Commercial Real Estate & Business News – August 1, 2014

Before the ink was dry on PB Bell’s acquisition of seven multifamily assets from the Bethany Kingdom I portfolio, an additional 775 units in two assets were sold for a combined $75.5m and a third, 856-unit asset was noticed for trustee sale on a $59.4m outstanding debt. The assets in question are the 360-unit Verrano Townhomes which sold for $49m, the 415-unit Colonnade Apartments which sold for $25.5m and the Saratoga Ridge Apartments, which were noticed for trustee sale by an affiliate of AIG Life Insurance Company. The three deals today bring the total amount of economic activity in the 100+ unit multifamily space to $464.8m since the beginning of last week...Read more »
In a deal set to close at press time, a company formed by Jim Shough in Phoenix is expected to pay $25 million ($330 per foot) to buy a retail center located at the southwest corner of Scottsdale Road and Lincoln Drive in Scottsdale... Read more »
Columbus-based Nationwide Realty Investors has signed a lease with Arizona based health and wellness leader Isagenix International, LLC to occupy a 150,000-square-foot, single-tenant building at its master-planned Rivulon development in Gilbert. The Isagenix lease agreement launches the first phase in the 250-acre Rivulon development located at the corner of Gilbert Road and the AZ Loop 202. The Isagenix building is scheduled to be completed in late 2015 as part of the approximately three million-square-feet of class A office, 500,000-square-feet of retail and hospitality uses planned for the project... Read more »
Grand Canyon Education Inc. is putting its plans for a Mesa campus on a temporary hold to focus on growing its main Phoenix campus — which includes nearly tripling its size to 270 acres... Read more »
Commercial originations rose 34 percent in the second quarter but are down 2 percent year over year primarily because of drop off in retail, multifamily and office loans, the Mortgage Bankers Association (MBA) reported in its quarterly survey... Read more »

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