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Commercial Real Estate Prescott Arizona

Donald Teel

Prime Commerce Center Office and Parcel

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Prescott’s Commerce Center is one of the market’s most sought after upscale commercial locations.

Two prime properties are now being offered for sale and these offerings both front on the Prescott Lakes Parkway.

Corner Office Building

This 5,616 SF property is immaculate and well positioned at the entrance to the Commerce Center.

Currently the home of the Daily Courier newspaper, the office affords large open spaces, large entry statement reception area and a variety of large and small offices complemented by conference areas.

CPNA Daily Courier Office Building

This office building sits on 1.87 acres at the entrance to the Prescott Commerce Center. Its expansive design and modern motif set it apart as one-of-a-kind property. [Read more…] about Prime Commerce Center Office and Parcel

Willow Creek Village for Sale

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Willow Creek Village Prescott AZ
My involvement with Willow Creek Village has been a pleasure and an adventure. Ying…and yes, a bit of yang.

In just a few short months we have seen “The Village” transformed into a vibrant retail center in the core of Prescott trade area.

The Village – Newly Remodeled

We have completed the first phase remodel and attracted a new generation of exceptional tenants, including the national fitness brand Snap Fitness and the local and regional yarn and knitting experts, Fiber Creek.

There is some good news and some not-so-good news. First, the good news; There are two suites available. What’s the bad news? Well, there are two suites available.

Naturally, I would love to move your business into one of the remaining spaces. Click here to download the leasing information.

Willow Creek Village is the consummate neighborhood center. Anchored by Safeway, Cal Ranch, and Bealls.

The Village is positioned at the hub of trade area traffic. Our tenants include national, regional and local businesses.

Ideally Positioned and in the Flow

The convergence of Willow Creek Road, Iron Springs Road, Miller Valley Road and Whipple Street are now, according to the City of Prescott, driving ±44,400 vehicles per day through the intersection. WOW!

Commercial retail centers scratch and claw [Read more…] about Willow Creek Village for Sale

Prime Development Lots in the Core Trade Area of Prescott

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Can we talk? Thanks!

Prescott, Arizona’s downtown core is heating up and the opportunities are diminishing. In-fill lots are becoming scarce, and pricey.

Seven Lots: Ready

Located just a few blocks north of Prescott’s famous Whiskey Row and the Downtown Courthouse Square are seven contiguous lots, ready for development.

At the bend in the road where Montezuma Street becomes Whipple Street and at the 4-way controlled intersection of Merritt Avenue, you will find one acre of ready to develop prime real estate.

The property is positioned on one of Prescott’s most traveled corridors, Montezuma Street. It’s the artery most traveled by residents in the north-to-south movements… and, their east to west movements. It’s the primary route to Yavapai Regional Medical Center, Super Walmart, Safeway and Williamson Valley Road.

But let’s get back to Prescott’s trade core. Although the 10-mile market radius services about 125,000 people, the bulk of the traffic density is jammed into about 3 square miles. Peak traffic can hit 40,000 vehicles per day, depending on the time of year and the events that make Prescott a destination city.

CLICK HERE FOR THE MARKET BROCHURE

These parcels are contiguous, flat and zoned “Neighborhood Oriented Business” by the City of Prescott. [Read more…] about Prime Development Lots in the Core Trade Area of Prescott

Retail Trend Lines and Insights

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dstMacy’s stock is up this morning. Their physical market presence is predictably down.

Do not buy their stock just yet. Wait until Macy’s closes nearly 100 stores in what is now regarded as the biggest red flag in retail merchandising since the market crash of 2008.

The retail segment of the CRE market has been flipped over and is shaking out. There’s more change coming as digital consumers and their shopping habits continue to shape the retail industry’s commitment to bricks-and-mortar operations.

Our behaviors are transforming some of the most renown retail establishments in the nation. In the end, the change will make them better because it is customer-driven.

Small is the New Big

We are going to see retailers continue to shrink their physical presence within all trade areas as small becomes the new big, where bits and bytes become modern transaction currency.

For me, the tightening of operating costs and the reduction in square footage is making a lot of sense in a world driven by Facebook, Twitter, YouTube, Google+ and the entire spectrum of millisecond communications. And, I have not even mentioned Amazon’s 30% per year growth rate each year for more than a decade straight.

Let’s remind ourselves that Apple sold a lot of iPods, iPhones and computers without a lot of retail operations. [Read more…] about Retail Trend Lines and Insights

Retail Tragedy and Triumph

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Prescott retail commercial real estateNo, the dark moments of 2008 are not yet behind us. The Prescott and Prescott Valley, Arizona retail markets appear to be booming…emphasis on “appear.”

Looks can be, and often are, deceiving. Our local retail shopping centers we may be repeating history by overbuilding in a flat market that cannot sustain the economic demands of retailers.

Hearing the Giant Sucking Sound

Prescott and Prescott Valley are now two distinct retail markets with minimal consumer crossover. Frontier Village was Yavapai County’s first major retail mall. Prior to its development consumers shopped at what was then called “Ponderosa Plaza” located on Gail Gardner Way between Willow Creek Road and Iron Springs Road. At this point in retail history, Prescott Valley was still in a state of retail infancy.

As a result of the housing boom [Read more…] about Retail Tragedy and Triumph

Lease Opportunity – Historic Prescott

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Jack in the Box Prescott AZ Drive ThroughDrive through restaurants are in demand. Downtown drive through restaurants are in greater demand. Now, add to this fact that we have a former Jack in the Box drive through restaurant now available for lease and it’s located just three blocks from Prescott, Arizona’s historic downtown square and Whiskey Row.

Everyone in Prescott, and most repeat visitors, know the location. The traffic is an enormous 40,000± vehicles per day in the peak season.

Located on East Gurley Street, the property is on the main ingress/egress for nearly 1,000,000 annual visitors to Prescott.

DOWNLOAD THE FEATURE SHEET

In order to prepare the property for immediate availability, the initial demolition work has been completed by the Landlord, at Landlord’s cost. Environmental mitigation and clearance report is available.

The property was recently sold to a new owner and the City of Prescott completed curb, sidewalk and entry work on the west side of the property. According to Donald Teel, a Principal partner with Commercial Properties Northern Arizona, “This property is undoubtedly the best drive through entry and exit location for the downtown area.”

VISIT THE WEBSITE FOR MORE INFORMATION

Prescott AZ Drive Through Aerial

For current availability and leasing information, please contact Donald Teel by email or, if you prefer, contact him by phone at (928) 777-8100.

The FED Rate and CRE

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commercialwebpage.com fed reserveFinally, the Federal Reserve acted on the interest rate hike by bumping the rate upward by a quarter-point.

Long overdue, say most economists. An economy cannot be sustained indefinitely by a zero-based lending system coupled with a massive quantitative easement printing of trillions of dollars. It’s a formula for eventual disasters.

The rate increase is good news for Commercial Real Estate and will unleash some of the pent-up, sidelined investment. Another benefit is derived by CRE lenders who need margin to lend, not to mention that nasty word “profit.”

Janet Yellen, Federal Reserve Chair, stated, “…this action ends an “extraordinary 7 year period during which the Federal funds rate was held near zero.”

There will be no panic in the stock market… adjustments, yes. The rate will begin to impact the cost of money but also the savings return rates for the consumer.

What will occur between now and 2018 is an increase in the cost of products and services… inflation. According to the Federal Reserve, we are likely to see inflation at about 2.00% sometime in 2017.

Commercial real estate values will not be immune to the resulting ripple caused by the rate increase. My belief is there will be a return to a more predictable relationship between appreciation, property value and the cost to purchase and refinance.

My advice is quite simple. [Read more…] about The FED Rate and CRE

Outside the Box Market Thinking

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Think Outside the BoxMarket thinking is critical to commercial property owners. Thinking small is, well, putting it bluntly, an old paradigm and counter productive in today’s big CRE world.

Network largess is now a central key to lease marketing. Shrinking your exposure is deadly, while opening the marketing floodgates encourages multiple tributaries leading to more tenant activity, more LOIs and more executed leases.

In too many cases property owners have gotten twisted up in the pretzel of narrow representation, carrying the concept of going solo to new detrimental heights.

Learning over Lunch

A few years ago I met with a southern California owner at the Biltmore in Phoenix, Arizona who had invited me to lunch discuss and consider marketing his retail properties in cooperation with more than one broker each having and “exclusive” right to lease agreement.

Initially, the concept short circuited my concept of representation but as I listened to this seasoned owner my thinking began to change. Of course the so called “exclusive” was actually a modified arrangement where more than one listing broker consented to step aside in the event another procured an executed lease. Yes, the devil, as always, was in the listing agreement details and convincing multiple brokers to share a so-called “exclusive” listing seemed more than challenging.

The conversation broadened my thinking and opened me up to new representation blueprints that can help owners and add possibilities to a broker’s inventory.

The notion of broadening exposure in this way included many brokers working on the same property rather than simply one. The model began to have some appeal in an overbuilt market where owners require more, not less, tenant exposure and leasing opportunities.

The Big, Big, Big CRE World

With the advent of websites, blogs, YouTube channels with video sharing permissions, LoopNet, Twitter, Facebook, LinkedIn, Google+ and the myriad of other avenues available to owners, it’s my opinion that the power of the multiplier is already at work…and, therefore, why not harness this power?
[Read more…] about Outside the Box Market Thinking

Seth Godin – Standing Out

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Retail real estate is changing…slowly, yes, but perhaps finally and forever!

In the retail world of Commercial Real Estate, what was big and fat is now being honed down in size, shape, color and message.

For most of my career retail centers, gerenally speaking, all looked the same. All shopping malls have been essentially the same and all open air centers were all the same. Town centers…same! Strip centers…yep, same! With few exceptions, there existed little or differentiation in the marketing or the appeal. With the exception of Outlets and higher end centers, retail has been essentiall the same, tame and lame story.

Design is free when you get to scale. The riskiest thing you can do now is be safe…safe is risky. — Seth Godin

One of the most important ingredients in retail today is the ability of a location to “stand out” as a unique place that delivers a constant stream of products that are remarkable and irresistible to “unique” people and groups. Emphasis on “REMARKABLE” and emphasis on “UNIQUE.”

Listen to Seth Godin from TED on the topic of standing out.

The Nasty World of CRE Grunge

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There is a lot to be said for quality. There is a lot to be gained by a commitment to quality property management.

In the world where being grunge is often applauded and rewarded, I remain convinced that being tacky is a cultural statement about one’s point of reference.

Is it just me or have you also noticed some of the creeping influences of grunge within the world of CRE?

Of late, I’m becoming more acutely aware of the relationship between cracked stucco, peeling paint, potholed parking lots, leaking roofs and the level of an owner’s commitment to creating and maintain property value through capital improvements and dedication to property management.

I See Ugly Properties

My recent observations of properties in the metro Phoenix, Arizona commercial real estate market have led me to the conclusion that something grungy is happening. Once pristine properties are now left to the elements. The same grunge is becoming more and more apparent in the Prescott, Flagstaff and Sedona, Arizona commercial real estate markets.

There appears to be a deliberate draw-down on capital commitments and property management. It’s obvious, it’s annoying and it most certainly can impact a commercial property’s actual and perceived value. Capital is tight and owners are hesitant to spend.
[Read more…] about The Nasty World of CRE Grunge