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Commercial Real Estate & Business News – May 28, 2013

Metro Phoenix New-Home Permits up in April

New-home permits climbed in metro Phoenix during April, but new-home sales fell, according to the latest RL Brown report. The decline in sales isn’t due to a drop in demand, though, according to housing analysts RL Brown and Greg Burger. They concluded fewer homes sold last month than in March because there were fewer… Read more

JDM Partners Acquires State Farm Operations Center in $73m Sale-Leaseback

Following its $14.2m acquisition of Warner Crossing Lot 3 earlier this month, JDM Partners has acquired Sunland at Fountainhead Corporate Park – also known as the Regional Operations Center for State Farm Auto – for $73m or $184.41 per square foot. JDM Partners Inc. paid $25.55m in cash for the property and secured an additional $47.54m in funding from Wells Fargo… Read more

Tempe Announces $600 Million Office Development Deal

Plans for a major office and retail complex on Tempe Town Lake were unveiled Friday, launching the next wave of the city’s ambitious waterfront development. The $600 million Marina Heights project, which will be anchored by an 18-story local State Farm insurance company headquarters, is being touted as the state’s largest office development and the catalyst that will help transform the lakefront into the hot spot… Read more

Butterfly Wonderland at Salt River Ready to Set Hearts Aflutter

North America’s largest indoor butterfly pavilion opened Saturday just outside Scottsdale on the Salt River Reservation. Butterfly Wonderland is the first phase of a 35-acre, $170 million entertainment complex at the northeastern corner of Via de Ventura and Loop 101. The complex, Odysea in the Desert, is funded by principal partner Amram Knishinsky and a group of private investors… Read more

Another EQR Property Sells – This Time to Greystar

Business Real Estate Weekly reports that Equity Residential Trust has unloaded another multifamily property. The Chicago-based seller sold the 328-unit Via Ventura apartments to Greystar Real Estate Partners LLC for $36.5 million… Read more