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Commercial Real Estate & Business News – July 3, 2013

Florida Investor Entering Valley Apartments Market…$61.525 Million for 626 Units

In a $61.525 million deal ($98,283 per unit) scheduled for completion, Priderock Capital Partners LLC in West Palm Beach, Fla. was expected to acquire 626 apartment units in Scottsdale. The investment will be the first in the Valley for Priderock Capital, which has acquired, developed or managed 15,000+ multi-family units in the U.S… Read more

Liberty Buying Land for 1.5 Million Sq. Ft. of Industrial Space and Vacant Warehouse

In two separate transactions expected to total roughly $40 million, Liberty Property Trust in Malvern, Pa. is working to buy 75 acres targeted for 1.5 million sq. ft. of industrial space and a vacant warehouse of almost 600,000 sq. ft. in southwest Phoenix… Read more

Renting is New Buying’: Apartments Booming in Scottsdale

A giant crane towers over the massive construction site for the final phases of the Scottsdale Waterfront in downtown Scottsdale. Scottsdale is leading the Valley in apartment development, said Tom Simplot, president/CEO of the Arizona Multihousing Association. He also serves on the Phoenix City Council… Read more

Bridge Over Troubled Waters

While commercial real estate has regained its allure for investors chasing return premiums; as a whole, opportunistic investors are working with a different set of objectives than the institutional buyers. Institutional buyers are happy to accept a 4% to 6% return on in-place, stabilized cash flow in exchange for relatively low risk… Read more

Whitestone Continues Buying Spree; Closes on Anthem Marketplace

Whitestone REIT’s appetite for Phoenix-area assets remains strong. Less than a week after acquiring Mercado at Scottsdale Ranch, the Houston-based REIT bought the 113,293-square-foot Anthem Marketplace from Regency Centers for $23.3 million… Read more