Quick Updates: Arizona Center, Phoenix Housing Market and More
Skanska Begins Work on Arizona Center
Skanska is beginning construction on upgrades to the Arizona Center at 455 N. Third Street in Phoenix, according to a press release.
This $11.6 million project will provide Arizona Center customers and tenants with an updated and upgraded shopping and dining experience.
The project consists of exterior finishes upgrade of the open-air retail space that includes structural steel, metal panels, painting, stucco, pavers, concrete paving, landscaping, fabric canopies, elevators, metal handrails, glazing and mechanical and electrical upgrades. The architect of record is Gensler.
“We have engaged one of the industry’s leading construction firms to deliver a reliable and efficient upgrade to the Arizona Center,” says Michael Jackson, senior project manager for Parallel Capital Partners, the project developer.
The project is scheduled to be complete by the beginning of February 2018.
Michael Pollack Sells Phoenix Retail Plaza For $1.8 Million to Neighborhood Outreach Access to Health (NOAH)
Cave Creek Grandview Plaza in Phoenix was sold for $1.8 million, according to a press release and confirmed by Michael A. Pollack, manager of Cave Creek Grandview Plaza LLC. The company performed extensive exterior renovations specifically designed to serve the needs of the local community.
“The exterior of the property required more than just a facelift,” Pollack says. “When I redevelop a center, the goal is working toward being the catalyst for revitalizing an entire community.”
The recent sale of Cave Creek Grand View Plaza to Neighborhood Outreach Access to Health (NOAH) was the culmination of a yearlong journey between Pollack’s company and NOAH. The choice to sell the property to NOAH was a decision made by Pollack after he met with a representative of NOAH and learned of the services it provided to neighborhoods in need.
For more information on NOAH, click here.
Phoenix Multifamily Market Remains Strong Despite Seasonal Uptick in Vacancy
Greater Phoenix continues its strong multifamily real estate performance, with the first half of 2017 posting increasing rents, strong construction and strengthening investment activity, according to the Multifamily Market Report.
The city experienced a traditional, seasonal vacancy uptick during the second quarter, but the remainder of the year is forecast to be strong. These findings are part of the Multifamily Market Report from Colliers International in Greater Phoenix, according to a press release.
Some highlights from the report include:
A vacancy rate of 5.9 percent, which is identical to the rate a year ago
Approximately 1,200 new units delivered to the Phoenix/Encanto area in the last 12 months
Average rental rates of $977, up 6.3 percent in the last 12 months
Greater Phoenix currently constructing 12,200 units and planning 17,000 more
A year-to-date median sale average of $102,147 for multifamily properties
For a look at the full Multifamily Market Report, click here.