Commercial Real Estate & Business News – July 8, 2015

Olen Properties Picks Up Gilbert Apartment Project In $38.3 Million Purchase

After sitting on the sidelines for 15 years following its first multi-family purchase in the Valley, Olen Properties Corp. took all of three weeks in between its second and third apartment investments in the Phoenix area. In its most recent deal recorded July 6, Olen Properties paid $38.3 million ($167,982 per unit) to buy the 228-unit Highland Groves at Morrison Ranch apartments located north of Elliot Road and east of Recker Road at 105 N. Beebe Street in Gilbert. The seller was a venture formed by P.B. Bell Cos. in Scottsdale and Woodbury Strategic Partners… Read more »

Cypress West Acquires Two MOBs

Cypress West Partners, a Southern California-based healthcare investment, leasing and property management firm, has acquired two high-profile medical office buildings in Scottsdale in a joint venture with MedProperties Holdings LLC, a national, healthcare-focused real estate private equity firm headquartered in Dallas… Read more »

Boulders Announces Multi-Million Dollar Renovations

The Boulders Resort & Spa has begun a significant renovation project with plans for completion by December 2015. Nestled in the lush high Sonoran Desert, this luxury hideaway is world-renowned for its dramatic and innovative architecture that blends seamlessly with the surrounding ancient rock formations. Now, a multi-million dollar restoration revives the luster of this celebrated resort with a fresh look that continues to draw inspiration from the serene desert environs… Read more »

Make Room for the Boutique Boom

Arizona may be pushing its weight around as a tech hub, but the state is also seeing its hospitality sector bounce back with a force that is causing waves of property exchanges, renovations and re-branding efforts to many hotels and resorts… Read more »

Tribe Sues to Prevent Loop 202 Freeway

The Gila River Indian Community has filed a lawsuit to prevent construction of the South Mountain Freeway, following a coalition of environmental and community groups that also have challenged the freeway in court… Read more »