Commercial Real Estate & Business News – August 22, 2014

Crow Holdings is expected to pay just over $47 million ($115,319 per unit) to acquire the 408-unit Grigio Metro apartments at 1811 E. Apache Boulevard in Tempe. The seller is a company formed by Gray Development Group and Canyon Johnson Urban Funds… Read more »
Kurt Rosene, Senior Vice President of Chicago-based Alter Group, has completed the sale of four office buildings within Corridors Phoenix—a speculative office development to total 1.4m square feet at the southeast corner of I-17 and Pinnacle Peak Road—for $16m or nearly $100 per square foot. Adler Realty Investments was the buyer, tendering $5.4m in cash and securing the remainder of the purchase price under a deed of trust with an unspecified principal balance issued by Wells Fargo… Read more »
A venture formed by SunCap Property Group plans to develop a business park in Gilbert that could have several hundred thousand sq. ft. of office and industrial buildings. The 63.4-acre tract, which is known as Gilbert Spectrum Business Park, is located at the southwest corner of McQueen and Elliot roads. SunCap Gilbert LLC paid $12 million ($4.35 per foot) to buy the land, which is two miles south and east of the Loop 101 and US 60…Read more »
Passco InSite, LLC, a joint venture between Passco Companies, LLC and InSite Investment Realty, has acquired the 270-unit Class B garden-style multifamily community Ovation at Tempe for $25.85 million. According to Bill Passo, CEO and Founder of Passco Companies, this new joint venture is an extension of a 20-year relationship with long-standing track record, market expertise and multifamily investment experience… Read more »
Family Dollar Stores Inc. is driving a tough bargain. On Thursday, the discount chain rejected Dollar General Corp.’s $9 billion cash offer, opting instead to stick with Dollar Tree Inc. DLTR -1.31% ‘s $8.5 billion cash-and-stock deal that is worth less money but may have an easier time passing muster with antitrust regulators…Read more »