Commercial Real Estate & Business News – June 23, 2015

Expanding its Phoenix area footprint, San Diego-based Parallel Capital Partners announced today it has acquired One North Central – a 20-story, trophy office building in downtown Phoenix – for $93.75 million. The 410,000-square-foot Class A, LEED Silver, Energy Star-rated tower was acquired from One North Central LLC. Parallel Capital Partners will invest more than $1.5 million to renovate and upgrade the landmark property… Read more »
WinCo Foods, an Idaho-based 24-hour grocery chain, will open a new store in Surprise this week. The Surprise store is located west of Loop 303 at 16925 W. Bell Road and is approximately 85,000 square feet in size. The store will open Thursday at 9 a.m. It will be the grocer’s seventh Phoenix-area store. Other Winco locations are in Phoenix, Chandler, Glendale, Mesa and two in Gilbert… Read more »
Invitation Homes, one of the leading owners and operators of single-family home rentals, is preparing to sell $853.9 million of asset-backed securities. The transaction will be the biggest sale ever of securities backed by loans on single-family rental homes. Top single-family rental companies are cashing in, raising billions of dollars on Wall Street by securitizing the loans on their portfolios. The single-family home rental sector is doing well, according to analysts like Moody’s Investors Service… Read more »
Two years after a 300-unit apartment complex was approved for Gilbert Town Square, construction has not started. The apartments would expand the customer base of Gilbert Town Square, a now ten-year old shopping center originally planned for a Wal-Mart… Read more »
Existing home sales, including for-sale apartments, reached their highest level in May since the fall of 2009, the National Association of Realtors said Monday. The month’s tally rose to a seasonally adjusted annual rate of 5.35 million, coming in at the high end of a consensus of estimates from economists polled by Bloomberg Business. An increase in the percentage of first-time buyers—who comprised… Read more »