Here are the news articles you might find interesting today for commercial real estate and business:
Southwest Jet Corporate Center in Scottsdale sells for $9.6M or $97 per square foot The Southwest Jet Corporate Center buildings, located at 14988 & 15010 N 78th Way, were sold by Jim H Houtz and John T Castrogiovanni of Southwest Jet Aviation to Gary J Daichendt of Theory R Real Estate. The sale recorded on December 13, 2012 with a saleprice of $9.6M with $2.9M down and $6.7M new debt with Mutual of Omaha Bank. The Southwest Jet Corporate Center consists of two adjacent buildings built on lots 15 & 16 of the Scottsdale Industrial Airpark #7. View article…
CAMDEN SPENDS $91.7 MILLION FOR 569 APARTMENTS IN TWO SCOTTSDALE PROJECTS In two deals totaling a combined $91.7 million, companies formed by Camden Property Trust (NYSE:CPT) purchased 569 apartments in two communities in Scottsdale. The seller in both transactions were companies formed by Equity Residential Trustin Chicago, Ill. (NYSE:EQR). The sale was negotiated through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. The sales were closing at press time so BREW was unable to secure the affidavit of property value on either transaction. Sources say the Camden entities paid cash for both multi-family communities, but is expected to leverage the assets at some point. Here are the two acquisitions: Camden San Marcos LLC paid $46.9 million ($146.562 per unit) to buy the 320-unit San Marcos apartments located at 9595 E Thunderbird Road. . The seller was EQR-Frewac 2008 Limited Partnership (Equity Residential). The complex was built in 1995. Camden Montierra LLC paid $45.7 million ($183,534 per unit) to acquire the 249-unit Montierra apartments at 9850 N 73rd Street. The seller was EQR Fresca 2009 Limited Partnership. The complex was built in 1999. View article…
ZAREMBA SELLING INTEREST IN WEST SIXTH IN TEMPE AND DROPS PLANS AT SCOTTSDALE QUARTER Zaremba Group in Cleveland, Ohio (Walter Zaremba, principal) is selling its interest in the incredibly popular West Sixth towers apartments in Tempe and has decided not to pursue developing an upscale multi-family project within the Scottsdale Quarter mixed-use development in Scottsdale. Sources say Zaremba is close to completing a deal to sell its roughly 50 percent ownership in the 375 apartments that comprise the 22- and 30-story buildings known as West Sixth. That project is within the Centerpoint mixed-use complex that is located just west of the Arizona State University campus. West Sixth is just west of Mill Avenue and east of Ash Avenue between 5th Street on the north and Seventh Street on the south. In February 2011, a venture formed by Zaremba Group and California State Teachers Retirement System (CALSTRS) paid $30 million to acquire the two partially built towers. Sources say after completing the development, the venture (called ZarCalRes Tempe LLC) now has about $70 million invested in the luxury apartments. Word on the street is that Zaremba will walk away with at least $15 million after CALSTRS buys out its partner based on the West Sixth buildings having a present value of $100+ million. View article…
Villa de la Paz Sells for $2.8M Astria & Associates purchased the Villa de la Paz apartments at 6041 W. Thomas Rd. in Phoenix, AZ from Haskell Value Real Estate Investor for $2.8 million, or about $27,000 per unit. The 88,960-square-foot multifamily complex was constructed in 1982, renovated in 2009, and has 103 apartment units. The property was 86 percent occupied at time of sale. View article…
365 Main purchases Phoenix data center Data center owner and developer 365 Main has purchased a property in Phoenix from Equinix Inc. that is part of a deal for 16 centers in the U.S. San Francisco-based 365 Main bought Equinix properties in several major markets, including Dallas, Nashville, Tenn., New York, San Jose, Calif., and others for an undisclosed price. View article…
Banner MD Anderson Cancer Center will double size in $63M expansion Banner MD Anderson Cancer Center plans to break ground in January on a $62.6 million project that will nearly double the size of its existing outpatient center in Gilbert. HKS Inc. has designed a 110,000-square-foot structure that DPR Construction will build just south of the existing 130,000-square-foot building. View article…
UA Cancer CenterPhoenix Opening in 2015 in Discovery Triangle The Arizona Board of Regents has given final project approval for construction of the University of Arizona Cancer Center – Phoenix, an important project in the Discovery Triangle that is expected to treat 60,000 patients a year within 10 years of opening. The outpatient clinic, opening by early 2015, will be located at the Phoenix Biomedical Campus. View article…
Left out in the cold: Call center lays off 150 A Casa Grande call center has shuttered its offices and laid off all its workers. Opinionology, formerly Western Wats, laid off an estimated 150 employees this week. Each worker received a severance check equal to about two weeks pay, according to Kevin Gilmore, a three-year employee of the company. View article…
Duke Energy purchases solar project in Tucson Duke Energy Renewables has purchased a solar power project at the University of Arizona’s technology park that is expected to begin commercial operation in the next week. Duke Energy Renewables announced Thursday that it purchased the 6-megawatt Gato Montes Solar Power Project from AstroSol Inc. The array consists of 48,000 thin-film photovoltaic panels. Tucson Electric Power Co. will buy the electricity produced by the array under a 20-year agreement. View article…