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Commercial Real Estate & Business News – March 12, 2014

GoDaddy Founder Bob Parsons To Buy Scottsdale Parcel

Golf course-community developer Lyle Anderson has sold a prime piece of Scottsdale land to GoDaddy founder Bob Parsons. The site, at Dynamite Road and 118th Street, no longer will be developed into the Sierra Reserve community Anderson had planned. Details about Parsons’ plans for the property are likely to… Read more

114 Townhome Units to be Built at 68th St & Thomas Road

Meritage Homes purchased a 9.75 acre parcel on Thomas Road near Old Town Scottsdale, where they plan to build two-story townhomes at 14.65 dwelling unit per acre. The site was sold by Lewis Ghiz of Paddock Pool & Spa’s for $8.5m, which reflects $871,794 per acre, $74,561.40 per planned unit, or $73.36 per square foot of current improvements on site… Read more

Marriot Planned for Gateway Airport

Officials from the City of Mesa and the Sunridge Hotel Group, a Mesa-based hospitality development and management company, announce a plan to build a Courtyard by Marriott in the Gateway Airport area. “We are pleased to welcome another Marriott property to our community,” Mesa mayor… Read more

HCW Pays $7.878 Million For Chandler Site Targeted For 303 Apartments…May Be A Flip

HCW LLC in Branson, Mo. (Rick Huffman, Sam Cantanese, managers) is working to develop a 303-unit apartment complex at the southeast corner of Chandler Boulevard and Hearthstone Way in Chandler. The planned multi-family community is targeted for 7 acres of a 12-acre tract that surrounds the southwest corner of Chandler Boulevard and Chandler Village Drive… Read more

Apartment Sector Remains Resilient, Despite Minimal Improvements in Occupancy

Demand for apartments remains strong four years after the recovery began, even as construction activity has gradually increased. Not even the seasonal weakness normally observed during the fourth quarter had much, if any, impact on market dynamics… Read more