Commercial Real Estate & Business News – June 18, 2013

Weidner Buys 192 Units in Extraordinarily Quick Turnaround

In what could be described as a very quick turnaround, Weidner Apartment Homes acquired the 192-unit Dunlap Square Apartments from a Sacramento, CA seller for $8.8 million. The entire process from contract to close took one week. In an interview with, ORION Investment Real Estate brokers Rue Bax and Alon Shnitzer acknowledge that such a closing in seven days is very rare… Read more

Gilbert Apartment Complex Gives Rise to Retail Hopes

Hoping to infuse energy into a long-beleaguered retail center, Gilbert last week approved a zoning change that allows more than 300 apartments to be built within Gilbert Town Square near Gilbert and Warner roads. The $36 million, 307-unit complex is set for January groundbreaking… Read more

The Future of Interest Rates

With the Federal Reserve’s continued indecision regarding the fate of bond-buying programs and the likelihood that interest rates will rise, smart money is going to great lengths to lock in long term rates. Recently, Federal Reserve Chairman Ben Bernanke testified before the Joint Economic Committee of Congress and one of the main issues at hand was the fate of monetary stimulus that has bolstered the economy… Read more

Bascom Bolsters Multi-family Holdings With 432 Units In Phoenix…Pays $40.725 Million

A company formed by Bascom Arizona Ventures LLC paid $40.725 million ($94,271 per unit) to acquire the 432-unit Arcadia Cove apartments at the southwest corner of 44th and Oak streets in Phoenix. The seller was 2252 North 44th Street LLC, a company formed by BRE Properties Inc. in San Francisco, Calif. (NYSE:BRE, Constance Moore, CEO)… Read more

Sundome to be Demolished to Make Way for Shopping Center

When it opened 33 years ago, the Sundome in Sun City West was the largest single-story performing-arts center in the country. It cost $8.6 million to build and was designed primarily as a concert hall with 7,169 seats. By 2005, the Sundome Center for the Performing Arts was a white elephant and was sold by Arizona State University to Maricopa County for just $10… Read more