Commercial Real Estate & Business News – February 13, 2017

Metro Phoenix’s edges are getting stretched with new home developments again. Recent land deals are spreading the Valley farther north, west past the White Tank Mountains and south towards Tucson…»

A fund managed by DRA Advisors LLC in New York City paid a combined $37.345 + million ($69.71 per foot blended average) to buy 535,729 sq. ft. of industrial space in four Valley projects. The Phoenix-area assets were acquired by the DRA Advisors fund as part of a $1.07 billion portfolio deal that included 19.8 million sq. ft. of industrial buildings in 21 markets located across the U.S. The 184 properties, which were 94 percent occupied on the average, were sold by Cabot Properties Inc. in Boston…»


Arizona-based ORION Investment Real Estate facilitated the off-market sale of Desert Place Apartments, a 260-unit property that spans across 8 acres in Phoenix. The sale was brokered by Bob Farrell, ORION’s vice president. Jevan Capital was the buyer and Michigan-based IPA Phoenix-Foxwood LLC the seller. According to Yardi Matrix data, ConAm Management currently manages the property…»

A new 11-story, 210-room Hampton Inn & Suites hotel is being developed at Central Avenue and Polk Street in downtown Phoenix. The site is just south of Arizona State University’s downtown campus and on a parking on the north side of Freeport-McMoRan’s (NYSE: FCX) corporate headquarters and The Westin Phoenix Downtown hotel…»

Plans to attract hundreds of new residents to the Kierland area of north Phoenix are taking shape, as developers reimagine traditional shopping centers as high-end, urban projects. First to finish with a grand opening Thursday is the initial phase of Optima Kierland, a 10-story apartment tower at Kierland Boulevard and Scottsdale Road. Down the street, construction started last month on 170 rental units for active adults ages 55 and older. And landowners recently submitted plans to Phoenix to turn a 15-acre shopping center north of Thunderbird Road…»