Commercial Real Estate & Business News – June 18, 2014

Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $65 million ($169,713 per unit) to buy the 383-unit Parcland Crossing apartments located just south of the 202 Freeway at the northeast corner of Willis and Alma School roads in Chandler. The seller was Alma School Apartments LLC, a joint venture formed by Mark-Taylor Inc… Read more
Downtown Gilbert, the historic heart of the town, has a new beat. Small shops, trendy restaurants and lively events are restoring vitality to the aging district. Drawing crowds are new eateries such as Postino East, Joyride Taco House and So Cal Fish Taco Co., which join favorites like Liberty Market, Farmhouse Restaurant, Oregano’s Pizza Bistro and Joe’s Real BBQ… Read more
City living has been a blessing for Tim Nelson. The Phoenix lawyer moved downtown a few months ago into a new $389,000 home with a warehouse-style floor plan, a Jacuzzi tub and kitchen counters made of Caesarstone quartz. His favorite coffee spot is three blocks away. When the Arizona Diamondbacks play on Friday nights, he can watch postgame fireworks from his deck… Read more
Heading for a public hearing later this summer, the AC Hotel by Marriott Tempe is the final piece in the Hayden Ferry Lakeside complex. Situated east of the Lakeside parking garage, the 159 room hotel is undergoing a design modification before the application is final. Standing six stories tall, the hotel is smaller than Lakeside’s trio of office towers, but taller than the adjoining condominiums… Read more
Watt Communities of Arizona has doubled its Phoenix project pipeline and brought its total local construction commitment to more than $21 million with the announcement of two new urban infill communities: The Enclave at 32nd Street and 16 Ocotillo. The move grows the company’s local presence and expands its product offerings to include single-family detached homes and urban townhomes in close-in suburban neighborhoods… Read more