Commercial Real Estate & Business News – May 29, 2015

A new high-rise tower complex planned for downtown Tempe would bring hundreds of luxury apartments and hotel rooms to the city’s increasingly urban core, but Arizona State University President Michael Crow is concerned the buildings are too tall. Minneapolis-based Opus Development Co. has filed plans for a three-tower mixed-use project that would cover a full block, from Myrtle Avenue to Forest Avenue between University Drive and Seventh Street next to ASU’s main campus… Read more »
Phoenix-based Alliance Residential is partnering with a San Francisco investment firm to build a new 256-unit apartment development in downtown Gilbert. Alliance has bought 13.7 acres at Warner Road and Civic Center Drive for $3.85 million from Lehman Brothers Holdings Inc. Alliance and Larkspur, California-based Appian Capital LLC are partnering on the new complex, Broadstone Civic Center… Read more »
ViaWest Group has sold 96,691 square feet of office space within the commercial complex, Crossroads of Tempe. Phoenix-based ViaWest Group acquired the nearly vacant office-retail property in 2011 for $4 million and sold the retail portion shortly after for $1.3 million. Four years later, after investing in the two remaining vacant, shell condition office buildings… Read more »
In two separate deals, Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) has acquired an industrial project in southeast Scottsdale and is planning to develop a distribution center in west Phoenix. Maricopa County records show Pima Thomas Venture LLC (Wentworth entity) paid $6.75 million ($52.41 per foot) to purchase a 128,795-square-foot industrial project on 10.78 acres at 8700 E. Thomas Road in Scottsdale. The sellers in the cash sale were… Read more »
Metromile, a pioneer in pay-per-mile car insurance in the United States, announced Wednesday that it will open its third office in Tempe. The office is located at 1150 West Washington, near the Priest Drive and Washington Light Rail Station. “We are really excited to be in Tempe,” said Dan Preston, CEO of Metromile. “We looked at a number of cities but were impressed with Tempe’s business and technology community and diverse talent pool…Read more »