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Commercial Real Estate & Business News – March 7, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

Bascom Buys Highlands Apts for $36.7M Equity Residential sold the Highlands at 15255 N. Frank Lloyd Wright Blvd. in Scottsdale, AZ to Bascom Arizona Ventures LLC for $36.7 million, or about $135,000 per unit. Originally built in 1990, the two-story, 272-unit, 245,852-square-foot multifamily property is situated on 20.5 acres in the Scottsdale Airpark submarket of Maricopa County. The 17-building asset offers 82 one-bedroom, 156 two-bedroom and 34 three-bedroom apartments with asking rents between $805 and $1,205 per month. View article…

WISCONSIN INVESTOR MOVES WEST TO ARIZONA . . . RAMPING UP REAL ESTATE HOLDINGS Investor Robert Fransway from the Milwaukee area of Wisconsin has relocated to Scottsdale and is looking to build a portfolio of apartment projects in the Valley. Initially, San Palmas LLC (Fransway’s company) paid $33.6 million ($140,000 per unit) to purchase the 240-unit San Palmas apartments located at 1111 N. Mission Park Boulevard in Chandler. The seller was Teachers Insurance And Annuity Association of America (TIAA) in New York City, N.Y. View article…

MIG REAL ESTATE ENTITY SPENDS $25.4 MILLION TO BUY HOTELS IN SCOTTSDALE AND PHOENIX In two transactions totaling $25.4 million ($91,697 per room), companies formed by MIG Real Estate LLC in Newport Beach, Calif. acquired 277 rooms in two limited stay hotels located in Scottsdale and Phoenix. The Valley hospitality assets are part of a $100 million portfolio of hotels that entities formed by MIG Real Estate purchased from companies formed by Campbell Lodging Inc. in Anaheim, Calif. (Martin Campbell, principal). View article…

192,000 Acres Earmarked for Renewable Energy Development The US Department of Interior, through a Record of Decision (ROD), recently designated 192,100 acres of public land throughout Arizona as potentially suitable for utility-scale solar- and wind-energy development. The project, known as the Restoration Design Energy Project (RDEP), is the conclusion of a three-year, state-wide environmental analysis of areas that could accommodate commercial renewable energy projects. View article…

ASU unveils downtown Phoenix student center Arizona State University has cut the ribbon on its new student center in downtown Phoenix. It’s called the Student Center at the Post Office and is located in the historic post office on Central Avenue and Fillmore Street. “The student center on the downtown campus is really a big deal because we’re taking the old historic post office and we’re blending it in as a historic landmark into the ASU downtown campus,” said university President Michael Crow. View article…

Blue Sky apartments approaching construction stipulation Gray Development Group may be unable to meet the Scottsdale City Council’s zoning requirement that its Blue Sky apartment complex be under substantial construction by April 26. Blue Sky was the first proposal filed under the city’s downtown infill-incentive district and plan. Gray plans to build the complex on 4.28 acres near the northeastern corner of Camelback and Scottsdale roads. View article…

Owner, neighbors compromise on NE Valley apartment plan A group of residents in the Northeast Valley appear to have negotiated lower heights and densities for a proposed apartment complex they contend is not appropriate for the low-density, desert rural surroundings. The tentative agreement with owner CCRP, a limited-liability company whose members include Paul and Jason Phillip, came Monday afternoon, two days before a final Phoenix City Council vote today. View article…

Work in Mesa’s Fiesta District to start after 3-year wait Three years after the City Council first approved the idea, a major overhaul of Southern Avenue in the Fiesta District begins this spring. The City Council on Monday awarded a $9.8 million contract to Haydon Building Corp., which will narrow and beautify the main east-west arterial street serving Fiesta Mall, Banner Desert Medical Center and Mesa Community College. The work is scheduled to begin April 1 and last a year. View article…

1st Northern Parkway piece to open in summer Delayed by rain for several months, the first leg of the new Northern Parkway should be open by midsummer. Northern Parkway eventually will be a fast road that begins at Loop 303, connects to Loop 101 and glides into U.S. 60, giving the West Valley an east-west alternative to congested Bell Road. View article…

Cole Credit Property Trust III Inc. to Acquire Cole Holdings Corp. Cole Credit Property Trust III Inc. (CCPT III) announced that it has executed a definitive merger agreement to acquire Cole Holdings Corp., a real estate investment management firm with more than $12 billion of assets under management. Upon completion of the deal, CCPT III will change its name to Cole Real Estate Investments Inc. and will pursue a listing on the New York Stock Exchange. View article…

Arizona highly ranked for clean energy job growth in 2012 Arizona was one of the leaders in clean energy job growth last year, ranking No. 6 on a new report that looked at energy and transportation projects. The report released by the Washington-based Environmental Entrepreneurs group, found that Arizona announced 4,082 renewable and clean energy jobs in 2012 from 14 projects in the state. View article…

GM to hire 1,000 for high-tech Chandler innovation center General Motors announced today it has selected Chandler as the site of its fourth Information Technology Innovation Center, with plans to hire 1,000 high-wage employees and invest $21 million in the new facility, planned to open early next year. View article…