Commercial Real Estate & Business News – July 7, 2016

Arizona consumers have been spending more, and the state's taxable sales are up 3.5 percent so far for fiscal year 2016 over last fiscal year. The jump in taxable sales through the end of May are reflected in Arizona consumer confidence, with a June Rocky Mountain Poll index that hit its highest mark since July 2007...»

 

In its second $200,000 + per unit multi-family investment in the Valley, Mid-America Apartment Communities Inc. in Memphis, Tn. (NYSE:MAA) paid $69.5 million ($215,839 per unit) to buy the 322-unit Residences at Fountainhead apartments at 2520 S. Plaza Drive in Tempe. The seller of the luxury complex was GRE Fountainhead Apartments LLC...»
A group of tenant-in-common (TIC) entities led by Capital Real Estate LLC in Denver, Co. (Dan Levin, managing director) paid $42.7 million ($98,843 per unit) to purchase the 432-unit Gateway on Gilbert apartments located at 1710 S. Gilbert Road in Mesa...»
Maracay Homes is building 173 new homes and is poised to buy land for another 299 home sites at the Meadows development in Peoria. Maracay will close on land for the latter 299 parcels this month after previously acquiring the 173 lots. The real estate deals total $48 million, according to a company spokesman...»
Colorado-based Natural Grocers is expanding its Phoenix footprint with two new locations in the East Valley next week. Natural Grocers expects to open two Gilbert stores July 12, at 1625 E. Williams Field Road and 2151 E. Baseline Road...»

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