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Commercial Real Estate & Business News – February 20, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

GREYSTAR/GOLDMAN VENTURE CLOSES FIRST LEG OF PORTFOLIO . . . $108+ MILLION FOR 927 UNITS Companies formed by Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) and Goldman Sachs & Co. in New York City, N.Y. paid a combined $108.185 million to acquire 927 apartment units in three Phoenix communities. The purchase marks the first half of a larger portfolio deal which will result in the Greystar/Goldman venture paying $180.3 million ($114,476 per unit) to buy 1,575 apartment units in the Valley. In March, the Greystar/Goldman venture will pay $72.115 million to acquire the other three properties, which are comprised of 648 units in two communities located in Phoenix and one in Tempe. BREW reported the pending portfolio sale two weeks ago. As reported, the Valley multi-family projects are part of a $1.5 billion portfolio deal involving 8,010 apartment units that the Greystar/Goldman venture is buying in six states. The seller of the 27 multi-family communities are companies formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). View article…

Acacia Creek Apartments in Scottsdale Sold for Nearly $40m Another major multi-family asset has changed hands in the East Valley with Equity Residential’s (NYSE: EQR) sale of the Acacia Creek Apartments to Paul and Greg Merage of MIG Real Estate, a Newport Beach-based investor. This sale caps a week in which Equity Residential sold 1,231 units in four transactions totaling $148,149,311 or $120,348.75 per door. The 304-unit complex is comprised of twenty 2-story buildings totaling 281,416 ft2 on 14.19 acres, zoned R-5. It was constructed in several phases from 1988 to 1992. View article…

ASU West set to open $25 million fitness complex Arizona State University is about to open its long-awaited Sun Devil Fitness Complex on its West campus in Phoenix. The $25 million, 63,800-square-foot recreation facility was designed by Architekton + 360 Architecture and built by Haydon Building Corp. View article…

State Farm to build Tempe regional headquarters, bring thousands of new jobs Illinois-based State Farm Insurance is planning to build a massive regional headquarters along Tempe Town Lake that is slated to bring thousands of new jobs to Arizona. I have spoken to multiple sources who confirmed this but wanted to remain anonymous. These sources told me that State Farm will build a roughly 1 million-square-foot campus on an approximately 18-acre site that would eventually house about 5,000 to 7,000 employees. View article…

Software firm to open US office in metro Phoenix A software development and marketing company based in the Netherlands has announced plans to open its U.S. headquarters and hire 200 people in metropolitan Phoenix. Stealth Software CEO Gerard Warrens says Tuesday that the privately owned company will pick a city within two to four weeks where it will locate its new office. View article…

Paradise Valley resort revamp hinges on closed talks While the ongoing community debate over the proposed redevelopment of the Mountain Shadows Golf Resort appears to be coming to a resolution, Paradise Valley Town Council and Crown Realty & Development continue to hash out the brass tax of the deal behind closed doors. Paradise Valley Town Council opted to continue the matter — a proposal to redevelop the defunct resort property with both residential property and a 100-room boutique hotel — to a Feb. 28 public hearing, but officials say residents can expect that hearing to be continued as well. View article…

GCU president details expansion plans Grand Canyon University President/CEO Brian Mueller told analysts in a conference call today that he plans to expand to Tucson and possibly Albuquerque and Las Vegas. Already, the Phoenix-based publicly traded university is taking bids from four East Valley cities to build a campus that would compete with Arizona State University. Now, an expansion in Tucson would go head-to-head with the University of Arizona. View article…

OfficeMax, Office Depot may be close to merger VIDEO OfficeMax and Office Depot could merge as soon as this week, according to a report by The New York Times. Naperville, Ill.-based OfficeMax (NYSE: OMX) operates 960 stores, worldwide, the Times said, while Office Depot (NYSE: ODP) has about 1,675 locations. View article…