Category Archives: Arizona News

State Farm regional HQ set for Tempe in massive $600 million development

Reporter-Phoenix Business Journal

May 24, 2013

Tempe city officials have finally put to rest months of rumors and confirmed in a statement Friday that a massive regional headquarters along Tempe Town Lake will be built for State Farm Insurance.

I first reported on the story back in February — although all parties involved, including State Farm, remained tight lipped until now — but the project is much bigger than first thought.

In fact, city officials said the mixed-use project, dubbed Marina Heights, will be the largest office development deal in Arizona history. According to Business Journal research, the largest office project in the state is the Arizona Center in downtown Phoenix, at 1.2 million square feet.

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Phoenix Sky Train Debuts

Phoenix Sky Train began revenue service Monday at noon, with Bombardier automated people mover (APM) equipment linking Sky Harbor Airport Terminal 4 to parking lots and Valley Metro light rail transit at 44th Street and Washington.

A fleet of 18 Bombardier INNOVIA APM 200 vehicles cover the initial 2.2-mile route, providing three-minute headways, and replacing current bus service. Plans are under way to extend the Sky Train to Terminal 3, with a walkway to Terminal 2, by 2015.

Sky Train, which cost $1.6 billion to construct, is expected to handle 2.5 million people in its first year of operation. Phoenix awarded a $255 million to Bombardier Transportation for the design, supply, operation, and maintenance of Sky Train in July 2009.

Phoenix Mayor Greg Stanton cut the ceremonial ribbon Monday, and was among those making the initial trip.

New Listing – ±30 Acre Divisible Commercial Land

Val Vista Square

The Special Asset Solutions Team and Investment Services Group of NAI Global is proud to present the 30 acre site of Val Vista Square. The site is available in portions for development conducive to high tech employment. Recently, the Veteran’s Administration Clinic was placed at the NEC of Val Vista and Market Street, while WinCo Foods broke ground at the SEC of Market Street and Pecos.

Val Vista Square offers a unique opportunity in Gilbert where land for this type of development is highly valued and scarce in the market. The regional significance of such a well located 30 acre property creates a special “one-of-a-kind” site for various high-end employment uses including healthcare, bio-medical research, high-tech, alternative energy, bio-fuel, aviation and aerospace.

If you are interested in acquiring additional information on Val Vista Square and the development opportunities that are available, feel free to contact one of our team members. In addition, there is a dedicated site for Val Vista Square at This site will provide additional information as well as a presentation on the property.

*Please be advised that the owner will not consider offers on the entire property.

State Farm to hire at least 500 for Tempe, Phoenix offices

March 12, 2013, 12:51pm MST
Kristena Hansen
Phoenix Business Journal

State Farm may be keeping tight-lipped about its yet-to-be-inked plan to build a massive regional headquarters along Tempe Town Lake, but the insurance giant is open about one thing: it’s hiring in metro Phoenix.

Robert Villegas, a local company spokesman, emailed me today saying State Farm is looking to fill more than 500 customer service-related positions this year and will begin recruiting next week at a career fair in Tempe.

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Sunrise Bank of Arizona Portfolio

On behalf of Sunrise Bank of Arizona, NAI Horizon is pleased to announce the portfolio sale of thirty-one REO properties located throughout Arizona. Our Special Asset Solutions disposition sales team is selling the portfolio which includes seven commercial buildings, ten commercial land parcels, and fourteen single-family residential lots.

Please note that all bank owned properties are being sold “as-is”.  Properties may be purchased separately, in partial or as a full portfolio sale.  Initial call for offers will be mid September.  Feel free to call or email our group for more information.  More specific information regarding this portfolio sale shall be forthcoming.

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Market Trend: Phoenix’s Office Vacancy Decreases to 20.3%

Things are looking up for the Phoenix office market. The second quarter of 2012 saw the vacancy rate decline to 20.3%, a decrease over the first quarter this year. Although the national average dropped to 12.1%, Phoenix had a positive net absorption of 907,843 square feet. This shows a great trend for developers and office property owners in Arizona. Only two office buildings were completed last quarter totaling just less than 50,000 square feet, but developers are seeing an opportunity as the quarter ended with almost 400,000 square feet of office space under construction.

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Real estate is recovering – so what’s next?

Professor Mark Stapp of the Masters of Real Estate Development Program describes how our local economy was affected by one of the biggest recessions. In order for Arizona, and more specifically the Greater Phoenix market to grow and prosper like it once did, changes are going to have to be made.

Overdevelopment was one of the biggest factors in our recent housing crisis. Developers across the nation saw the overwhelming absorption of housing and people moving to the Valley. These statistics that were huge indicators for developers, allowed for the surge of new development, causing too many homes to be built by too many builders.

Professor Stapp hopes that the recent crisis will trigger new thinking among developers and even Arizona residents. Stapp says that “real estate is a service business, and developers have to deliver what the customers want.” He believes the Arizona market will drastically change from the common cookie-cutter homes to more unique, smaller, custom housing.

Another promising factor is that federal loans will start becoming available to those who filed bankruptcy during the recent financial crisis. After years of not being able to obtain a loan on new, smaller, affordable housing, residents of Arizona in the coming years will now have access to loans. This is a great indicator along with housing prices rising 25% in the last year, that Arizona will begin to prosper once again.

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New Listing: Historic Downtown Tempe Office Building

140 S Ash Ave, Tempe, AZ.
Our team recentely obtained the exclusive listing on a rare office opportunity within Downtown Tempe. This former historic home was located on the original ASU Campus and subsequently converted and renovated to an office building. Old Towne Square consists of five of these homes, and our listing at 140 S Ash Ave allows for many different uses.
The home consists of a reception area, multiple offices on each floor, a large conference room, and the lower-level has many modern upgrades with separate access to the ground floor. This historic “Frankenberg House” is a rare opportunity to own a beautiful converted office building in the central Downtown Tempe area.
Click here for Property Flyer.

Good business leaves little room for others on Mill Avenue

As Tempe begins to fill the empty space along Mill Avenue, small start-ups are finding it more difficult to join this market. Loco Patron and AllState recentely announced they were moving into the Tempe Gateway Building. In addition, another 10-story office building is beginning construction at the Hayden Ferry Lakeside development.

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Solis hotel, condo site in downtown goes for $30 million

An 11-acre redevelopment site for a planned hotel and condominiums in downtown Scottsdale was sold last week at a trustee sale for $30 million.

Scottsdale Canal Development LLC, which started assembling the property along the Arizona Canal in 2006, had planned a 240-room Solis Scottsdale hotel and 140 condos on a site that now includes a SRP substation.

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