Commercial Real Estate & Business News – June 19, 2015

An adaptive reuse project near Paradise Valley Mall has sold for $36 million. The Cactus Forty-2 apartments were sold by a joint venture operated by Southwest Next Capital Management’s Joe Meyer and Cachet Homes’ Matt Cody to a Texas buyer, Olympus Property. The 200-unit complex sold for $180,000 per unit. Cody said he and Meyer bought an old medical office building at the same property in November 2012 for roughly $4 million...Read more »
Just two weeks after selling an office project in Phoenix, another joint venture formed by Walton Street Capital LLC in Chicago, Ill. and Everest Holdings LLC in Scottsdale (Joe Blackbourn, principal) has purchased a back-office/flex property in Gilbert. W-EH El Dorado Holdings JV VII LLC (Walton/Everest Holdings entity) paid $18.6 million ($103.06 per foot) to buy a 180,480-square-foot call center/data center... Read more »
On Tuesday Triyar Companies and Oaktree Capital Management paid $6 million for a 0.85 acre-parcel planned for a new office building. The “Shoeman Office Tower” will stand seven stories and total 207,000 square feet. The site is currently occupied by a ±18,276 SF office & retail building. Disregarding the improvements, the sales price reflects a $162 per unimproved square foot. The property is located just under 500 feet south of Scottsdale and Camelback Road... Read more »
Groupon plans to open a sales office at SkySong, the ASU Scottsdale Innovation Center, to support its growing e-commerce marketplace. The deals company, groupon.com, will move into a 16,000-square-foot space in SkySong 1, 1475 N. Scottsdale Road. Since February, the company has operated out of a temporary office at 2575 E. Camelback Road, Phoenix. As many as 150 employees will work out of the Scottsdale space... Read more »
The first quarter was marked by weak economic activity, largely attributable to a confluence of temporary factors, such as port labor disputes on the West Coast, inclement weather, a rising dollar crimping exports and low energy prices resulting in depressed business investment. Against this backdrop, neither new construction nor net absorption of retail space was robust... Read more »

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