Here are the news articles you might find interesting today for commercial real estate and business:
GREYSTAR/GOLDMAN VENTURE CLOSES 2ND HALF OF PORTFOLIO . . . $72.114 MILLION FOR 684 UNITS Companies formed by Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) and Goldman Sachs & Co. in New York City, N.Y. paid a combined $72.114 million ($105,430 per unit average) to acquire 684 apartment units in two Phoenix communities and one in Tempe. The purchase completes the second half of a larger portfolio deal which has resulted in the Greystar/Goldman venture paying $180.3 million ($114,476 per unit) to purchase 1,575 apartment units in the Valley. In February, BREW reported the Greystar/Goldman Sachs venture paying a combined $108.185 million to acquire 927 apartment units in three Phoenix communities. As reported, the Valley multi-family projects are part of a $1.5 billion portfolio deal involving 8,010 apartments that the Greystar/Goldman venture purchased in six states. View article…
That’s the Last of It — Two Builders Acquire the Remaining Bank-owned Lots at Bridges at Gilbert Marking an end to the bank-owned bulk lot inventory for Bridges at Gilbert, Lennar and Shea Homes acquired a total of 187 partially improved lots. Bridges at Gilbert is located east of the southeast corner of Queen Creek & Higley Roads in the Town of Gilbert. Both builder’s paid additional sums per prior joint development agreements and lot improvement reimbursements. View article…
Desert Crest Sells Belleview Communities have purchased the 66-unit Desert Crest apartments at 6141 N. 59th Ave. in Glendale, AZ for $2,079,000, or $31,500 per unit. The property was constructed in 1985 and lies on 2.4 acres in the Northwest Phoenix submarket of Maricopa County. View article…
CORE Institute expanding with move to new Phoenix headquarters The CORE Institute – an orthopedic services provider – has outgrown its Phoenix headquarters and will relocate this fall into a bigger space only two miles away where it will spend the next 15 years, according to a statement Monday by CBRE Inc. in Phoenix. CORE (Center for Orthopedic Research and Education) is slated to move in to a roughly 69,000-square-foot space in the Union Hills Corporate Center, a four-story 160,000-square-foot office building located off Interstate 17 near Union Hills Drive, by October, the statement said. View article…
Vacant Westgate site might become city arts center What began as a concept to offer express library services to west Glendale residents has morphed into plans for a public art gallery and site for recreational classes at Westgate City Center. If the City Council approves a proposal presented Tuesday, Glendale’s Parks, Recreation and Library Services Department would move artwork, some library books, computers and classes into the 3,050 square-foot vacant space next to Cold Stone Creamery. View article…
Developer plans face-lift for Gilbert shopping center Valley real-estate mogul Michael Pollack this summer hopes to bring a little Disney-style magic to an “ugly” Gilbert strip mall at the southeastern corner of Gilbert and Ray roads. Pollack recently purchased the decades-old Plaza del Sol shopping center – perhaps known best for a large horse statue on the roof – and said he was excited to give the building a major face-lift. View article…
Kevin Binkley’s latest restaurant focused on local produce Chef Kevin Binkley opened his latest restaurant last week in Phoenix with an eye toward local produce. Bink’s Midtown opened last week at 2320 E. Osborn Road and features menu items that highlight Binkley’s appreciation for locally grown produce and vegetables. View article…
23 light-rail land deals in Mesa are stalled Eminent domain will be used, if necessary, to acquire the last few pieces of land required for Mesa’s light-rail extension. The City Council authorized that step recently after city staffers said talks had stalled on 23 parcels that Metro light rail needs for right-of-way and easements. With work under way on the extension from Sycamore Street to east of Mesa Drive, time is running short for Mesa to acquire the tracts. View article…
Vestar, UBS Global Asset Management Acquire L.A. Center for $87.3M Vestar, in a joint venture with a fund advised by UBS Global Asset Management, has acquired Peninsula Center, a 300,000-sq.-ft. retail center located on 24.7 acres in the affluent city of Rolling Hills Estates in Los Angeles County for $87.3 million in an all cash transaction. View article…
CCPT III Back to ARCP: We’re Still Better Off with Cole Holdings In its latest response to New York City-based American Realty Capital Property’s $9 billion acquisition proposal and follow-up letter, local REIT Cole Credit Property Trust III offered a press release, complete with a laundry list, as to why its planned buy of Cole Holdings Corp. mades more sense than agreeing to ARCP’s offer. View article…
HOUSING:
Veros Predicts Prices Will Appreciate in 75% of Markets Veros, a leader in enterprise risk management, collateral valuation services, and predictive analytics, released Monday its VeroFORECAST update for the next 12 months, predicting price appreciation in 75 percent of markets. View article…
Scottsdale rental homes owner eyes $300M IPO Scottsdale-based American Residential Properties Inc., a single-family rental homes owner, plans to raise $300 million in an initial public offering. View article…