Commercial Real Estate & Business News – February 3, 2014

It may be decades away, but Chandler officials want to bring light rail to the city. City leaders are planning to study the potential for the mass-transit line along Arizona Avenue in more detail after initial reviews suggested that it might be feasible… Read more
Camelback East Shops – home to Tarbell’s, Tomaso’s Italian Restaurant and Sportsman’s Liquor, among many other Biltmore-area staples – has been acquired by Hannay Realty Advisors for $12.2m or nearly $500 per square foot. The 25,150 square foot neighborhood shopping center is located at the southeast corner of 32nd Street and Camelback Road… Read more
The group behind the Butterfly Wonderland near Scottsdale plans to break ground this summer on a new large-scale aquarium project that’s being dubbed as “Sea World meets Disneyland.” Construction on OdySea Aquarium is slated to begin this summer off Loop 101 and Via de Ventura Drive… Read more
Big investors continue to whittle away at the dwindling supply of distressed CRE assets from special servicers. In the latest such transaction, Starwood Capital Group acquired a pool of real estate-owned (REO) assets from CWCapital Asset Management for $191 million… Read more
Hendricks-Berkadia announces the sale of Brookwood, located at201 South Kolb Rd. The 272-unit apartment community was sold for $11.5 million. Built in 1973, the two-story, garden-style apartment community offers one- andtwo-bedroom floor plans. The community amenities include a clubhouse, billiards table, heated swimming pool, spa, three laundry facilities and volleyball court… Read more