Commercial Real Estate & Business News – December 19, 2013

Desert Troon Companies is once again the owner of the Perimeter Gateway I office building complex. Troon had owned the North Scottsdale trophy asset until November 23rd, 2011 when the special servicer for the $44m CMBS note encumbering the property foreclosed. The subsequent bank sale was for $26m or 116.31 per square foot... Read more
A limited partnership formed by Omninet Capital LLC paid a combined $40.9 million to purchase 1,009 apartment units in two Phoenix properties. The sellers in two sales were companies formed by Fannie Mae in Washington, D.C. and The Related Cos. The apartment acquisitions are the first multi-family investments in the Valley for Omninet, which has previously acquired office and industrial properties and land parcels in the Phoenix area...Read more
The Phoenix market saw another example of re-development across property types yesterday as multi-family developer, Wood Partners of North Carolina, acquired a two-story office building previously used as a call center for Rural/Metro Corporation. The 103,924 ft2 office building commanded a price of $5.525m or a paltry $53.13 per improved square foot. When the transaction is considered as a land acquisition, a much stronger per square foot price of $19.51 emerges... Read more
The Surprise City Council Tuesday approved what it called "a landmark agreement" that will allow for the development of more than 500 acres around City Hall and protect Luke Air Force Base. The unanimous vote opens the way for the Phoenix City Council to agree to the proposal when it meets this afternoon. The agreement will transfer from Phoenix to Surprise the authority to lift development restrictions on more than 500 acres around the City Hall campus, a square mile bounded by Greenway and Bell, Litchfield and Bullard roads known as Surprise Center. Ownership of the land is divided among Surprise and private owners, mainly the Surprise Center Development Corporation... Read more
A company formed by Weidner Apartment Homes paid $40.2 million ($113,559 per unit) to buy the 354-unit BelaRosa apartments at 3825 W. Anthem Way in the Anthem community north of Phoenix. The seller was a venture formed by The Greystone Group. Records show BelaRosa Apartments LLC (the Weidner entity) acquired the Anthem apartment project with a $30.15 million loan from KeyBank. Read more

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