Commercial Real Estate & Business News – June 5, 2013

BH Properties has closed on its first “fractured condo” transaction, recently acquiring 214 units from the 348-unit Avalon Hills apartments. The California buyer will fix up the units, which were acquired in two separate transactions, then rent them out… Read more

LNR Partners Sells First Arrowhead Commerce Center to International Co-venture

A group formed by Daryl R Burton of Phoenix, Rod Saunders of Mesquite, Texas and Bernie Van Maren of British Columbia, Canada have acquired the First Arrowhead Commerce Center in Peoria for $15.8m or $73.83 per square foot. The 203,000 ft2 complex is located south of the southwest corner of Loop 101 and Bell Road in the West Valley… Read more

Avnet Warehouse in Chandler Sells for $32.5 Million

A California real estate investment trust has purchased a 222,000-square-foot Avnet Inc. warehouse building in south Chandler for $32.5 million. The industrial facility, located near Pecos Road and 56th Street, houses light assembly and integration processes for Phoenix-based Avnet, a global distributor of electronic components and technology. It was sold to Griffin Capital Essential Asset REIT… Read more

Glendale’s Westgate Sees influx of Bars, Eateries

The Westgate Entertainment District area hasn’t seen such an influx of new businesses since shortly after opening seven years ago. Westgate development manager Jeff Teetsel said to expect more to come. Four or five other business owners are ironing out the final details with Westgate management. With those announcements, Teetsel estimates 80 percent of the retail space will be hopping… Read more

Behind the Rise in House Prices, Wall Street Buyers

The last time the housing market was this hot in Phoenix and Las Vegas, the buyers pushing up prices were mostly small time. Nowadays, they are big time – Wall Street big. Large investment firms have spent billions of dollars over the last year buying homes in some of the nation’s most depressed markets… Read more