We are seeing commercial real estate development continue to soar in the city of Tempe , along with buying and selling of a number of commercial properties in the area. The 128-room Holiday Inn Express Hotel & Suites, located at 1520 W. Baseline Road in Tempe, recently sold for $11M, equating to a little over $86,000 per room. The hotel sits on 2.3 acres and its proximity to Sky Harbor Airport and accessibility to Arizona State University will continually push demand and revenue, explains Jon Grantham of Marcus & Millichap’s in an interview with AZRE Magazine.
September has also seen a number of big transactions close around the Valley including the sale of Rancho Encanto Shopping Center, located at 3434 W. Greenfield Road in Phoenix. The complex recently sold to an LA-based investment company for $8M. At the time of the sale the property was 73.5 percent leased, making it a significant investment opportunity.
Another shopping complex in the Phoenix neighborhood of Ahwatukee, has sold for just over $2M; Dunkin Donuts is the anchored tenant, but neighbors in the complex include LA Fitness, CVS and Kohl’s. Ahwatukee Foothills is 100 percent leased and sold to a local buyer with a closing of less than 27 days.
California-based investors continue to spend their money in the Arizona market. Earlier in the month the Seed Spot building on Thomas Road and Central Avenue in Downtown Phoenix, sold for $9.8M to Granite Investment Group of Irvine, Calif. The 104,000 square foot building was 53 percent leased at the time of the sale.
Commercial real estate transactions are highly complex and with over 40 years of industry experience Landmark Title understands and anticipates the nuances of such transactions, with a specialty of dealing with multiple properties and states. Our team demonstrates a comprehensive knowledge of risk and works tirelessly to not only foresee roadblocks but navigate a clear path to ensure each clients’ closing process is both accurate and timely.
If you have a commercial transaction you need to close, contact Landmark Title today, our knowledgeable team of officers is always happy to help.