Commercial Real Estate & Business News – May 10, 2013

Equity Residential Continues Phoenix Divestiture, Sells Sycamore Creek to Henderson Global Investors

Equity Residential (EQR) has sold their third major multi-family development for the quarter – Scottsdale’s 350-unit Sycamore Creek Apartments – to representatives of Henderson Global Investors for $37.7m or $107,174.28 per unit. This sale marks the sixteenth disposition by EQR since announcing plans to acquire the assets of Archstone Enterprises from Lehman Brothers Holdings Inc. in the fourth quarter of 2012. Henderson plans several capital improvements for the property, including upgrades of the pool and clubhouse area… Read more

Conn’s Signs 277,000-SF Lease

Conn Appliances Inc., a division of Conn’s Inc. has signed a 10-year, 277,649 square foot lease in the first phase of Coldwater Depot Logistics Center, an industrial project under development by Trammell Crow Co. and Clarion Partners. Phase 1, which is nearing completion, is comprised of approximately 604,000 square feet of space… Read more

Spain-Based Abengoa to Build $110M Plant in Glendale

Spain-based Abengoa announced it will build a $110 million facility in Glendale that will cook household trash at extreme temperatures, forming a gas that can be burned to make electricity. Abengoa said it will build and run the plant for Vieste LLC, a Chicago company that has been negotiating with the city to build the facility at the landfill west of Loop 101 between Northern and Glendale avenues… Read more

Marketplace One Realizes 47.5% Annualized Rate of Return on Sale of Surprise Acreage

Harvard Investments paid $14.35m for 359.91 acres of roughly graded residential land within the Desert Oasis and Sunrise Ranch subdivisions in Surprise. The sales price represents a $39,871 Per Acre Price and a $0.91 Per Square Foot Price. Harvard paid cash for the property and annexed 1.27 adjacent acres pursuant to an outstanding agreement prior to the acquisition… Read more

Amenzone Primal Fitness Expands to Fountain Hills, Plans Six More Locations

Roughly seven months after launching into franchising, Scottsdale-based Amenzone Primal Fitness has opened its second location this month and has six additional centers in the works… Read more