TEMPE, AZ-Vedres Trust of SoCal grabs the deed to an office/warehouse building at 2249 W. Fairmont Dr. in Tempe. Seller VelociTel put the holding on the market after the economy forced a consolidation at its California headquarters.
PHOENIX-About 50 stores will open in the retailer's 2003 plan, including the Phoenix, Las Vegas and California markets. The final count per area is still being worked out, but each store adds nearly 67,000 sf of retail space.
TUCSON-A California trust gets all cash for the 8,541-sf building at North Wilmot Road, one of the busiest streets in Tucson. The broker says it's a real bargain, with a low per sf price for a triple-net property.
PHOENIX-The Sheraton's Wild Horse Pass and Westin Kierland are counting down the days for their grand openings. The 735-room Westin Kierland will unlock doors five months ahead of schedule.
TEMPE, AZ-Cytec Fiberite, working through Insignia/ESG's co-investment group, strikes a deal for a 45,238-sf building in Arizona State University's Research Park. The deal has an option for an abutting 88,474-sf structure.
ALBUQUERQUE-Developer Alliance Residential has a crew on the ground at 8100 Barstow, site of a 10.9-acre, 216-unit luxury multifamily project. Broadstone Heights' delivery is ticketed for spring 2003.
PHOENIX-A 214,173-sf, two-building complex goes to Bedford Property Investors, shortly after an eight-year, 40,637-sf lease is signed with Siemens Building Technologies. The purchase price equates to $113 per sf.
SANTA TERESA, NM-Construction crews are ready to dig into the first building in the Santa Teresa Border Industrial Park, a mixed-use development at the US-Mexico border. Tremont Capital arranges the loan to start the project rolling.
SCOTTSDALE, AZ-Part of the California team has settled into the 23,132 sf of class A office space at 7025 N. Scottsdale Rd. The remainder come this month. The class A finish-out is carrying a $950,000 price tag.
MESA, AZ-The AfterMarket Co. signs a deal valued at $877,266 over its term. The space at 1960 E. Main St. was subleased from Excell Agent Services, which converted a former grocery store into a call center.