Last week in Phoenix, Vizzda tracked $370,934,195in commercial real estate transactionsincluding 56 sales and 36newprojects. Below are Vizzda's top reports of the week.
PLANNING & ZONING
New Mixed-Use Project Proposed for Development on Tempe Town Lake
On December 13th, The City of Tempe Development Review Commission introduced plans for the development of a new mixed-use project including a 993-unit apartment complex, 251-unit hotel, restaurants, retail and office space on the north side of Tempe Town Lake, totaling 14.84 acres of land.
Land Proposed for New Town Homes in Surprise Purchased for $2.1M
On December 13th, Todd Wood purchased 14.83 acres of commercial land in Surprise from Davidson Myers & Associates for $2,191,128. The property is currently proposed for the development of 128 new town home units.
Three-Story Office in Chandler Purchased for $29.6M
On December 15th, City Office REIT purchased one 3-story office building totaling 130,000 improved square feet from Columbia Property Trust for $29,694,026. The property is currently fully leased to Toyota Motor Credit through 2024.
164-Unit Apartment Complex in Scottsdale Purchased for $18.1M
On December 15th, Clear Sky Capital purchased a two-story apartment complex in Scottsdale totaling 134,381 square feet from NNC Apartment Ventures for $18,100,000 with $15,500,000 in new financing with NorthStart Realty Finance.
Multi-Tenant Distributing Facility in Phoenix Purchased for $41.75M
On December 14th, Hines Development purchased a multi-tenant distribution warehouse totaling 684,420 square feet from Hillwood Investment Properties for $41,750,000 with $23,934,285 down and $24,346,027 in new funding with Comerica Bank.
On December 12th, The Bilak Companies purchased a free standing strip retail building totaling 4,640 improved square feet from Exchange Right for $2,170,000 with $1,193,500 in new funding with Farmers and Merchants Bank of Long Beach.