Office market still on fire
February 22nd, 2007, 4:17 pm · Post a Comment · posted by mistywilliams
The Valley’s commercial real estate market has soared this past year, as developers gobbled up land for new office, retail and industrial projects. A recent spate of commercial property sales by a local brokerage firm shows that — though the market is expected to normalize in 2007 — investors are still scrambling to get a piece of the action.Jim Fijan and Jerry Roberts, a sales team for commercial brokerage CB Richard Ellis, recently closed 12 office property sales — totaling more than $300 million in value — in the past six weeks. Many of the deals were located in East Valley communities like Scottsdale and Tempe, where Class A office properties are in big demand.Here’s a partial list of East Valley transactions:* Hayden Ferry Lakeside I, Tempe: 203,113 square feet; sold to Los Angeles-based GE Asset Management for $63.2 million* Paradise Valley Corp. Center, Scottsdale: 198,501 square feet; sold to Newport Beach-based Pacifica Real Estate Group for $52.5 million* Gainey Center II, Scottsdale: Bought by Newport Beach-based Invesco Real Estate for $50.6 million* North Scottsdale Corp. Center land sale, Scottsdale: 33.56 acres; sold to Phoenix-based Opus West for $6.9 million
