Commercial Real Estate & Business News – December 16, 2013

L.A.-Based Investor Adds 286 Apartments To Valley Portfolio

Phoenix – A company formed by BB.H. Properties in Los Angeles paid $9.6 million ($33,566 per unit) to buy the 286-unit Madera Court apartments at 8135 N. 35th Avenue in Phoenix. The sellers were entities formed by Fannie Mae in Washington, D.C. and The Related Cos… Read more

Alliance Residential Developing Central Phoenix Apartment Community

Alliance Residential Co. has formed a joint venture with AEW Capital Management L.P. in Boston, Mass. to develop a 192-unit apartment project in uptown Phoenix. The 4+ acre site is located at the northwest corner of Central Avenue and Osborn Road. The property, which is close to a light rail station, is owned by a company formed by AEW Capital Management… Read more

Canadian Investor Snaps Up 16th Street Assemblage Planned for Luxury Apartments

Elliott Sud of Toronto and local multi-family developer, PB Bell Companies, have completed their acquisition of 6.18 acres of infill at the northwest corner of 16th Street and Highland Avenue. The three commercial properties existing on the site – including the recently-closed Pugzie’s sandwich shop – are slated to be razed to make way for a 250-unit luxury apartment complex… Read more

Vestar Gets Support to Scrap Large-Scale Gilbert Retail Plan

The Gilbert Planning Commission last week supported a Vestar’s request to abandon plans for a major commercial center in south Gilbert while striking a last-minute compromise to preserve at least some retail space in the underserved area… Read more

Forecast: Homebuilding to Focus on West

Metro Phoenix’s homebuilding recovery won’t ramp up again until 2015, and then it will play out mostly in the West Valley. The latest forecast comes from some of the region’s top developers, builders, investors, brokers and analysts at the Scottsdale-based Land Advisors Organization’s annual real-estate conference on Wednesday… Read more

$73M Goes to 400,000SF Industrial Build

Pacific Industrial, an industrial developer and acquisition platform, has secured a $73.8 million loan to finance the acquisition and development of the Pacific Business Center, a 400,000-square-foot industrial property in Bell, CA. Set on 22.8 acres, the development will feature three class-A warehouses… Read more