiated the deal.
The four buildings, which include a
total of 264,994 square feet, are 77
percent occupied.
Contact Bette Zerba for your
commercial real estate needs in the
Phoenix AZ metro area
602-791-1766 |
 |
 |
|
|
 |
|
|
|
 |
|
 |
|
![[0.75 inch Equal Housing Opportunity Logo]](images/arizona-commercial-real-estate-4.gif){kind=small}
Information
Deemed Reliable But Not Guaranteed.