Commercial Real Estate & Business News – July 15, 2014

Life companies’ commercial mortgage portfolios posted a 2.43% total return in the first quarter of 2014, improving over Q4 2013’s performance of 0.38% while also stronger than the year-ago total return of 1.995%, according to the LifeComps Commercial Mortgage Loan Index released Monday. The data have been collected quarterly from participating insurers since 1996… Read more »
Less than six months after a certificate of substantial completion was recorded against the property—indicating that the property was fully constructed and ready for occupants—Avenue 25 Apartments in Phoenix sold for $35.4m or nearly $140k per unit. The buyer was TruAmerica, in the person of its CFO, Karen Millan, who paid $10.62m in cash and financed the remaining $24.78m in purchase price with Capital One… Read more »
Compadre Stadium will soon be replaced by a residential community. On Monday, the Chandler City Council approved an ordinance rezoning the land that Compadre Stadium sits on to be residential property and allow Standard Pacific Homes to build houses on the land at the southeast corner of Ocotillo and Alma School roads…Read more »
A former commercial center in Sun City enters a new phase in its redevelopment into a medical complex, reports the Daily News-Sun. Medical group American Integrated Physicians, which bought Sun City’s Thunderbird Plaza two years ago, soon will begin a second phase of redevelopment for the retail center-turned-medical campus…Read more »
A company formed by CIRE Equity in La Jolla, Calif. (Joshua Volen and Trevor Smith, principals) paid $19 million ($134.36 per foot) to purchase a 141,407-square-foot shopping center located at the northeast corner of Lower Buckeye Road and 99th Avenue in the Tolleson area of west Phoenix. The seller was Pecan Holdings LLC, a company formed by Tate Capital Real Estate Solutions LLC in North Miami, Fla… Read more »