Commercial Real Estate & Business News June 1, 2018

A joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management L.P. paid $75.1 million for a Tempe apartment complex. The 424-unit Galleria Palms, 1600 W. La Jolla Drive, is near U.S. 60 and Interstate 10 in an area seeing unprecedented job growth. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties…»
Fairfield, NJ-based Lamar Cos., a management, acquisition and development firm, purchased a 550,000-square-foot portion of an open-air shopping center totaling more than 1 million square feet in Phoenix from Santa Monica, CA-based Macerich Co. Promenade Shopping Center sold for $26 million, or about $47 per square foot. The acquisition is Lamar’s fourth in the Phoenix market…»
Christopher Todd Communities has purchased nearly 12 acres of land at the southwest corner of Ellsworth Road and University Drive in Mesa, with grading expected to begin late this summer and residents moving in during 2019. The company plans to develop a rental community of 145 one- and two-bedroom, single-story, single-family homes…»
Paradise Valley Town Council unanimously approved an amended final plat for Area C, 39 lots on 17.2 acres, within the Ritz-Carlton Paradise Valley campus. Area C, as it’s known between town officials, is designated for resort-branded single family homes. Original plans called for 45 homes on 22.5 acres. The town approved the former special use permit in 2015…»
A former restaurant on Osborn Road east of 16th Street sold for $1.19 million. The building formerly housed the Coup Des Tartes restaurant and was built in 1922 and renovated in 2015. It will be converted into an office building, said Aimee Healy, the marketing manager for Orion Investment Real Estate. Judi Butterworth and Lacey Eyman of Orion represented the seller, Capital Fund I, in the sale…»