Commercial Real Estate & Business News – August 15, 2013

The Hub On Campus Student Housing Project At ASU Sold For $103 Million

An entity formed by Inland American Communities Group Inc. in Dallas, Tex. (Travis Roberts, pres.) paid $103 million ($161,695 per bed/$382,900 per unit) to buy the 637-bed Hub on Campus student housing project near Arizona State University in Tempe. The seller of the 269-unit development is Core Campus LLC, a company formed by LG Development Group LLC in Chicago, Ill. (Marc Lifshin, partner)… Read more

Scottsdale’s McDowell Road Corridor Rebirth is Primary Goal’

As a longtime stakeholder in south Scottsdale’s McDowell Road corridor, Councilwoman Virginia Korte fondly remembers its heyday and looks forward to seeing its resurgence. The nearly 3-mile stretch from Loop 101 to 64th Street was particularly hard hit by the recession, with abandoned auto dealerships and retail outlets… Read more

44 Monroe Heads to Sales Block in $246 Million Portfolio Deal

Arizona’s tallest residential tower, 44 Monroe in downtown Phoenix, is set to be sold this fall as part of a $246 million portfolio deal to a Boston-based real estate investment trust. Winthrop Realty Trust (NYSE: FUR) said in a statement Tuesday it has entered a “binding purchase agreement”… Read more

Jimmy John’s Continues Phoenix-Area Expansion

Jimmy John’s Gourmet Sandwiches will open three new Phoenix-area locations this fall, further expanding its presence in a hot sandwich market. The Illinois-based fast-casual chain has leased an 1,896-square-foot space at Fountain Square Plaza in north Phoenix at 7th Street and Bell Road. That’s in addition to a 1,762-square-foot space at Lake Pleasant Crossway… Read more

CoStar Repeat-Sale Index Shows Midyear Surge in CRE Pricing

Pricing for “average” commercial properties outperformed institutional-grade assets while price gains in secondary U.S. markets eclipsed the top markets as buyers of commercial real estate increasingly expanded investment activity outside the handful of prime markets and core properties during the second quarter… Read more