Commercial Real Estate & Business News – April 21, 2015

Exclusive: Phoenix Class A Office Building Sells For $58m

Lincoln Property Co. and Oaktree Capital Management have bought a Class A office building at Camelback Road and 32nd Street in Phoenix. The pair acquired the 259,000-square-foot Biltmore Commerce Center for $58 million. It sits on the northeast corner of the Biltmore area intersection. Denver-based DPC Development Co. bought the Biltmore center back in 2013 for $42.8 million… Read more »

Tempe Regrouping After Failed $1b Town Lake Project

It?s back to the drawing board again for the city of Tempe and a long-stalled development parcel on Tempe Town Lake. Tempe is taking its time, however, on whether to issue a new request for proposals for the 11-acre Pier 202 parcel north of Rio Salado Parkway between Rural Road and McClintock Drive. The renewed effort comes after a proposed $1.2 billion, 2 million-square-foot development by Scottsdale-based TrendEx Holdings LLC for the property hit the skids… Read more »

Has The Residential Mortgage Market Turned A Corner?

The tepid growth in the job market and in the economy as a whole seems to be reflected in the mortgage lending space. The widely followed measure of mortgage applications for home purchases put out by the Mortgage Bankers Association has shown tentative signs of improvement over the past six months, but research firm Capital Economics notes that it is still well below the levels seen in mid-2013… Read more »

4-Story ‘Cul-de-Sac’ Planned In Scottsdale

Tempe-based LVA Urban Design Studio plans to break ground this fall on a mid-rise condo complex designed to feel like an urban cul-de-sac set on the “quiet side of Main Street” near the Civic Center Mall in downtown Scottsdale. Main Street Place is planned as a four-story mixed-use building with 11 residential units and common space above a first-floor coffee shop and restaurant at the northeastern corner of Main and 75th streets… Read more »

Verrado Main Street Trades Hands

Verrado Main Street located in the master planned community of Verrado in Buckeye has sold. The investment sale consisted of the 66,085-square-foot, mixed-use office and retail commercial core and an additional 6.88 acres of land. The assets commanded a sale price of more than $13 million. The Verrado Main Street consists of two, class A office buildings and the community?s Main Street retail, which includes a Bashas? Grocery, CVS Pharmacy, and a diverse group of shop tenants… Read more »