Tag Archives: commercial

Park, Ryan look to develop 36 acres in Gilbert

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The Park Corp. has reached a deal with Ryan Cos. to develop 36 acres of commercial property at the southeast corer of Val Vista Drive and Pecos Road in Gilbert.

Gilbert Growth Properties LLC — an arm of Cleveland-based Park — owns the land and has picked Ryan to develop the property into office and medical buildings near Loop 202 in the East Valley.

The build-to-suit development is called Val Vista Square.

Ryan has a number of notable Valley developments, including ASU Research Park and Marina Heights in Tempe.

NAI Horizon’s Lane Neville, Barbara Lloydand Holly Brock will market the property for Park and Ryan.

–  | Senior Reporter | Phoenix Business Journal

Original Article

Phoenix 1Q14 Retail Snapshot

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The first quarter of 2014 showed continued improvement in nearly every market category, verifying that the retail market is building on the strength of 2013. Retail rents progressed and rose almost a percentage and a half from the end of 2013, averaging $14.09 throughout the first quarter of 2014, up from $13.91 at the end of 2013. Construction statistics also continued to make significant gains, which indicates that the demand for space is there, which should also help retail rates continue to rise.

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The market continues to gain in transactions in all submarkets. Overall sales and lease numbers continued to grow, and the amount of overall transactions in the retail market were a direct reflection of that. We saw a first quarter trend of move-in leases of numerous spaces of 140,000 SF and over, and saw nearly 30% of the sales transactions gather $150 per square foot. The  improving supply of quality retail space, coupled with Phoenix’s progressing economy, continue to drive lease rates upward.

Read more by downloading the full report.

Commercial Executive: NAI Horizon Sells Islands Village Shopping Center in Gilbert for $7.5M

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The Islands Village Shopping Center, located at 1422-1560 W. Warner Rd in Gilbert, Arizona just sold for $7.5M or $72.75 per square foot.  The 103,082 square foot retail anchored center is a multi-tenant property located at the heavily travelled intersection of Warner & McQueen. Gilbert is the fastest growing community in Arizona.  Voted 2nd Safest City and 8th Most Thriving City in the U.S., Gilbert boasts an impressive economic climate.  With 38.3% of residents holding a bachelor’s degree or higher and a median income of $76,574, Gilbert is home to rising technology companies growing and relocating within its borders.

The seller was represented by Barbara Lloyd and Lane Neville with NAI Horizon’s Investment Services Group.  This was an REO sale; the loan on the property was a commercial mortgage backed security (CMBS) loan.  The property had experienced distress due to the real estate recession and was foreclosed upon by the lender.  The property was purchased by BH Properties which marks the third commercial transaction in the Valley with NAI Horizon in the past two years.

To read more see the full report on Commercial Executive