Here are the news articles you might find interesting today for commercial real estate and business:
ASU buys University Center in Tempe for $23M Arizona State University has scooped up the three-building University Center in Tempe for about $23.52 million, making way for future growth of the school’s nearby main campus, according to a statement this week from Cushman & Wakefield of Arizona Inc. The University Center is situated on about 12 acres along University Drive just east of Rural Road, which is across the street from ASU’s main campus and borders the Sun Devil Sports Performance facility and Karsten Golf Course. View article…
John Lupypciw, of Continental Group, Announces the Successful Purchase of 20 Acres of Land in Avondale, Arizona John Lupypciw, president of the Continental Group, a large multi-family real estate development company in Scottsdale, Arizona, is excited to announce the successful purchase of 20 acres in the Avondale. John Lupypciw is the head developer and president of the Continental Group, and has recently announced the successful purchase of 20 acres of land in the Avondale, Arizona area. This is an exciting time for the Continental Group, and the development of this parcel of land is one of their biggest projects in 2013. View article…
P.B. BELL TEAMING UP WITH GILBANE TO DEVELOP 389 APARTMENTS IN CHANDLER A venture formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) and Gilbane Development Co. in Providence, R.I. (Bob Gilbane, pres.) plans to develop 389 apartments on two sites located near the northeast corner of Price and Dobson roads within the Ocotillo community in Chandler. The 21.39 acres for the multi-family units is within a 74-acre parcel that Gilbane acquired in 2005. Records show Gilbane sold the apartment land in Chandler to Bell GD Ocotillo LLC (the P.B. Bell/Gilbane venture) for $7.422 million. View article…
NEW PLAYER FROM B.C., CANADA DROPS $28.94+ MILLION IN CASH FOR TWO OFFICE PROJECTS Companies formed by investor Ayaz Velji in Surrey, B.C., Canada paid a combined $28.944 million to acquire 177,745 sq. ft. of office space in projects located in Chandler and Phoenix. The investments are the first in the Valley for the Canada-based investor. Redstone Chandler II LLC (Velji’s company) paid $15 million ($165 per foot) to purchase a 90,910-square-foot office building located south of the Loop 202 and about one-half-mile west of Cooper Road at 1750 E. Northrop Boulevard in Chandler. View article…
Glendale MOB Sells for $1.1M West Coast Capital Partners has purchased the four-building medical office campus at 7170 W. Camino San Xavier in Glendale, AZ for $1,094,000, or approximately $43 per square foot, in an REO sale. The buildings total 25,258 square feet and were constructed in 2008 in the Arrowhead submarket of Maricopa County. The vacant buildings were sold in shell condition. View article…
MCCLANE PICKS WEST PHOENIX SITE TO DEVELOP NEW DISTRIBUTION CENTER McLane Foodservice Inc., a division of McLane Co. Inc. in Temple, Tex. plans to develop a 250,000-square-foot distribution center as part of an expansion plan that will see the company double its workforce in the Valley. The new facility will serve McLane’s restaurant clients in Arizona, eastern California and El Paso Texas. Records show McLane Foodservice Inc. paid $7.05 million to acquire a 29-acre parcel located at the southwest corner of 75th Avenue and Interstate 10 in Phoenix. View article…
Local Investor Purchases Tempe Industrial Property PTD Properties, LLC (Tempe) purchased a 20,420-square-foot general industrial building at 1700 W. Drake Drive for $1.475 million through a lease/purchase arrangement. View article…
Cassidy Turley Arranges Student Housing Transactions The local office of Cassidy Turley has wrapped up the closing on two student housing transactions, one of which was local and the other in Tucson. On the table were the 232-unit University Properties Lemon Street Portfolio and the 88-unit Arizona Commons II in Tucson. View article…
Heritage Village breaks ground in Mesa near Brown, 202 After nearly five years of planning and design, Heritage Village Assisted Living has begun construction of phase one with three additional phases planned over the next two years. Located on a five-acre parcel on the southwest corner of Brown Road and the 202 Freeway in northeast Mesa, the community will consist of eight single level luxury homes and one medical office building. View article…
Sales of Phoenix-area small businesses spiked in 4Q 2012: BizBuySell More Phoenix-area small businesses were sold during the fourth quarter of 2012 than in the third, largely because so many owners were pushing to get deals done by year-end as they faced uncertainty over federal fiscal and tax negotiations, according to new data from BizBuySell.com. View article…
HOUSING:
As Phoenix-area Home Prices Rise, Ironically, More Ordinary Buyers Find Opportunities More ordinary buyers are finally getting into the Phoenix-area housing market as home prices continue to rise and investors find fewer bargains to snap up. That’s according to a new report from the W. P. Carey School of Business at Arizona State University, which reveals the numbers for Maricopa and Pinal counties, as of November:
- The median single-family home price continued to rise, jumping from $157,000 in October to $162,500 in November.
- The tight housing supply grew 31 percent between September and December, but another drop may be coming in the spring.
- All-cash offers are finally on a downward trend, signaling that investor interest may be waning a bit and more ordinary buyers are able to successfully compete for homes. View article…