Commercial Real Estate & Business News – August 21, 2015

Phoenix Ranks As Sixth Best U.s. Real Estate Market

Phoenix ranks sixth on a new national ranking of the best U.S. markets for real estate investments. Houston-based commercial real estate firm Situs RERC ranked 48 U.S. metro areas on the attractiveness of their commercial real estate markets for future investments. Phoenix came in sixth behind only Austin, San Antonio, Raleigh, Dallas and Orlando… Read more »

Wentworth And Crow Holdings Team Up To Buy JDA Office In Scottsdale

A joint venture formed by Crow Holdings Capital Partners in Dallas, Tex. (Harlan Crow, et al., directors) and Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) paid $22.04 million ($161 per foot) to buy a 136,893-square-foot office building located west of the 101 Loop and south of Raintree Drive… Read more »

Mercado Del Lago Mall in Scottsdale Sells for Just Under $9 Million

The Mercado Del Lago Mall, located just east of the Marguerite Lake in Scottsdale, sold Friday for a total price of $8.882 million or $161 per square foot. The investment group Arizona Partners, led by Bruce Shapiro and Mark Burns, funded their purchase with a $6 million note with Woodmen of the World Life Insurance Company. This 55,000 square foot lifestyle center consists of three single-story buildings on 1.63 acres… Read more »

Canadian Investor Strikes Again…Picks Up Deer Valley Office Project

A company formed by Redstone Group in Surrey B.C., Canada (Ali Nanji, principal) paid $11.745 million ($106.84 per foot) to buy 109,932 sq. ft. of office space in two buildings in the Deer Valley area of north Phoenix. The purchase included a 47,387-square-foot structure at 16605 N. 28th Avenue and a 62,545-square-foot building at 16610 N. Black Canyon Highway. The seller was OIBP Bell 28 LLC, formed by Onward Investors LLC in Eden Prairie, Mn… Read more »

Net Lease Investors Hungry for Quick-Serve Restaurants

Investor demand for net-lease quick-service restaurant (QSR) properties is hotter than an order of McDonald?s French fries. The price point, coupled with long-term leases, rental escalations and recognizable brand names, makes these QSR properties an attractive investment, particularly for 1031 exchange investors… Read more »