Press Releases | Q3 - Q4 2016
Colliers International in Greater Phoenix

Greater Phoenix

Phoenix Office
2390 E Camelback Road
Suite 100
Phoenix, AZ 85016
USA
Main: + 1 602 222 5000
Fax: + 1 602 222 5001

Scottsdale Office
8360 E Raintree Dr
Suite 130
Scottsdale, AZ 85260
USA
Main: + 1 480 596 9000
Fax: + 1 480 655 3390

Bob Mulhern
Senior Managing Director
Greater Phoenix
Direct: +1 602 222 5038
bob.mulhern@colliers.com

Colliers International Press Releases | Q3 - Q4 2016

Q4 | 2016 | Press Release Archive

  • Scottsdale Synagogue Purchases $4.2 Million Building From Covenant Community Church

    December 7, 2016 - Congregation Or Tzion has purchased an industrial/flex building at 16415 N. 90th St. from Covenant Community Church for a price of $4,246,000. Greg Hopley, executive vice president with Colliers International in Greater Phoenix, represented Covenant Community Church in the sale negotiations. The well-known Scottsdale synagogue plans to accommodate future growth of its congregation and operations in the property.

  • Avnet Headquarters Sold to Cole Office & Industrial REIT (CCIT II), Inc.

    Nov/ 29, 2016 – The corporate headquarters of Avnet, Inc. has been sold to Cole Office & Industrial REIT (CCIT II), Inc. of Phoenix. The Class A, 176,402-square-foot building at 2211 S. 47th St. has been the technology company’s worldwide headquarters since 1997. Mindy Korth and Kirk Kuller of Colliers International negotiated the sale transaction on behalf of an affiliate of Lexington Realty Trust of New York, NY.

  • Colliers International Negotiates $71.48 Million Sale of Florida Charter School Properties

    Nov. 22, 2016 – A portfolio of five charter school properties in Florida has been sold for $71,480,000. The transaction is one of the country’s largest educational-based property deals, striking a new level of prominence for this category of commercial real estate. “This marks a watershed moment in the educational asset sector,” says Todd Noel, Executive Vice President and National Director Education Services Group with Colliers International. “This sale helps to validate education-occupied properties within the institutional asset category of commercial real estate.” Noel, who is based in Phoenix, and Miami-based Colliers agent Achikam Yogev handled the sale transaction. ESJ Capital Partners of Aventura, FL sold the five schools to Charter School Capital of Portland, OR.

  • Breakthru Beverage Facility in West Phoenix Sells for $33.55 million

    November 15, 2016 – Colliers International in Greater Phoenix negotiated the $33.55 million sale of a 452,271-square-foot industrial facility in West Phoenix occupied by Breakthru Beverage Group. The sale represents one of the highest prices paid per square foot in the market, reflecting the strong dynamics of the West Phoenix industrial submarket. “The West Phoenix submarket is experiencing a record year in absorption and rental rates are increasing in most sectors,” says Don MacWilliam, executive vice president at Colliers. Don MacWilliam and Payson MacWilliam negotiated the sale. An affiliate of Cohen Asset Management purchased the property in a double escrow transaction from Breakthru.

  • Older Medical Office Buildings Impacting Market

    November 15, 2016 – Colliers International in Greater Phoenix released its third quarter 2016 Medical Office Market Report. The report indicates that older medical office buildings are no longer optimally functional and have put a drag on the market. Vacancy of dropped slightly in the third quarter. The majority of improvement has been seen in off-campus properties. The medical office market will continue to benefit from growing population and an expanding labor market.

  • Greater Phoenix Retail Anticipates Strong Fourth Quarter After Soft Summer Months

    November 7, 2016 – The Greater Phoenix retail market experienced a cooling effect over the summer months of third quarter with net absorption slowing and vacancy rising for the first time since 2014. Colliers experts anticipate a strong finish for 2016 as fourth quarter retail picks up pace. The market is expanding, but at a slower pace than in the first few years of the economic recovery.

  • Metro Phoenix Multifamily Rents Rise as Vacancy Drops

    October 31, 2016 – Colliers International in Greater Phoenix released its third quarter 2016 Multifamily Statistics, which report that market conditions strengthened in the past three months, decreasing vacancy and pushing rents higher. This decrease in vacancy occurred during a period when developers brought new units to the market, showing how strong demand is.

  • Veranda Apartments in Glendale Sold for $6.8 Million

    October 24, 2016 - Veranda apartments at 6015 W. Olive Ave in Glendale have been sold to a California investor for $6,816,000. This marks the new owner’s first Arizona investment and he plans to substantially modernize the popular community. Trevor Koskovich, Bill Kahn and Jeff Sherman of Colliers in Greater Phoenix negotiated the sale transaction. Western Wealth Capital of Burnaby, British Columbia sold the Veranda to Margreen Properties LLC of Corte Madera, CA. Veranda was built in 1972 and contains 120 apartment units in 12 two-story buildings.

  • Demand for Industrial Space Fueling New Construction; Vacancy Rate Holding Steady

    October 21, 2016 – Colliers International in Greater Phoenix released its third quarter 2016 Industrial Market Report. Greater Phoenix continues to experience strong demand for industrial space. Net absorption for third quarter totaled nearly 1.1 million square feet. The Valley-wide vacancy rate for industrial space remained steady at 10.8%, down 80 basis points in the past year. Rental rates continue to rise as a result of lowering vacancy and strong demand.

  • Phoenix Office Market Strong Net Absorption, Declining Vacancies and Escalating Rents

    October 17, 2016 – Demand for office space is expected to remain healthy through this year and further strengthen in 2017. Net absorption is being driven by employment growth, which has slowed somewhat, but remains positive. The steady tenant demand has driven down vacancy rates and pushed rental rates higher.

  • Colliers International Negotiates Sale of North Scottsdale Industrial Building for $2.1 Million

    October 13, 2016 – Colliers International in Greater Phoenix has negotiated the $2.1 million sale of an industrial/flex building at 16655 N. 90th St. Desert Real Estate Holdings, part of Reddy Development, purchased the property. Cabral Holdings I, LLC, a private investor, sold the property. Hopley represented Cabral Holdings.

  • Colliers International Negotiates $8 Million Sale of Springwood Apartments in Phoenix

    October 5, 2016 – Springwood Apartments at 2540 N. 51st Ave. sold for $8,080,000 to a California private investor. The sale is part of the dynamic multifamily investment market attracting out-of-state buyers to Phoenix. Julie Rice Davis of Los Angeles purchased the property from Frances Morales of Phoenix. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers in Greater Phoenix represented the seller.

Q3 | 2016 | Press Release Archive

  • Colliers International Negotiates Sale of Patio 15 Apartments for $5.3 Million

    September 30, 2016 – Colliers International in Greater Phoenix has negotiated the $5,325,000 sale of Patio 15, a Central Phoenix apartment property located at 1523 West Colter St. The 15-building community offers 62 units totaling 49,300 square feet. The project was purchased by Don Saunders of Red Door, Alberta, Canada. Zev Hendeles of Phoenix was the seller. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers in Greater Phoenix handled the sale.

  • The Money Source Leases 20,000 SF at 24th Street and Camelback

    August 31, 2016 – The Money Source has subleased approximately 20,000 square feet of Class A office space at 2355 E. Camelback Rd. This marks the company’s second office lease in Phoenix during 2016. “The Money Source is committed to attracting and retaining the best employees in the Valley and plans to hire approximately 450 employees this year in Metro Phoenix,” says Greg Hopley, executive vice president with Colliers International in Greater Phoenix. Hopley represented The Money Source in the lease negotiations.

  • Colliers International Negotiates Sale of Tucson Area Apartment Portfolio

    August 30, 2016 — Colliers International in Greater Phoenix has negotiated the sale of a portfolio containing five apartment communities in Tucson. Hamilton Zanze of San Francisco sold the portfolio to Monarch Investment & Management Group, LLC of Franktown, CO. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix served as the exclusive sales agents for the portfolio.

  • Terraces at Glassford Hill Apartments Sold in Prescott Valley

    August 26, 2016 - Colliers International in Greater Phoenix has negotiated the sale of The Terraces at Glassford Hill apartments at 5700 E. Market St. in Prescott Valley, AZ. Cindy Cooke and Brad Cooke with Colliers negotiated the sale of the property on behalf of seller The Bascom Group. The buyer was Bear Holdings Group and this was their first acquisition in the Prescott market. The community features 18 residential buildings of two and three-story, garden-style structures.

  • The Arbors Apartments in Tempe Sells for $21.3 Million

    August 25, 2016 - Colliers International of Greater Phoenix has negotiated the $21.3 million sale of The Arbors at 5th Apartments located at 805 W. Brown St. in Tempe, AZ. Senior Executive Vice President Cindy Cooke and Senior Vice President Brad Cooke of Colliers International in Phoenix negotiated the sale transaction. The seller of The Arbors at 5th was Hamilton Zanze of San Francisco, and the buyer was Western Wealth Capital of Vancouver, Canada.

  • The Commons at Sawmill Apartments Sells in Flagstaff, Ariz.

    August 24, 2016 – Colliers International in Greater Phoenix negotiated the sale of The Commons at Sawmill. The 194-unit asset is located at 901 S. O’Leary St. in Flagstaff, Ariz. The seller was Bascom Arizona Ventures, LLC, of Scottsdale, a company formed by The Bascom Group of Irvine, Calif. The buyer was Nelson Brothers Professional Real Estate, LLC of Aliso Viejo, CA. Cindy Cooke and Brad Cooke with Colliers’ Phoenix office were the lead brokers and partnered with Dorothy Jackman and Travis Prince, both managing directors with Colliers’ Student Housing Services based in Tampa, Florida.

  • San Francisco Tech Company Zenreach Signs Lease at Biltmore Center

    August 15, 2016 — Zenreach, a San Francisco-based technology company, will open its first major office outside of its headquarters at Biltmore Center, 2390 E. Camelback Rd in Phoenix. The company plans to employ approximately 350 people at the Camelback Corridor office. The firm has leased 30,091 square feet of space in the Class A, mixed-use project. Ryan Timpani, with Colliers International in Greater Phoenix, represented Zenreach. ViaWest Group, owner of Biltmore Center, was represented by Phil Breidenbach, Ryan Timpani, Todd Noel and Kathy Foster of Colliers in Greater Phoenix.

  • Greater Phoenix Retail Vacancy Drops Despite National Tenant Closures

    August 11, 2016 – The Greater Phoenix retail market is improving at a steady pace with vacancy dropping, rents ticking higher and investment activity gaining momentum. The city has seen positive trends despite the store closures of such national chains as The Room Store and Sports Authority. Retail vacancy fell 10 basis points in the second quarter, reaching 9.4 percent. Strong tenant demand for space has led to 390,000 square feet of net absorption in second quarter and more than a million square feet year-to-date.

  • Sales Velocity is Ahead of 2015 With Sales Volume Varying by Property Type

    August 10, 2016 -- Sales of commercial properties in Greater Phoenix were uneven in the second quarter of 2016 with a surge in industrial buildings and shopping centers, while office properties and medical office condos dropped in volume. This finding is part of the mid-year report from Colliers International in Greater Phoenix. Sales velocity, in most cases is ahead of the 2015 pace. Fundamentals are improving across all property sectors and sales prices are trending higher.

  • Summer Jackson Joins Retail Team at Colliers International

    August 8, 2016 – Summer Jackson joined Colliers International in Greater Phoenix as an associate vice president in the retail group. She joins Associate Vice Presidents John Jackson and Larry Miller. “Mrs. Jackson came from a competitor where she started the retail leasing division eight years ago,” says Bob Mulhern, senior managing director of Colliers. “Her experience in building and working with a team has been impressive and we look forward to her expertise within the Colliers team.”

  • Metro Phoenix Multifamily Sales Strongest in 10 Years

    July 26, 2016 – Colliers International in Greater Phoenix released its mid-year 2016 Multifamily Statistics, which reports that the past three months were the strongest quarter in 10 years for property sales. The multifamily market is expected to continue its improvement during the second half of the year. Investment activity reached its highest point since 2007 this past quarter with the greatest increased in transaction velocity occurring in properties selling for more than $20 million. Prices are rising in response to robust demand and improving property fundamentals.

  • Lincoln Village Apartments in Phoenix Sell for $6.1+ Million

    July 25, 2016 – Colliers International in Greater Phoenix negotiated the $6,175,000 sale of Lincoln Village Apartments at 2211 W. Campbell Avenue in Phoenix. Trevor Koskovich, Bill Hahn and Jeff with Colliers negotiated the sale. Arie de Jong of San Marcos, California, sold the property to Benjamin Covaciu of Phoenix.

  • Colliers International Negotiates $5.45 Million Sale of Bella Rio Apartments

    July 21, 2016 – Colliers International in Greater Phoenix has negotiated the $5.45 million sale of Bella Rio Apartments at 4903 W. Thomas Rd. in West Phoenix. “Bella Rio is a perfect example of a property purchased to take advantage of rapidly rising rents in the recovering west side of Phoenix,” says Trevor Koskovich, executive vice president with Colliers. Koskovich, Bill Hahn and Jeff Sherman of Colliers negotiated the sale transaction. The property was sold by ReNue Properties Ltd. of Scottsdale and purchased by Zongfu Li of Mesa-based Excel Real Estates, LLC.

  • Medical Office Space is Leasing Faster than new Supply Arrives.

    July 21, 2016 – Colliers International in Greater Phoenix released its mid-year 2016 Medical Office Market Report. Vacancy of medical office space dropped in the second quarter to 16%. That rate is 180 basis points below mid-year 2015. - Net absorption of medical office space reached 112,300 square feet at mid-year with only 86,400 square feet of new space under construction. Rental rates ticked higher during the second quarter, following a slight dip in the first three months. Increased demand and declining vacancy spurred the increases to an average asking rent of $22.80 per square foot.

  • Phoenix Office Market Solidifies Recovery

    July 20, 2016 – Colliers International in Greater Phoenix released its mid-year 2016 Office Market Report. Greater Phoenix posted strong net absorption during the second quarter of 2016, topping 1.4 million square feet. Net absorption totals posted since mid-year 2015 have surpassed 4.7 million square feet, making it the greatest 12-month period since 2007. Vacancy throughout all classes of space has decreased to the mid-16 percent range.

  • Strong Leasing Helps Keep Vacancy Low in Phoenix Industrial Market

    July 18, 2016 – Colliers International in Greater Phoenix released its mid-year 2016 Industrial Market Report for Greater Phoenix. Industrial space users picked up the pace with leasing during the second quarter of 2016, bringing twice as many leases exceeding 50,000 square feet than were signed in the first quarter. These completed, large leases will result in an uptick of approximately 1.5 million square feet in net absorption for the remainder of the year.

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Greater Phoenix
2390 E. Camelback Road, Suite 100 Phoenix, AZ 85016 United States | Tel: +1 602 222 5000