Commercial Real Estate & Business News – August 3, 2015

A company formed by ViaWest Properties and AllianceBernstein paid $163.1 million ($257.48 per foot) to purchase the Biltmore Financial Center office project at the northwest corner of 24th Street and Camelback Road in Phoenix. The seller of the three-building, 633,459-square-foot complex was East Camelback Road Inc., a company formed by The State of Florida Retirement Fund... Read more »
Iris USA, a manufacturer of storage products, is bringing their Western Regional US Headquarters to Surprise Arizona. 59 acres of land was purchased by Iris USA on Thursday on which their new 420,000 square foot manufacturing warehouse will be constructed. The land sold for $5.6 million, or just over $95,000 per acre, with no new debt recorded... Read more »
The Phoenix Metro area has received more than $8.2B in private and public development along the 20 miles of light rail since recordkeeping began in 2005, according to statements from Valley Metro... Read more »
Phase Three of Desert Place at Morrison Ranch, a 199-lot project in Mesa, sold yesterday in two sales. Pulte Homes purchased 50 lots, while Lennar purchased 149. After the sale, Lennar optioned 57 lots of their purchase to Ashton Woods. Morrison Ranch was the seller in these sales, and is the master developer of the 52.80-acre project... Read more »
When a dozen people camped out to buy a new house in Mesa four months ago, it appeared to be a sign metro Phoenix’s new-home market might soon rebound. The numbers are in, and it was. Homebuilding in the Valley has steadily been climbing this year. In June, building jumped to its highest level since 2007... Read more »

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