Commercial Real Estate & Business News – June 8, 2016

ColRich Multifamily purchased two adjacent Scottsdale apartment complexes yesterday from NorthStar Realty Finance for a total of $67.5 million, or $108,000 per unit. Each sale was funded by an assumption of the seller’s prior loans with US Bank, as well as new notes with Freddie Mac.…»
West Valley residents will soon realize the pleasures of one-stop-healthcare, a new development trend, with Dr. John Simon’s latest project: Westgate Healthcare Campus. The first phase of the 250,000-square-foot, $30 million campus is expected to be finished at the end of the year, with the remainder of the project looking to come online within the next five years. Once finished, the campus seeks to be a one-stop-shop for anyone’s healthcare needs, hoping to provide everything from lab work and routine check-ups, all the way to dental exams. Simon also hopes to add research components to the campus.…»
Tempe Town Lake’s first hotel will open this week. The AC Hotel Tempe, part of Marriott International, will open on Wednesday, June 10. The European-style hotel will be the first in the western U.S. It will be the eighth in the U.S.…»
Central Phoenix’s building boom is spreading north. Developers are planning hundreds of new houses and apartments in the North Mountain and Deer Valley areas, including a 31-acre community full of restaurants and retail. A few projects broke ground in May with more slated for the summer. Stretching from Northern Avenue past Happy Valley Road, the zones are seeing some of the same building trends as the central city, said Alan Stephenson, Phoenix Planning and Development director. Projects are filling in vacant parcels among existing development, or clearing land for new uses.…»
The Town of Gilbert Design Review Commission will consider at its June 9 meeting a developer’s request to build a Main Event entertainment complex, like two other Arizona locations previously opened in Tempe in 2013 and in Avondale earlier this year. Developer LeSueur Investments seeks to build the 50KSF facility on 5.9 acres of vacant farmland at the SEC of East Ray Road and Santan Village Parkway just west of the Loop 202 Santan Freeway…»