Commercial Real Estate & Business News – June 26, 2014

7th Gate Center, a 43,426 square foot mixed-use project located at 1601 N. 7th Street in Phoenix, closed for $5 million. Braxton Glass, vice president of ORION Investment Real Estate in Scottsdale, facilitated the transaction purchased by Cole Valley Partners, a boutique commercial real estate investment firm based in San Francisco. Harnessing an innovative trend in the real estate capital market, crowdfunding… Read more
HSL Properties Inc. in Tucson (Humberto Lopez, principal) has added to its vast multi-family holdings in Arizona with the $53 million ($128,019 per unit) purchase of The Station on Central, a 414-unit apartment complex at 4140 N. Central Avenue in Phoenix. The seller was North Central Avenue Apartments LLC, formed by Baron Properties in Greenwood Village, Colo… Read more
The on again, off again proposed Ritz-Carlton Hotel development in Paradise Valley has another hiccup, and former GoDaddy chairman Bob Parsons has been confirmed as a lender to the project. Parsons and his investment group, YAM Capital, has lent $55 million to Jerry Ayoub’s Five Star Development Resort Communities LLC to help finance the $1.5 billion Ritz project… Read more
Student housing developer Education Realty Trust will use proceeds from its recently upsized equity offering to invest in acquisitions and new development projects at Arizona State University, the University of Connecticut, and the University of Louisville. Education Realty (NYSE: EDR) will acquire a housing community serving Arizona State University in Tempe, AZ, and begin development of a community near… Read more
HBI International, dba BBK Tobacco & Foods LLP, a wholesale distributor since 1996, is consolidating its two Phoenix locations and expanding to a building owned by Cabot Properties, Inc. The 88,488-square-foot building at 3401 W. Papago St. will serve as the tenant’s world headquarters. Occupancy will take place at the end of the year… Read more