Commercial Real Estate & Business News – May 7, 2014

American Airlines Group Renews Lease

Fort Worth-based American Airlines Group renewed a 201,724-square-foot lease at Rio West Business Park, a class A office complex located at 1821, 1921 and 2021 W. Rio Salado Parkway in Tempe… Read more

Hayden Ferry Lakeside III breaks ground

Tempe Mayor Mark Mitchell and Tempe city council members joined developer Ryan Companies, architect DAVIS, owner Parkway Properties and other community leaders to celebrate the start of construction of Hayden Ferry Lakeside III (HFL III) on the corner of Mill Avenue and Rio Salado Parkway. HFL III, a planned class A, 265,000 square foot, 10-story office tower, is the last of three office towers owned by Parkway Properties at the Hayden Ferry Lakeside Development on Tempe Town Lake… Read more

North Phoenix Shopping Center Sold for $10.15m

Ethan Christopher, LLC – an investor in medical office and retail properties in Arizona and California – has completed the acquisition of Union Hills Village, a neighborhood shopping center at the northeast corner of 19th Avenue and Union Hills Road. The purchase price of $10.15m represents $92.11 per square foot and the transaction was financed with $6.4m in new debt with the Rosalinde and Arthur Gilbert Foundation… Read more

Broadstone Camelback earns LEED Platinum Certification

Alliance is excited to announce its 270-unit, Biltmore-area development, Broadstone Camelback, was recently awarded LEED Platinum Certification. This marks Alliance’s first development nationwide to achieve this level of certification. “Broadstone Camelback was designed for LEED certification and is dedicated to improving the quality of life for our residents,” says Ian Swiergol, Alliance’s Managing Director of Development for the Southwest Region. “In many ways, Broadstone Camelback is the first of its kind here in the Valley and the high-quality nature of the property is matched with the highest-level LEED certification of Platinum”… Read more

REITs Binge on Multifamily

Despite high prices for apartment properties, REITs are on a buying binge. They are finding value in mergers that offer them efficiencies that put a strong hold on their markets. They are also looking at market and regions where property prices aren’t so high compared to the income from the properties… Read more