Boxer Acquires 584-Room Hilton Tapatio Boxer Property moved into the field of hospitality investment buy acquiring the 584-room Pointe Hilton Tapatio Cliffs Resort in Phoenix from servicer C-III Asset Management LLC. The local investor plans capital investment to bring the property back to profitability. View article…
Canadian Investors Ante Up $17.5M For Tempe Apartments An investment entity from Calgary, Canada purchased the 252-unit Fernwood Manor Apartments, 4540 S. Rural Rd. in Tempe for $17,525,000, or $69,543 per unit. This signature multifamily complex is located in one of the most highly sought after areas in the Southeast Valley. It’s location, just south of the U.S. 60 (Superstition Fwy.) and north of a Whole Foods anchored shopping center, offers the opportunity for infill development or continuing as a highly-stabilized rental property. View article…
NAI Horizon Completes $4.375M Sale of 66,240-SF Flex/Office Space at Scottsdale Airpark NAI Horizon has announced the sale of a 66,240 square foot, high-end Flex/Office facility, located in the Scottsdale Airpark submarket within the Perimeter Center Development at 8388 E. Hartford Drive, Scottsdale, AZ. On December 7, 2012, Helio Real Estate of Arizona acquired it for a total sales price of $4,375,000.00. View article…
Desert at Morrison Ranch Sells to 3 Separate Homebuilders Morrison Ranch has sold the 317-lot Phase 1 of Desert at Morrison Ranch subdivision in Mesa. The conveyance was through three separate transactions which conveyed pieces of the project to three different home builders; Pulte, Lennar and Ashton Homes. The sales price totaled $8,382,365. View article…
Weidner Acquires La Palma Apts for $30.1M Seattle-based Weidner Investment Services acquired the La Palma Apartments at 220 W. Bell Rd. in Phoenix, AZ from WLA Investments, Inc. for $30.14 million, or $55,000 per unit. The 548-unit, 469,088-square-foot multifamily community was built in 1984 on 23 acres in the Deer Valley / Airport submarket of Maricopa County. View article…
Retail Property Sale Prices – Sale Trends Currently, the median sale price per square foot for retail properties in the metro area is in seven-month decline, falling 4.1% in that time. Previously, sale prices rose 22.4% over a eight-month period ending in March. Sale prices per square foot for retail properties decreased to $101.04, a decline of 1.5% compared with the last quarter. View article…
Retail Property Asking Rent – Lease Trends The average asking lease rate for retail properties in the metro area was $14.16 per square foot for the month. This is down 5% from the previous year, and down 0.7% from the end of the second quarter of 2012. Asking lease rates for retail properties have fallen to a new three-year low this month. Prior to this, the record three-year low was last month at $14.19. View article…
Office Property Sale Prices – Sale Trends The median sale price per square foot for office properties in the metro area has risen 4.9%. There was a 11.8% decline earlier this year during a five-month period ending in July. For office properties, the average sale price per square foot has risen to $66.94, a 3.6% increase compared to the end of last quarter. View article…
Office Property Asking Rent – Lease Trends Lease rates for office properties have risen 0.4% versus last quarter to $17.10 per square foot. For the year, asking lease rates have still declined 0.1%. Lease rates for office properties hit a three-year peak in March 2008 at $22.08 per square foot. In comparison, the median asking price is now 9.6% lower. On the other hand, the lowest asking lease rate in the past three years was seen last month at $16.79. View article…