Commercial Real Estate & Business News – January 9, 2015

Stockdale Capital Buys Land In Old Town Scottsdale Targeted For Mixed-Use Project

Stockdale Capital Partners LLC in Scottsdale (Shawn Yari, Steven Yari, principals) has acquired a site near the northeast corner of Scottsdale and Camelback roads that was once planned for a $600 million hotel-residential development called Solis Scottsdale. The 7.03-acre parcel is located along the north side of Camelback Road and just east of the Arizona Canal… Read more »

182 Condominium Units Sold in Midtown Phoenix for Over $19 Million

ORION Investment Real Estate is pleased to announce the successful sale of The Hawthorne condominiums located in the Midtown area of Phoenix, Arizona, near the intersection of 3rd Avenue and Indian School Road. The condominium complex consists of 276 total units, of which 182 were just sold for $19,110,000. The Seller in the transaction was Jeff Appleton of the Hawthorne Phoenix Condominiums, LLC, which is based in Winter Haven, Florida… Read more »

Plans for “USA Place” Hotel and Conference Center in Tempe Fall Apart; ASU Seeks Other Options

Efforts to put together a financing deal for the basketball-themed “USA Place” development on Arizona State University land in Tempe have gone into overtime. The $350-450 million hotel-and-conference-center project was announced to the public in July 2013, with an expected groundbreaking that year. But it’s so far been unable to lock down any financial backers. A 99-year lease for the project on the southeast corner of Mill Avenue and University… Read more »

Supermarket M&A Activity Creates Ripples for Shopping Center Owners

The supermarket sector has been one of the most active markets for mergers and acquisitions (M&A) over the past two years, and there?s no reason to think the activity will slow this year. Retailers will continue to opportunistically seek acquisitions to drive earnings growth, and the ongoing consolidation could translate into big changes for shopping center owners, experts say… Read more »

Fowler Starts New Year With $63 Million Purchase Of 552 Apartments In Phoenix

Fowler Property Acquisitions LLC in Newport Beach, Calif. (Greg Fowler, managing principal) paid $63 million ($114,130 per unit) to buy the 552-unit Pinnacle at South Mountain apartments at 5151 E. Guadalupe Road in Phoenix. The seller was BEX Portfolio LLC, a company owned by Essex Property Trust Inc. in Palo Alto, Calif. (NYSE: ESS) as successor by merger to BRE Properties Inc. in San Francisco, Calif. (NYSE:BRE)… Read more »