Commercial Real Estate & Business News – August 25, 2014

Large Phoenix Apartment Complex Faces Foreclosure

A large Phoenix apartment complex faces foreclosure over a $59.4 million loan. The 856-unit Saratoga Ridge Apartment Homes complex at Bell Road and 14th Street faces a foreclosure sale on November 4. The complex is owned by GS Saratoga Ridge LLC, an arm of Charleston, South Carolina-based Greystar, according to Arizona Corporation Commission and Maricopa County records… Read more »

Frenetic Week Of Multi-Family Trading Ending With Sale Of 676 Units For $66.6 Million

In a deal that will cap off a seven-day period of robust multi-family property sales activity in the Phoenix area, the 676-unit Lakeview at Superstition Springs apartments in Mesa is set to close in a $66.6 million transaction ($98,521 per unit). The project, located within the Superstition Springs community, is at 1849 S. Power Road. The multi-family property is being purchased by Fairfield Residential Inc… Read more »

MIG Continues Multifamily Buying Spree

Less than two months after his brother, David Merage of Consolidated Investment Group, closed on the distressed Block 1949 Apartments in Tempe, Greg Merage of MIG Real Estate has acquired Symphony Apartments in Chandler for $34.164m or more than $150k per unit. This is the second major multifamily acquisition by MIG this year following the $41.85m purchase of the Quadrangles in April and the fourth major acquisition since the start of 2013, totaling $126.564m for 1,048 apartment units and a 90k SF office building… Read more »

GM Hiring 1,000 After Opening Of Chandler Tech Center

General Motors has opened one of four national “innovation centers” in Chandler and is hiring 1,000 employees as the U.S. economy continues a shift toward knowledge-based jobs in science and engineering. GM announced the grand opening of the software-development center on Friday and over three years plans to add 500 more jobs to the 500 already created… Read more »

Record 82,000 Students Choose ASU

While college enrollments may have slowed in recent years, Arizona State University continues to draw record numbers of academically qualified students who are eager to learn and embark on their journey to a better life. As the fall 2014 semester gets under way Aug. 21, the university anticipates an enrollment of more than 82,000 undergraduate and graduate students – a new record for number of students enrolled and a nearly 8 percent increase from last year. Increases also are seen in number of transfer, international and veteran and veteran dependent students, and the student body is the most diverse ever… Read more »

Commercial Real Estate & Business News – August 22, 2014

Crow Holdings is expected to pay just over $47 million ($115,319 per unit) to acquire the 408-unit Grigio Metro apartments at 1811 E. Apache Boulevard in Tempe. The seller is a company formed by Gray Development Group and Canyon Johnson Urban Funds… Read more »
Kurt Rosene, Senior Vice President of Chicago-based Alter Group, has completed the sale of four office buildings within Corridors Phoenix—a speculative office development to total 1.4m square feet at the southeast corner of I-17 and Pinnacle Peak Road—for $16m or nearly $100 per square foot. Adler Realty Investments was the buyer, tendering $5.4m in cash and securing the remainder of the purchase price under a deed of trust with an unspecified principal balance issued by Wells Fargo… Read more »
A venture formed by SunCap Property Group plans to develop a business park in Gilbert that could have several hundred thousand sq. ft. of office and industrial buildings. The 63.4-acre tract, which is known as Gilbert Spectrum Business Park, is located at the southwest corner of McQueen and Elliot roads. SunCap Gilbert LLC paid $12 million ($4.35 per foot) to buy the land, which is two miles south and east of the Loop 101 and US 60…Read more »
Passco InSite, LLC, a joint venture between Passco Companies, LLC and InSite Investment Realty, has acquired the 270-unit Class B garden-style multifamily community Ovation at Tempe for $25.85 million. According to Bill Passo, CEO and Founder of Passco Companies, this new joint venture is an extension of a 20-year relationship with long-standing track record, market expertise and multifamily investment experience… Read more »
Family Dollar Stores Inc. is driving a tough bargain. On Thursday, the discount chain rejected Dollar General Corp.’s $9 billion cash offer, opting instead to stick with Dollar Tree Inc. DLTR -1.31% ‘s $8.5 billion cash-and-stock deal that is worth less money but may have an easier time passing muster with antitrust regulators…Read more »

Commercial Real Estate & Business News – August 21, 2014

Supply Surge: Multifamily Permits Jump 23.6% in July

When multifamily permits surged to 436,000 units in April, some observers naturally began to express caution. Then June’s 309,000-unit figure represented a 10-month low. And now, with permits barreling past 380,000 units, the concerns have grown even louder. In fact, in noting the 23.6 percent increase from June, Raymond James Equity Research characterized the figures as “a negative reading for apartment REIT investors” in a research report… Read more »

Inc. 500 List Includes 13 Arizona Companies, Including No. 8 Overall

Plexus Worldwide Inc., a Scottsdale-based health, wellness and weight loss supplement maker, is the fastest-growing private company in Arizona and eighth fastest-growing in America, according to the 2014 Inc. 500 list… Read more »

Phoenix Looks at Tripling Size of Light Rail System

A new committee on transportation is considering whether to extend the light rail, essentially tripling its size. But the proposed project could end up costing taxpayers some big bucks. When the current light rail system opened in 2008, it cost taxpayers about $1.4 million. To expand it, local leaders will have to convince taxpayers to dip into their pockets one more time… Read more »

Marley Park Shopping Center Sold for $12.45m

Donahue Schriber Realty Group has sold Marley Park Plaza—a Basha’s-anchored neighborhood shopping center within the Marley Park master-planned community—to a joint venture between a Canadian investor and Nathan Cardon of Cardon Commercial. The total sale price of $12.45m is comprised of $11.7m for the existing shopping center and $750k for an undeveloped 2.45 acre parcel adjacent to the east. Taking the two deals separately, this translates to $150.29 per improved square foot and $7.027 per square foot of unimproved land… Read more »

Price Corridor Getting Mid-Rise Hotel

First hotel out of the ground on the north end of the Price Corridor in Chandler may be the Bella Rose Inn. The six-story, 161-key hospitality center is in Chandler adjoining the Bella Rose and Castle wedding facilities and entertainment complex. The facility will be able to serve guests at both Price Corridor businesses and entertainment events at the venue, which surrounds the site on the north and east… Read more »

Commercial Real Estate & Business News – August 20, 2014

Lenders Look for Opportunities Beyond Multifamily Projects

The construction boom is spreading to office buildings, industrial projects and even residential condominium projects as top lenders look to add more variety to their balance sheets… Read more »

Beverly Hills Billionaires Buy 1,100 Arizona Apartments for $34.7M

The real estate arm of the billionaire Nazarian family has bought more than 1,100 apartments in Tucson for $34.65 million. The Nazarian family operates Beverly Hills, California-based Omninet Capital LLC. The family held major stakes in Qualcomm and are of Jewish-Iranian descent. They have also been involved in Hollywood movie productions… Read more »

Passco Venture Buys 270-Unit Apartment Project in $25.85 Million Deal

A company formed by PASSCO Cos. LLC and InSite Investment Realty paid $25.85 million ($106,852 per unit) to purchase the 270-unit Monarch at Tempe apartments at 4505 S. Hardy Drive in Tempe. The seller was Monarch Greenwood Venture L.P., a limited partnership formed by Monarch Group… Read more »

Oregon Investor Makes First Valley Deal…Pays $19.5 Million for Goodyear Apartments

A company formed by Ryan Thompson of Umbrella Properties Inc. paid $19.5 million ($93,750 per unit) to acquire the 208-unit Desert Sage apartments located at 1737 N. Central Avenue in Goodyear. The seller was PM Desert Sage Goodyear LLC, a company formed by PEM Investments Real Estate Group in Scottsdale… Read more »

Skywater at Tempe Town Lake Opens

Resmark Apartment Living and Lennar Multifamily Communities announce the opening of a new luxury apartment community, Skywater at Town Lake, in Tempe. The community has completed the first group of apartment units and will welcome its first residents this month. The 328-unit apartment community, a joint venture between Resmark Apartment Living and Lennar Multifamily Communities, is located at 601 W Rio Salado Parkway across the street from the Tempe Center for the Arts and Tempe Town Lake… Read more »

Commercial Real Estate & Business News – August 19, 2014

Downtown Phoenix to Add 3 New High Rises

Phoenix can expect more high-rise buildings as developers have at least three new projects in the works for downtown. Downtown officials say there’s another planned high-rise on the northwestern corner of Central Avenue and Van Buren Street. However, Phoenix Planning and Development officials said they have not yet received paperwork on the project, Phoenix Central Station… Read more »

No. Calif. Investors Make Second Valley Apartment Deal…$43 Million For 264 Units

A company formed by Aukum Management LLC paid $43 million ($162,879 per unit) to acquire the 264-unit Sonoran Vista apartments located at 9340 E. Redfield Road in Scottsdale. The seller was SP Sonoran LLC, a company formed by Security Properties Inc. in Seattle, Washington… Read more »

Tempe Ranked Top 5 Best College Town by Livability.com

Tempe is one of the nation’s top best college towns, according to Liveability.com. The Internet website posted its fifth annual listing Monday and said the home of Arizona State University “offers a big-city experience with all the amenities of a major metropolitan area mixed with a college-town atmosphere”… Read more »

Eastmark Community Growing Quietly in SE Mesa

A whole new community is springing up in the southeastern part of Mesa and drawing a lot of attention. The Eastmark development, managed by DMB Associates Inc., is increasingly active and a lot more is going on there than Valley residents may realize… Read more »

The Luhrs Endures

Nestled among the steel and glass high rises in downtown Phoenix, the Luhrs Building stands as a symbol of the iconic brick-and-mortar structures that once graced the inner city. As the City of Phoenix embraces the concept of adaptive reuse, the Luhrs Building, constructed in 1924 at a cost of $553,000, is part of this trend to repurpose existing buildings with retail or office additions… Read more »

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