Here are the news articles you might find interesting today for commercial real estate and business:
Downtown Tempe office building sold for $66 million The nearly 264,000-square-foot Tempe Gateway office building located in the heart of the city’s Mill Avenue District has been sold to a publicly-traded real estate investment trust in Florida for a whopping $66.1 million, according to statement Wednesday from CBRE Inc. in Phoenix. For the seller – an entity controlled by Microsoft co-founder and Seattle Seahawks owner Paul Allen’s Vulcan Inc. – that’s a $31.1 million-return on its initial investment from when it purchased the property out of foreclosure in June 2010. View article…
North Phoenix apartment complex sold for $50 million Phoenix-based apartment developer and manager Alliance Residential Co. recently handed over $50 million for a large apartment project in north Phoenix, marking the firm’s first acquisition of an existing multifamily project in almost six years, according to a statement Wednesday from Transwestern. The Canyons is a 629-unit apartment project located along 23rd Avenue near the interchange of the I-17 and Loop 101 in the Deer Valley area. View article…
141,000-SF Phoenix Warehouse Sells for $3.1M Southwestern Furniture of Wisconsin LLC purchased the 140,651-square-foot warehouse for $3,084,349, or about $22 per square foot, from The Muller Company. The warehouse, located at 2929 NW Grand Ave. in Phoenix, was built in 1973 and includes about 20,000 square feet of office space. Southwestern Furniture will occupy the entire building. View article…
Private Investor Buys Perimeter Center Bldg for $4.3M H B Perimeter LLC sold the Perimeter Center building located at 8388 E. Hartford Dr. to Buchanan Street Partners for $4.3 million, or approximately $66 per square foot. Built in 2000, the 66,800-square-foot industrial property features a 12,000-square-foot office build-out, 20-foot clearance, 3 phase power and is situated on a 5.5-acre parcel. View article…
Beige Book Sees Economy Expanding Economic activity “expanded” in the closing weeks of 2012, the Federal Reserve said in its periodic Beige Book released Wednesday, reflecting a slow but steadily declining unemployment rate and low rates of inflation – conditions the Fed said would have to be met before it raises interest rates. View article…
Facing Few Investment Alternatives, Senior Lenders Seek CRE Deals Under pressure to find good use for their money and encouraged by gradually improving property fundamentals, banks and life insurance companies upped their investments in commercial real estate in 2012. A stronger than expected thaw in CMBS lending has created a further incentive for senior lenders to become more aggressive on commercial mortgages, leading to hopes of even more robust lending activity in 2013. View article…