Commercial Real Estate & Business News – May 24, 2013


Greystar Acquires the Via Ventura Apartments in Scottsdale for $36.5m

reystar continues to acquire and Equity Residential (EQR) continues to dispose of multi-family assets in Greater Phoenix, even after the former’s co-venture with Goldman Sachs closed its twenty seven-property portfolio sale and the latter completed its $11b acquisition of Archstone Enterprises. Acting through a non-traded REIT affiliate, Greystar Equity Partners VII, Joshua Carper and Robert Faith purchased the 328-unit Via Ventura Apartments from EQR for $36.5m or $111,280.49 per unit… Read more

Ryan Companies US to Build 126,000 SF Manufacturing, Industrial Building in Chandler

A 126,000 SF industrial building designed for manufacturing and warehousing operations, known as EastGroup @ Chandler Freeways, is set for completion in 4Q 2013 adjacent to the 202 Freeway. Ryan Companies US, Inc. has been selected as general contractor for the project. “We continue to invest in Arizona as one of our five core states. We believe the Greater Phoenix industrial market has recovered to the point where there are shortages in certain types of industrial properties, justifying a limited amount of speculative construction,” said Bill Petsas, EastGroup Senior Vice President… Read more

Gaylord Resort in Mesa at Eastmark Development May Have New Life

Remember last year when Gaylord Entertainment Inc. pulled the plug on its long-awaited Mesa resort and convention center at Eastmark after being acquired by Marriott International? Well, it turns out plans for the huge project may be resurrected… Read more

New Growth Spurt for Valley

Phoenix poised to pass Philadelphia; Buckeye’s surge ranks 9th in U.S. Arizona growing again: Nearly all of the state’s largest municipalities gained population in 2012, the Census Bureau estimates. Shaking off a population slump tied to the housing bust, Phoenix once again was among the nation’s fastest-growing cities last year, newly released Census Bureau estimates show… Read more

Latest Sales Tax Report Shows Arizonan Consumer Spending up 8.2 Percent

Forget fears of sequestration. And never mind the hike in payroll taxes that shrunk paychecks. A new report from the state Department of Revenue shows Arizonans are spending at pre-recession levels. And they’re opening up their wallets not just for new clothes but for major purchases like furniture and vehicles… Read more