Final construction of Hayden Ferry ramping up

 

“Nearly all men can stand adversity, but if you want to test a man’s character, give him power”

Abraham Lincoln

 

 

 

 

Kristena Hansen Reporter- Phoenix Business Journal –  UPDATED: Jun 27, 2013, 3:19pm MST

If you’ve driven through downtown Tempe recently, you may have noticed some construction activity commencing at the now-fenced off northeast corner of Mill Avenue and Rio Salado Parkway.

Well, you were witnessing the infant stages of the third and final office tower at the Hayden Ferry Lakeside development.

Orlando-based Parkway Properties Inc. (NYSE: PKY), which finished acquiring the entire Hayden Ferry project last year, is now ramping up construction of the $100 million tower in hopes of wrapping up sometime in 2015, Matt Mooney, the firm’s local spokesman, told me this afternoon.

Blueprints call for 260,000 square feet of Class A office space that will stand at 10 stories, making it the second largest of the soon-to-be Hayden Ferry trio. Hayden Ferry I is about 205,000 square feet and eight stories tall, while Hayden Ferry II stands at 12 stories and 300,000 square feet. Both existing towers are almost fully leased and include tenants such as Silicon Valley Bank, KPMG and Microsoft.

Ryan Cos. is the general contractor for the third tower.

No pre-leases have been signed thus far, but because development in the downtown Tempe submarket has been catching fire lately, Parkway thinks it’ll be unlikely the tower will be built as a spec, Mooney said.

“We are not at the point in the design process where we have to make that decision yet, and based on the incredible interest we have in the project today, we don’t anticipate it being a spec versus pre-lease decision,” he said. “The demand is already there to allow us to push toward an early 2015 delivery.”

Parkway, a real estate investment trust, began gradually taking over the Hayden Ferry project, which sits on the south side of Tempe Town Lake, in mid-2011 with the $40 million purchase of Hayden Ferry I. That transaction also included the land, which had previously been owned by the city until its eight-year Government Property Lease Excise Tax incentive expired the year prior.

Early last year, Parkway acquired Hayden Ferry II for $86 million. That parcel’s GPLET, however, is still active and thus is owned by the city; the land will transfer over to Parkway ownership once the incentive expires.

Then in September, Parkway purchased the 3.5-acre parcel slated for tower III from Scottsdale-based Sunbelt Holdings Inc. for $3.5 million. In a separate transaction, the REIT also acquired the adjacent parking garage for $12.7 million.

Parkway has been one of the most active buyers of downtown Tempe office space recently, investing more than $250 million in the submarket thus far.

Earlier this year, it took over 75 percent ownership interest in the US Airways headquarters building, located catty corner from Hayden Ferry on the southwest corner of Mill and Rio Salado for about $42 million.

It also paid another $66.1 million in January for the nearly 264,000-square-foot Tempe Gateway office building, which is next to the US Airways facility along Mill Avenue.

Kristena Hansen covers residential and commercial real estate.

http://www.bizjournals.com/phoenix/news/2013/06/27/final-construction-of-hayden-ferry.html?ed=2013-06-27&u=p2CE2pShWoP%2FgqlBfpo0eJ7tndl&t=1372372091&utm_source=newsletter&utm_medium=AZ-CRE-REPORT&utm_campaign=GPEConnect&page=all

 

a little about me and my expertise – video

 

LAND SPECIALIST – LAND EXPERT – INVESTMENT BROKER – ARIZONA

https://www.youtube.com/watch?v=PPs3kpKR4nY

 

LAND SALES IN PHOENIX from 4-10-2013

http://walter-unger.com/?p=7956

 

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.

 

 

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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial and  Landspecialist in Phoenix and a Landspecialist in Arizona.

 

1.

WHETHER YOU LEASE OR OWN

NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

In my opinion we are at bottom of the cycle in Commercial Real Estate in Phoenix, so there is only one way and it’s called we are going up again and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.

 

2.

IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME.  IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.

 

3.

WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME

  We barely could give land away the last few years, but times are changing.  Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.

Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.

Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales.  I have been working with banks for many years – I learned how to work with them.

 

If you have any questions about the 1 to  3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.

 

Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell)  602-778-5110 (office direct).

 

www.Walter-Unger.com

 

 

 

Thank You

Walter

 

Walter Unger CCIM

Associate Broker

Kasten Long Commercial

2821 E. Camelback Road, Suite 600

Phoenix, AZ 85016

Cell:      520-975-5207

Direct:   602-759-1202

Office :  602-445-4141

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