Commercial Real Estate & Business News – November 14, 2014

Risk Premiums Decline Along with Cap Rates

Graphically, the upward trend in commercial real estate sales volume since 2009 resembles the crest of an enormous wave, while the trend for risk premiums looks more like the trough of that wave. Even the highest-risk asset class in ?09?hotels, its premium at more than 7%?has seen its risk premium taper off to below 6%… Read more »

Mill Avenue Gets New Brand, Name As Downtown Tempe

Mill Avenue is the heart and soul of Tempe. After weathering an economic downturn the hip college strip is hopping again and downtown stakeholders want to bank on the momentum. That seems to mean out with the old and in with the new. A new vision was unveiled at an inaugural State of the Downtown address Wednesday that spotlighted a rebranding effort and a revamped logo to market the city’s urban core… Read more »

Fowler Property Fund Spends $66.5 Million For 715 Apartments In Avondale

Companies formed by Fowler Property Acquisitions LLC in Newport Beach, Calif. (Greg Fowler, managing principal) paid a combined $66.5 million ($93,007 per unit blended) to purchase 715 units in the Mirabella I and Mirabella II apartments at 3800 N. El Mirage Road in Avondale. The seller in two transactions was Mirabella Avondale Apartments LLC, a company formed by Fore Property Co. in Las Vegas, Nev… Read more »

$11 Million Yard Tempe Sam Fox’s Most Expensive Project To Date

Sam Fox and Tempe are excited to bring more than just the boys to the Yard. The latest project from Fox Restaurant Concepts is its largest and most expensive project to date. The mixed-use, $11 million project will feature Fox’s Culinary Dropout, as well as other tenants at a warehouse-style building in Tempe’s Farmer Arts District. The Yard Tempe’s first tenant, the Madison, a spin and yoga studio, opened in October… Read more »

Blackstone Venture Buys 356,484 Sq. Ft. of Valley Retail Space in $1.93 Billion Portfolio

A joint venture formed by The Blackstone Group L.P. in New York City, N.Y. (NYSE:BX) and DDR Corp. in Beachwood, Ohio (NYSE:DDR) paid a combined $79.6 million ($223.29 per foot blended) to purchase 356,484 sq. ft. of retail space in Gilbert and Queen Creek. The Valley properties were included in a group of 71 shopping centers that Blackstone/DDR acquired in a $1.93 billion portfolio deal from American Realty Capital Partners Inc. in New York City… Read more »