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Commercial Real Estate & Business News – March 12, 2015

Lincoln Property Co. has inked a deal on Salt River Project land with Papago Park Center for the next phase of a 3.2 million-square-foot mixed-use development in Tempe. LPC is developing the last available 60 developable acres of the 350 acre project… Read more »
In a deal signaling that Class A office space in the Valley has reached a price per foot value close to pricing prior to the downturn in the market, Crow Holdings Capital Partners LLC has paid $74.3 million ($340.41 per foot) to buy the 218,266-square-foot Esplanade III office building near the southeast corner of 24th Street and Camelback Road in Phoenix. The seller was A-Esplanade III LLC, formed by AEW Capital Management L.P… Read more »
A $38 million luxury apartment complex in Old Town Scottsdale is now open. The Wood Partners project Alta Scottsdale already is about 25 percent leased, according to a company release. The 218-unit complex, made up of two four-story buildings, sits on 6.5 acres at 8444 E. Indian School Road… Read more »
Laurus Corp. has entered the Valley real estate market with the $18.7 million ($199.17 per foot) purchase of the 93,890-square-foot Canyon Village office-retail project located within the DC Ranch community in Scottsdale. The four-building complex, comprised of two- and three-story structures, is at the northeast corner of Thompson Peak Parkway and Legacy Boulevard. The seller was a company formed by DMB Associates Inc… Read more »
A company has revived plans for an upscale condominium project at McCormick Ranch after it came to a standstill in the recession. Artesia, on the east side of Scottsdale Road just north of Indian Bend Road, gained approval this week to move forward on its next phase of additional – but smaller – residential units… Read more »