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Commercial Real Estate & Business News – May 30, 2017

Rising interest rates, and the expectation home prices will rise soon, spurred a lot more people to buy new houses in metro Phoenix during the past month. It’s a nice boost for the Valley’s homebuilding market that’s still recovering from the housing crash…»

 

A 576-unit, Class A multifamily complex, Andante, was sold to a Seattle-based real estate investment firm for $85.25 million. Andante is located at 15801 S. 48th St., in Phoenix’s Ahwatukee submarket. The apartments are located west of Interstate 10 with visibility along Chandler Boulevard…»

The Permanent Land Endowment Trust Fund, also known as the Schools’ Endowment, has set an all-time record, growing to $5.57 billion at the end of April 2017. “This return has outperformed our benchmark, demonstrating that ourstrategy to be conservative in our bond investments is paying off,” Arizona State Treasurer Jeff DeWit said in a statement. “Rather than reach for yield in our bonds by investing long, we have kept our bond investments shorter than the benchmark to protect them from a rise in interest rates”…»

Situated along Civic Center Plaza, the ±16,919 square foot Scottsdale Medical Building closed for $2,650,000 ($156.63/SF). The building sits adjacent to HonorHealth Scottsdale Osborn Medical Center. Nearby amenities include Scottsdale Stadium, Civic Center Mall, Scottsdale Fashion Square, and Old Town Scottsdale’s shopping, bars and restaurants…»

The Vig will soon have a new location in north Scottsdale, and it may the concept’s most extensive location to date. The restaurant will open its fifth location on June 5 near McDowell Mountain, off the corner of Bell Road and Thompson Peak Parkway, called The Vig McDowell Mountain…»