{"id":1004539478,"date":"2021-05-11T02:28:00","date_gmt":"2021-05-11T10:28:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004539478"},"modified":"2022-12-06T11:22:42","modified_gmt":"2022-12-06T19:22:42","slug":"phoenix-market-update-investment-activity-picks-up","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investment-activity-picks-up\/","title":{"rendered":"Phoenix Market Update: Investment Activity Picks Up"},"content":{"rendered":"\n<p>Phoenix\u2019s office transaction activity picked up the pace in March, after <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-suburban-assets-lead-activity\/\">a slow February<\/a>, when only 438,968 square feet changed hands. CommercialEdge data shows 1,383,345 square feet of office space traded across the metro for $152 million, a 215 percent uptick in square footage when compared to the previous month. The sale amount was 38.6 percent higher year-over-year, as 675,203 square feet of space sold for $106 million in March 2020.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004535278\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-manhattan-development-pipeline-increases-yoy\/market-update\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market-Update\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=696\" alt=\"\" class=\"wp-image-1004535278\" width=\"375\" height=\"291\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 375px) 100vw, 375px\" \/><\/figure><\/div>\n\n\n\n<p>While all investments were traditional offices, the deals involved all types of property classes, with nearly 987,608 square feet in Class A assets. More than half of the traded properties were located in suburban submarkets.<\/p>\n\n\n\n<p>The largest property that traded was the 499,000-square-foot Freeport &#8211; McMoRan Center in Phoenix\u2019s CBD. Griffin Capital purchased the iconic high-rise formerly known as One Central Park East in a $1.3 billion unrecorded portfolio transaction, which encompassed 4 million square feet of office, industrial, laboratory and retail space across 26 properties.<\/p>\n\n\n\n<p>The largest single-asset transaction involved a property located in the Phoenix Deer Valley submarket. BPM Real Estate Group paid $110 million for the three-building, 365,672-square-foot PetSmart Headquarters, financing the transaction with a $68 million loan from 3650 REIT. The asset sold for $300.8 per square foot, higher than the average $235 recorded year-to-date across the metro as of March.<\/p>\n\n\n\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1236-MatrixOfficeNationalReport-April2021\">here<\/a>. We included properties of 25,000+ square feet in our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nearly 1.4 million square feet of office space traded across the metro in March, marking a 215 percent jump from February, according to CommercialEdge data.<\/p>\n","protected":false},"author":870,"featured_media":1004535278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004539478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix Market Update: Investment Activity Picks Up - 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