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Commercial Real Estate & Business News – April 8, 2014

Quadrangle Village in Tempe Sold for $41.875m

Greg Merage of MIG Capital has acquired the 510-unit Quadrangle Village apartments in Tempe for $41.875m or $82,108 per door. The property, located east of the southeast corner of University Drive and Rural Road, is comprised of sixteen 3-story buildings totaling 375,660 ft2 built 1987 on 14.18 acres. The property is 94% occupied… Read more

$14M in Joint Venture Equity for Scottsdale Condo Project

HFF announced today that it has arranged $14M in joint venture equity for the development of Envy, a 90-home, mid-rise condominium project in downtown Scottsdale’s Entertainment District. HFF worked on behalf of the borrower, Deco Communities, to secure joint venture equity from an alternative investment manager… Read more

Liberty Property Trust Signs First Tenant at Liberty Center at Rio Salado

Liberty Property Trust has signed a lease with WageWorks Inc. for 76,162 square feet, marking the first tenant agreement to be signed for the company’s Class A office development, Liberty Center at Rio Salado business park in Tempe. Located at 1850 W. Rio Salado Parkway, Building One is a two-story 155,000 square foot development that is designed to achieve LEED Silver certification, and is slated to come online in October 2014… Read more

Urgent Care Market Grows as NextCare, FastMed Expand

Urgent care centers continue to grow nationally as the Affordable Care Act expands health coverage to more Americans. Mesa-based NextCare Urgent Care is opening a new urgent care center in the Oklahoma City area, while Clayton, N.C.-based FastMed Urgent Care has acquired Advanced Urgent Care’s eight locations in Arizona… Read more

Reata Ranch Seeks Final Scottsdale OK for Resort Lodge Community

It was back in the day that visitors loped into Scottsdale to shed their “city slickerings” for a week for the yee-haw of the western dude ranch. It was back when Scottsdale was the West’s Most Western Town. Now that same feeling with the proposed Reata Ranch Resort Residential, E. Rio Verde Rd. between 128th and 136th streets, in far northeast Scottsdale… Read more