Arizona Real Estate Highlights

Posted By Mike Padgett

Sept. 14, 2008

Arizona developers in Denver

Three commercial real estate industry executives in metro Phoenix are on the list of speakers at the Urban Land Institute’s 10th Annual Place Making Conference in Denver.

The executives are offering their expertise at the Sept. 15-16 conference entitled, “Place Making: The Business of Creating Thriving Mixed-Use Development.”

The executives are:

• Steve Betts, president and CEO of SunCor Development Co. in Tempe. Betts is a panelist in a discussion entitled, “Transforming Single Use Districts into Live/Work/Play Places.” SunCor is the developer of the Hayden Ferry Lakeside development on the south bank of Tempe Town Lake.

• John Klutznick, vice president of Chicago-based Thomas J. Klutznick Co., which is developing the CityNorth project near Loop 101 and 56th Street in northeast Phoenix. CityNorth is a 144-acre mixed-use project with 5.5 million square feet of space for shopping, residences, restaurants, a hotel and corporate and professional offices.

Klutznick is listed as a panelist in the conference’s opening plenary session entitled, “Capitalizing on the Place Making Edge: Developers Share Success Strategies.”

• Michelle Mace-Basha, principal of M3B Inc., a Phoenix-based marketing consulting company, in Phoenix. Mace-Basha is a panelist for the ULI discussion session entitled, “Boutique Food Stores: The Ultimate Mixed-Use Amenity?”

The conference’s key sponsor is Urban Land Institute. Visit for more information.

Attendees will listen to first-hand experiences from developers on such topics as:

• What does it take to make mixed-use benefits outweigh risks?

• What strategies do successful place-making developers use?

• What lessons do past place-making projects offer?

• How can public transit investment create value for your project?

• Can a small-format food store become the key amenity for a great project?

• How can place-making principles add value to single-use projects?

When I read teaser questions like these in a conference brochure, I’m reminded of high-density, mixed-use developments that have flourished for generations in other cities. Like high-rise residential buildings in Chicago and San Diego, where the buildings for years have been designed to include offices, delicatessens, grocery stores, dry cleaners and retailers on the lower floors.

Kansas company leasing in Tolleson

Regal Distributing Co. of Lenexa, Kan., is preparing to move into 12,900 square feet of space it is leasing in the first phase of the Loop 101 & I-10 CommercePlex in Tolleson.

The building’s owner and developer is EJM Development Co. of Los Angeles. The CommercePlex at 10115, 10199 and 10297 W. Van Buren St. has nearly 222,300 square feet of space. The complex is currently 81 percent leased.

EJM was represented in the lease negotiations by Pat Feeney and Dan Calihan of CB Richard Ellis’ Phoenix office. Lease terms were not disclosed.

Regal Distributing serves regional and national healthcare, facility management and quick food and beverage markets.

New bank planned in Oro Valley

Evergreen Development Co. of Phoenix has sold a 1.5-acre pad in Oro Valley’s Steam Pump Village retail center to MidFirst Bank. The price was $1.15 million.

MidFirst expects to break ground in early 2009. It will be the bank’s first Tucson-area branch. MidFirst was represented in the transaction by Greg Vinikoor of Roy Drachman Realty Co. in Tucson.

MidFirst has three banking centers in metro Phoenix, with 12 more opening in 2008.

Steam Pump Village is a 42-acre mixed-use center north of Tucson on Oracle Road south of Tangerine Road. Phases one and two of the center are completed and include several retailers. MidFirst Bank is part of the project’s third phase.

CIGNA leasing medical space in north Phoenix

CB Richard Ellis has negotiated a five-year lease for Connecticut General Life Insurance Company (CIGNA) at Paradise Valley Medical Plaza, a new four-story, 105,000-square-foot, class A medical office building at 3805 E. Bell Road in Phoenix.

Jim Bayless and Ashley Brooks of CBRE’s Phoenix office and Robert Zwengler in the firm’s Philadelphia office represented the tenant, Philadelphia-based CIGNA Healthcare, in negotiating the lease for 17,421 square feet.

The landlord, R.P. Paradise Valley LLC of Peoria, was represented by Megan Sherwood of The Plaza Companies, also in Peoria. Financial terms of the transaction were not disclosed.

Cigna Medical Group, the medical group practice division of CIGNA Healthcare, plans to operate medical, pharmacy, optical and audiology practices at Paradise Valley Medical Plaza in January 2009.

Sep 14th, 2008

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