Last week in Phoenix, Vizzda tracked $274,950,572in commercial real estate transactionsincluding 55sales and 24newprojects. Below are Vizzda's top reports of the week.
PLANNING & ZONING
New Movie Theater and Retail Space Proposed for Development in Gilbert
On November 2nd, The Gilbert Planning Commission introduced a Minor General Plan Amendment for the development of a mixed-use project consisting of three 2-story offices totaling 190,000 square feet, a 42,000 square foot cinema and 32,580 square feet of retail space on vacant land totaling 32.8 acres.
On October 31st, NexMetro Communities purchased 8.87 acres of vacant residential land from Willis Properties for $2,124,959. This property is part of Avilla Victoria at Queen Creek Community and is proposed for the development of an additional 225-lot master planned community.
Great American Office Tower in Phoenix Purchased for $49M
On November 3rd, DPC Companies purchased a sixteen-story office tower totaling 378,215 square feet from EverWest Real Estate for $49,000,000 with $9,900,000 down and $39,100,000 in new funding with Washington Federal.
312-Unit Apartment Complex in Surprise Purchased for $40.6M
On October 28th, Millburn and Company purchased 13 apartment buildings on 16.33 acres from Treger Financial for $40,600,000 with $6,600,000 down and $34,000,000 in new funding with Berkadia Commercial Mortgage.