Commercial Real Estate & Business News – March 9, 2015

It may be a time of investment activity on par with what we saw during the peak of the previous cycle, but it’s hardly business as usual. In its new report on real estate private equity, EY uses the word “disruption” to characterize the tumult facing the global real estate sector. At the same time, however, Preqin reports that more than three-quarters of institutional investors active in the private real estate market intend to invest more capital into the asset class this year compared to 2014… Read more »
The construction of a 200,000 square-foot aquarium is set to start soon with an opening date of July 1, 2016. The OdySea Aquarium is being built near Loop 101 and Via de Ventura Drive on Salt River Pima-Maricopa Indian Community land. The same people behind the Butterfly Wonderland are behind the aquarium. A ground-breaking ceremony was held Thursday. Phoenix is the last large metropolitan area without an aquarium, said Amram Knishinsky, OdySea co-founder… Read more »
The select top office lease signed during the fourth quarter of 2014 in the Phoenix market was at 4809 E. Thistle Landing Dr. in the South Tempe / Ahwatukee submarket. Fisserv, Inc. renewed its 101,043-square-foot lease there, represented in the direct deal by JLL. TriWest Healthcare Alliance leased 55,549 square feet at 16010 N. 28th Ave. in the Deer Valley / Airport submarket. CBRE represented the landlord, while Cushman & Wakefield, Inc. represented the tenant… Read more »
Officials from Watt Communities of Arizona and Southern California-based parent company Watt Communities have broken ground on Dorsey Lane, a 51-unit, for-sale upscale urban living townhome project in central Tempe. Dorsey Lane is the first of five infill urban living communities, with a construction value of more than $25 million, scheduled to break ground by Watt in metro Phoenix this year… Read more »
A limited partnership formed by Second City Real Estate in Vancouver, B.C., Canada (Sam Belzberg, chairman) paid $27.1 million ($120.89 per foot) to buy a 224,172-square-foot office project at 16404 N. Black Canyon Highway in Phoenix. The seller was Black Canyon CC LLC, formed by Angelo, Gordon & Co. LP of New York City, N.Y., and Parallel Capital Partners in San Diego, Calif. (Matt Root, Jim Ingebritsen, Jim Reynolds, partners)…Read more »