Commercial Real Estate & Business News – February 16, 2015

Happy President’s Day!

Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity real estate fund managers, announced today the sale of Lincoln Towne Centre, a two building property totaling 226,112 square feet located at 4150-4250 N. Drinkwater Boulevard in downtown Scottsdale, Arizona, acquired by Transwestern Strategic Partners on behalf of its TSP Value and Income Fund for $58,850,000. Transwestern Strategic Partners is the discretionary investment management arm of Transwestern Investment Group based in Dallas, TX. Read more »
Regent Properties LLC in Los Angeles has bolstered its fast-growing portfolio in the Valley with the purchase of an office project in north Phoenix. In the past three months, companies formed by Regent Properties have invested $114.52 million to buy 600,000 sq. ft. of office space in the Valley. In the most recent acquisition completed on Feb. 9, AR Corridors LLC (Regent Properties entity) paid $21.32 million ($161.44 per foot) to acquire a 132,061-square-foot office project at 2155 W. Pinnacle Peak Road. The seller was American Fund US Investments LP…Read more »
ORION Investment Real Estate is pleased to announce the successful sale of Sunburst Plaza in Glendale, Arizona located at the Southwest corner of 43rd Avenue and Bell Road in Glendale, Arizona. The 103,000 square foot shopping center sold for $9,300,000 to Sunburst Station LLC an entity affiliated with Phillips Edison & Company based in Cincinnati, OH. The Seller in the transaction was The Sunburst Plaza Company, LLC based in Beverly Hills, CA… Read more »
Representatives of the Ritz-Carlton development project met with Paradise Valley community members at a Feb. 12 “Community Conversation” to discuss project goals and keys to success. Jerry Ayoub, owner and president of Five Star Development Inc., answered questions about when residents could expect to see a pre-application filed and what company will manage the completed resort… Read more »
Get ready for a new apartment concept making its way to the valley. Sixteen shipping containers are sitting in South Phoenix. The plan is to covert them into eight luxurious apartments along Grand Avenue… Read more »