Here are the news articles you might find interesting today for commercial real estate and business:
VENTURE PAYING $180.3 MILLION TO BUY 1,575 VALLEY APARTMENTS IN $1.5 BILLION PORTFOLIO DEAL A venture formed by Goldman Sachs & Co. in New York City, N.Y. and Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) is paying $180.3 million ($114,476 per unit) to buy 1,575 apartment units in the Valley as part of a $1.5 billion portfolio deal. The seller of the 27 multi-family communities are companies formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). The entire portfolio, which is scheduled to close in two separate closings by first quarter 2013, is comprised of 8,010 apartment units in six states. Of the properties, five are located in Phoenix, one complex is in Tempe and the other 21 projects, which total 6,435 units, are located in California, Colorado, Washington, Florida and New Jersey. View article…
SO. CALIF-BASED DEVELOPER PLANNING 1 MILLION-SQUARE-FOOT MIXED-USE PROJECT IN SURPRISE When it is all said and done, an 89-acre parcel in Surprise is expected to have 1 million sq. ft. of industrial and retail space in multiple buildings. In June 2009, BREW reported a company formed by Moshe Silagi of Silagi Development & Management in Thousand Oaks, Calif., paying just under $4.697 million to acquire 81 acres within the Skyway Business Park phase I and Skyway Business Park phase II in Surprise. In December 2012, Silagi purchased another 8.4 acres located in the middle of the property in a $914,760 deal with West Valley National Bank. The 89 acres of land is bounded on the north by Cactus Road, on the south by Peoria Avenue, on the east by Dysart Road and on the west by Milgard Way. View article…
THE ROCKEFELLER GROUP AND IPA BREAK GROUND ON PREMIUM APARTMENT COMMUNITY IN GILBERT The Rockefeller Group and Investment Property Associates, LLC (IPA) broke ground today on the first of 2 phases of a 402-unit Class A apartment community at the northeast corner of Warner and Recker Roads in Gilbert, Az. Kevin R. Hackett, CEO of The Rockefeller Group; Bill Fettis, Partner, IPA; and Gilbert Mayor John Lewis delivered remarks. The event was hosted by The Rockefeller Group’s Mark Singerman, Regional Director – Arizona. View article…
Titanium Real Estate Advisors Purchases GSA-Leased Office in Glendale Doug Brown of Regent Properties has completed the sale of Lot 3 of the Glendale Corporate Center for $4.1m or $239.80 per square foot in an all-cash transaction. The buyer, Tom LaLonde of Titanium Real Estate Advisors, specializes in properties that are fully leased to the General Services Administration (GSA). The 17,099 ft2 1-story office building is located north of the northwest corner of Loop 101 and Camelback Road in Glendale. View article…
Ground Broken for 60,000 SF Veterans Clinic Stephen Doyle, Vice President of McShane Development Company’s Healthcare Division, says that the firm has broken ground for the new U.S. Department of Veterans Affairs Southeast Community Based Outpatient Clinic in Gilbert, Arizona. The 60,000 useable square foot healthcare facility is situated on a well-positioned nine-acre parcel at 3285 South Val Vista Drive near South Market Street within the Val Vista Square business park. Completion of the development is slated for Spring 2014. View article…
American Furniture Warehouse Purchases 74.40 acres in Gilbert for $15,794,290 – site planned for 630K SF Furniture Showroom & Warehouse American Furniture Warehouse of Englewood, Colorado, has purchased 74.40 acres in Gilbert, Arizona, for $15,794,290 or $212,288 per acre or $4.87 per square foot from the Cooley family. The 74.40 acre site is located at the north west corner of Power Rd and Loop 202 and has split zoning: LI (Light Industrial) on the western 33.67 AC and RC (Regional Commercial) on the eastern 40.73 AC. View article…
CoAdvantage expands into Phoenix market Tampa-based CoAdvantage has expanded into the Phoenix area with an office that will provide the region’s small and midsize businesses with human-resource solutions. CoAdvantage already has offices in Tampa and Orlando, Fla., and in Houston View article…
ASU gets go-ahead to move baseball program to Phoenix Municipal Stadium after A’s leave for Mesa Arizona State University’s baseball program is moving to Phoenix Municipal Stadium. The Arizona Board of Regents approved a new 25-year lease at Municipal at its meetings today. ABOR is the governing body over the three state universities. Today’s action gives ASU permission to make the jump to “Muni” in 2015. View article…
Market Trend: Phoenix’s Retail Vacancy Decreases to 11.2% The Phoenix retail market experienced a moderate improvement in market conditions in the fourth quarter 2012. The vacancy rate went from 11.8% in the previous quarter to 11.2% in the current quarter. Net absorption was positive 1,581,481 square feet, and vacant sublease space increased by 116,129 square feet. In third quarter 2012, net absorption was positive 12,597 square feet. View article…
Economic Transformation vs. Development for Phoenix -With Phoenix at “Ground Zero” of the housing crisis, it’s easy to point fingers at what happened to the economy and why it happened. But as the region recovers from the Great Recession and its aftermath, some experts point out that commercial real estate wasn’t exactly blameless in the situation, either. View article…
FAA proposed maximum height limits could hamper developments in Arizona The Federal Aviation Administration is pondering a notable reduction in the maximum height limits of buildings near airports throughout the country to ensure aircraft have enough clearance to continue ascending if an engine fails at takeoff. The move, however, is one that naysayers believe would throw a wet blanket over dozens of future developments throughout Arizona and thousands nationwide at a time when the economy still is struggling to find a solid footing. View article…