Commercial Real Estate & Business News – June 6, 2013

Elevation Chandler Could be Coming Down if Deal Closes

Elevation Chandler could be torn down by the end of the year. The abandoned project, an eyesore that has stood for seven years near Loops 101 and 202 as a testament to ego, financial mismanagement and a destructive economy, is under contract with a buyer. Houston-based Hines, a worldwide developer, plans to build about 300 rental units on the 10.5-acre site… Read more

Mark-Taylor To Build 556 Apartments At Site Acquired In Chandler

Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) plans to develop a 556-unit apartment complex in Chandler. San Valencia Apartments LLC (Mark-Taylor entity) paid $5.5 million to buy the 31-acre parcel, which is located east of McQueen Road at the northeast corner of Germann Road and Oxford Lane. The seller was The Episcopal Diocese of Arizona… Read more

East Mesa’s Housing Development Shows Real Estate Recovery

New construction is turning a corner in the Valley, and the suburb of Mesa is ready to grow again. A housing development long in the planning stages is now open. “It is the symbol that residential real estate is back in Arizona,” said Garilyn Bourgeois with DMB Associates, Inc… Read more

ASM America Headquarters Building sells for $19,750,000

The ASM America headquarters building sold yesterday for $19.75m or $151.59 per ft2 with $9.875m down and $9.875m new debt with US Bank. Winnipeg-based Artis REIT acquired the building from a tenancy in common investor group headed by Robert F Caldwell of Caldwell’s San Francisco Door Company. Kirsty Stevens, chief administrative officer of Artis, closed the deal with Caldwell… Read more

Camden Buying Three Valley Sites To Develop 834 Apartments

Camden Property Trust in Houston, Tex. has agreed to buy prime sites in Scottsdale, Tempe and Chandler that are planned for a combined 834 apartments. Sources say Camden will pay more than $25 million to buy the multi-family dirt. The properties are owned by Equity Residential Trust in Chicago, Ill., as the buyer of a portion of apartment complexes and multi-family sites from Archstone Enterprise in Englewood, Colo… Read more