The developer of downtown Scottsdale’s new beach-club-anchored entertainment complex is purchasing the Galleria Corporate Centre. Shawn Yari, owner of Triyar Cos., is acquiring the property, his spokesman, David Leibowitz, said. The property has been owned by JEMB Realty since 2000. The sprawling, three-story commercial complex, on the northeastern corner of Scottsdale Road and Fifth Avenue… Read more »

AMC Theatres Coming to Centerpoint on Mill in Downtown Tempe

Spanning three city blocks at the northwest corner of Mill Avenue and University Drive in the heart of downtown Tempe, Centerpoint on Mill will add an AMC Theatres complex to its urban mix of dining, nightlife, offices and shopping this Fall 2013. AMC Theatres has executed a lease for a 37,645 square-foot space… Read more »

Bank CRE Distress Levels Improving; Profits From REO Sales in Sight

Distress levels on commercial real estate loans continued to improve for the nation’s banks in the first quarter. Levels of past due and foreclosed CRE fell more than $6 billion to a combined $78.1 billion at banks. However, pockets of weakness (or opportunities, depending on your investment perspective,) continued across the country… Read more »

Parkway Properties Assumes Majority Interest in US Airways Headquarters

An ownership group comprised of W.P. Carey & US Airways sold a 74.58% interest in the US Airways Building at 111 W Rio Salado Parkway in Tempe to Parkway Properties for $41.765m. In conjunction with its acquisition, Parkway issued $13,944,746 in new debt to the entity controlled by W.P. Carey and US Airways. The sale price is reflective of a March 15th, 2013 agreement valuing the property at $56M… Read more »

Land Sale Opportunities and Challenges

Land deals are out of mothballs and back at the forefront of the real estate industry—in some cases a bit too much ahead of the forefront. In Southern California, Phoenix, and other Southwestern markets, the surge is causing concern from recession-weary landowners who thought they’d cash in on the upturn but are finding home prices aren’t… Read more »

Economic activity posted a steady pace of growth over the past few months, as consumers and businesses seemed committed to moving forward. Gross domestic product rose 2.4 percent in the first quarter of the year. Riding the moderate temperature of a mild winter, consumers opened up their wallets at the fastest pace since the fourth quarter 2010… Read more »

Nationstar Signs for 160,000 SF

Nationstar Mortgage has become the first major company to take space at the 153-acre Continuum Science & Technology Park in the Price Corridor. The Lewisville, TX-based mortgage servicer and lender will place its Advanced Business Sector in 160,000 square feet (with an option to expand), ultimately adding 1,200 new jobs to the local economy… Read more »

Heritage District Becoming a More Vibrant, Exciting Downtown

Lots of things are happening in the Heritage District. Both the SoCal Fish Taco Shop and Joyride Taco House just opened in downtown Gilbert. Another coffee option is in process and the Heritage Marketplace project will begin construction late this summer. In addition, the parking garage by Heritage Marketplace will break ground soon… Read more »

Investors Start Looking Beyond Trophy Malls in Order to Complete Acquisitions

Real estate investors are coming to the realization that they need to become more flexible if they want to acquire regional malls while the market remains favorable for new deals, according to industry insiders. This week’s announcement that Macerich Co. will sell four of its malls may be the first clear indication that buyers are now willing to look beyond primary markets in pursuit of yield… Read more »

Housing Market Recovery in the US Starting to Mature, Say Analysts

The recovery in the US residential real estate market is continuing to mature with Spring buying activity started to take marginal effect on short term price trends, according to the latest analysis from Clear Capital. Its latest report also shows that quarterly, national and regional gains… Read more »

BH Properties has closed on its first “fractured condo” transaction, recently acquiring 214 units from the 348-unit Avalon Hills apartments. The California buyer will fix up the units, which were acquired in two separate transactions, then rent them out… Read more »

LNR Partners Sells First Arrowhead Commerce Center to International Co-venture

A group formed by Daryl R Burton of Phoenix, Rod Saunders of Mesquite, Texas and Bernie Van Maren of British Columbia, Canada have acquired the First Arrowhead Commerce Center in Peoria for $15.8m or $73.83 per square foot. The 203,000 ft2 complex is located south of the southwest corner of Loop 101 and Bell Road in the West Valley… Read more »

Avnet Warehouse in Chandler Sells for $32.5 Million

A California real estate investment trust has purchased a 222,000-square-foot Avnet Inc. warehouse building in south Chandler for $32.5 million. The industrial facility, located near Pecos Road and 56th Street, houses light assembly and integration processes for Phoenix-based Avnet, a global distributor of electronic components and technology. It was sold to Griffin Capital Essential Asset REIT… Read more »

Glendale’s Westgate Sees influx of Bars, Eateries

The Westgate Entertainment District area hasn’t seen such an influx of new businesses since shortly after opening seven years ago. Westgate development manager Jeff Teetsel said to expect more to come. Four or five other business owners are ironing out the final details with Westgate management. With those announcements, Teetsel estimates 80 percent of the retail space will be hopping… Read more »

Behind the Rise in House Prices, Wall Street Buyers

The last time the housing market was this hot in Phoenix and Las Vegas, the buyers pushing up prices were mostly small time. Nowadays, they are big time — Wall Street big. Large investment firms have spent billions of dollars over the last year buying homes in some of the nation’s most depressed markets… Read more »