Commercial Real Estate & Business News – July 18, 2013

Working Bs: Investors Like Value-Add MF

In recent months, multifamily acquisitions and dispositions have focused on the huge, class A sales such as Bascom Arizona Ventures LLC (which made its return to the market in late 2012) and Equity Residential Trust (which has been systematically shedding its local portfolio since early 2013)… Read more

The Sonora Canyon Apartments Sell for $30m

The Sonora Canyon Apartments were sold Monday to Lone Star Funds for $30.0m or $ 77,320 per door. The apartments had been owned by Orix Real Estate Capital. Scott Cronister chief operating officer of Orix and Marc Lipshy vice president of Lone Star closed the deal. Lone Star financed the deal with a $494,262,293 acquisition loan funded by Citibank & Royal Bank of Canada maturing July 8, 2015… Read more

Strong CRE Demand Powers Expanding Commercial Property Price Recovery

Pricing of commercial real estate strengthened across the board, with pricing gains accelerating in May following a seasonal soft patch in the early months of 2013, reflecting solid market fundamentals, broadening investment activity and healthy demand for virtually all types of commercial properties, according to the latest CoStar Commercial Repeat Sale Indices (CCRSI) release… Read more

North Scottsdale Office Building Sells for $15 million

The Mesquite Corporate Center – an upscale 80,000-square-foot office building near Scottsdale’s popular Kierland Commons and Scottsdale Quarter shopping hubs – has sold to a Nebraska investment firm for $15.25 million. That’s a sales price of almost $192 per square foot… Read more

Two Industrial Projects to Bring 350,000 Sq. Ft. of New Space in Phoenix

Two industrial projects planned in Phoenix are expected to bring about 350,000 sq. ft. of new space to the Valley. The projects are unrelated and will be built on sites in southwest and north Phoenix. Americold in Atlanta, Ga. (Jeffrey Gault, CEO) plans to develop a 200,000-square-foot cold storage facility located just west of the northwest corner of 75th Avenue and Van Buren Street… Read more