Commercial Real Estate & Business News – August 12, 2015

Liberty Property Breaking Ground On 215,000-square-foot Industrial Building In Tempe

Developers of the Liberty Center at Rio Salado are breaking ground on a 215,000-square-foot flex building, the fourth structure at the site and the first industrial building. The new building, which is expected to have its shell completed by year-end, is being developed to U.S. Green Building Council’s Leadership in Energy and Environmental Design silver certifications. This will be the fourth building of six planned in Liberty Center… Read more »

High Leverage for Apartment Loans Troubles Moody?s

With prices so high for apartment properties, any loan based on today?s appraised values is going to look very large compared to historic prices. But multifamily CMBS loans are especially troublesome, according to Moody’s Investors Service. ?The credit quality of U.S. conduit/fusion commercial mortgage-backed securities (CMBS) continues to deteriorate, with conduit loan leverage in the second quarter pushing past its 2007 peak,? reads a July report from Moody?s… Read more »

Real Estate Heavyweights A Part Of 229-acre East Valley Deal

Some big Arizona real estate names are part of a 229-acre land sale in Queen Creek. Mike Ingram?s El Dorado Holdings Co. has bought land at Signal Butte and Ocotillo Roads for $8.9 million from a company formed by Daryl Wolfswinkel. The Wolfswinkel family is well-known in Arizona business and real estate as is Ingram and El Dorado. The land is near Phoenix-Mesa Gateway Airport and Arizona State University?s Polytechnic campus. El Dorado is planning a gated luxury… Read more »

The Villages at Metro Center Sells for $19 Million

The 290-unit apartment complex The Villages at Metro Center sold yesterday for a total price of $19 million, or $65,517 per unit. It is located northwest of the Dunlap I-17 exit ramp, just west of Metrocenter Mall. California investor Jeffrey M Ctvrtlik purchased the property from Bertram Partners, funded by a $14.834 million Freddie Mac loan, originated with CBRE Capital Markets. The Villages at Metro Center consists of twenty-one buildings built 1974 and has a diverse unit mix… Read more »

PHX Gets 467-Unit Mixed-Use Project

Central and Pierson will see two new mixed-use buildings totaling 467 residential units and 19,748SF of commercial and retail space under plans submitted to the City of Phoenix by developer Omninet. Omninet ? East, on 2.08 acres at the northeast corner of the intersection will have 181 multi-family units and 4,758SF of retail and commercial space. Omninet ? West, on the northwest corner, will feature 286 units and 15KSF of commercial and retail on 3.53 acres… Read more »