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Commercial Real Estate & Business News – May 8, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

Sold: Sale/Lease Back Single Tenant Property – Rockies Diner I exclusively represented the buyer in a sale/lease back opportunity. This was a great opportunity for both the buyer and the seller. Seller was able to free up capital and buyer was able to get a return on their investment. View article…

Bellagio apartments in Scottsdale sell for $26 million A Vancouver, Wash.-based multifamily investor recently handed over $25.75 million to acquire the 202-unit Bellagio apartment complex in north Scottsdale, according to a statement this week from Xceligent Inc. View article…

JDM Partners Picks Up ~100k SF Office Building in South Tempe Jerry Colangelo, David Eaton, and Mel Shultz of JDM Partners have picked up an 102,435 square foot office building in Tempe for $14.32M or $139.80 per square foot. JDM Partners paid iStar Financial–the seller–$5.27M in cash and reportedly financed the remainder, though no new debt was located. The two-story office building at 8320 S Hardy Dr, conveyed as Lot 3 of the Warner Crossing subdivision in South Tempe. View article…

GoDaddy Global Technology Center Breaks Ground in Tempe Governor Jan Brewer today was proud to stand with GoDaddy, the Web’s top platform for small businesses, as executives with the Arizona-based company announced plans for a significant expansion in Tempe. The expansion is expected to generate 300 quality, new jobs for the fast-growing provider of Web domain names, Web hosting and SSL. Joining the Governor for the announcement at Arizona State University Research Park was GoDaddy CEO Blake Irving and Tempe Mayor Mark Mitchell, as well as officials with Ryan Companies, the Arizona Commerce Authority (ACA) and the Greater Phoenix Economic Council (GPEC). View article…

Tierra Partners Acquires Westwind Terrace for $7.1M Tierra Partners VII LLC acquired the Westwind Terrace at Superstition Springs office building located at 6402 E. Superstition Springs Blvd. in Mesa, AZ from Westwind Holdings LLC for $7.1 million, or about $131 per square foot. View article…

Tempe Apartment Site Sold for $6M Oliver McMillan purchased the 3.7-acre apartment site located at 260 E. Rio Salado Parkway in Tempe, AZ from a subsidiary of Sunbelt Holdings for $5.85 million, or about $1.58 million per acre. Oliver McMillan acquired preliminary approvals before the close of escrow. The proposed 264-unit apartment building will total 327,182 square feet of living space. It will be four-stories with a fifth-story loft. Including two levels of underground parking will bring the project to 524,815 square feet. View article…

Heatherwood Plaza Sells in Glendale Westwood Financial Corporation acquired a portion of the Heatherwood Plaza from American National Insurance Co. for $3.6 million. The transaction included a free-standing outparcel building at the plaza plus a portion of the main strip attached to the Fry’s building at the location, including the vacant former Dollar Tree space at the plaza. View article…

Grand Canyon University looking to expand in Mesa or Gilbert Gilbert and Mesa are the two East Valley communities that made the short list for Grand Canyon University’s expansion plans. GCU President and CEO Brian Mueller told analysts in an earnings conference call today that he is making progress with Gilbert and Mesa, both of which have “very attractive sites.” View article…

Conn’s Signs 277,000-SF Lease Conn Appliances Inc., a division of Conn’s Inc. has signed a 10-year, 277,649 square foot lease in the first phase of Coldwater Depot Logistics Center, an industrial project under development by Trammell Crow Co. and Clarion Partners. Phase 1, which is nearing completion, is comprised of approximately 604,000 square feet of space. View article…