I hope you had a Happy Thanksgiving!
Here are the news articles you might find interesting today for commercial real estate and business:
Weidner Buys The La Palma Apartments in North Phoenix WLA Investments of Newport Beach, Ca, represented by its president Paul C Belden, sold the 548-door complex to Weidner Apartments for $30,140,000 or $55,000/door, and $20,000,000 new debt with Citibank. The 548-door apartment complex is loated at 220 W Bell Rd or East of the Northeastern corner of 7thave and Bell rd. It consists of 52, 2&3 story buildings (totaling 189,284 SF) built 1984 on 23.32 acres zoned R-3A. View article…
530 Acres In Eastmark Purchased For $32,157,150 A venture between Terrawest Communities (Mr. Mike Jesberger), Jen Partners (Mr. Ethan Leibowitz), and AV Homes (Mr. Sam Colgan) paid $32,157,150 for approximately 527 acres / or $61,020 per acre. The seller was DMB, Eastmark’s master developer. Nate Nathan was the broker. View article…
LADLOW’s OWNER BUYS FORMER ROBB & STUCKY BUILDING . . . PUTS KIBOSH ON APARTMENT PLANS It may have been a little ambitious project from the get go, but a 360-unit apartment complex once targeted for the former Robb & Stucky furniture store site has died by the wayside. The upscale multi-family community was planned for a 6.4-acre site on a prime parcel at the northwest corner of Scottsdale Road and Kierland Boulevard in Phoenix. View article…
UBS REAL ESTATE DROPS $54+ MILLION FOR 404 APARTMENTS ON SCOTTSDALE ROAD IN TEMPE A company formed by UBS Realty Investors LLC in San Francisco, Calif. paid $54.075 million ($133.85 per unit) to purchase The Palm at Scottsdale, a 404-unit apartment complex located at 1535 N. Scottsdale Road in Tempe. The seller was a company formed by Bean Investment Real Estate in Portland (Terry Bean, principal). View article…
Large church looking to expand across Phoenix area One of the Valley’s largest churches is looking for new real estate as it launches some aggressive growth plans. Christ’s Church of the Valley wants to grow to 10 campuses and as many as 100,000 members and attendees by 2020. CCV already has 18,000 members with campuses in Peoria, Surprise and Scottsdale. View article…
Scottsdale buys 6,400 acres for preserve Scottsdale has bought 6,400 acres of desert land at a state land auction to add to its growing Sonoran Preserve. The city bid $ 88.2 million in three separate sales for the land. No other bidders made offers. The Arizona State Parks Board gave Scottsdale a $16 million grant in September that it will use to pay part of the purchase price. The rest of the money comes from dedicated sales taxes approved by Scottsdale voters in 1995 and 2004. View article…
Planned Green Valley hospital moving ahead A proposed hospital in retirement community of Green Valley has crossed the first of several hurdles in the planning process after local leaders approved zoning changes at the 50-acre site. The Green Valley News reports (http://bit.ly/R8kcym ) this week’s approval by the area’s planning committee is one of several approvals needed before the project can proceed. Pima County’s supervisors must ultimately sign off on the location. View article…
Mesa looks to ease approvals with new downtown district The city of Mesa continues to try to put bring more life to its downtown area. The Mesa City Council has approved a downtown entertainment district. The district hopes to make it easier for bars and restaurants to get liquor licenses and other approvals. It is centered around Main Street and tries to include some buffer zones near churches and schools. View article…
SolarReserve gets approval for Gila Bend power plant SolarReserve received approval this week from the Maricopa County Board of Supervisors to build a 150-megawatt solar power plant that will feature different types of technology. The Crossroads Solar Energy Project will have the large 150-megawatt phase as a concentrated solar power project, with an additional 65 megawatts of photovoltaic solar power. View article…
HOUSING:
Digging deeper into negative Valley housing numbers My story last week about Zillow Inc.’s latest negative equity report – which found that 45 percent of homeowners in Maricopa and Pinal counties were underwater in the third quarter – apparently pushed some people’s buttons. I’ve come to expect this kind of reaction whenever I write about a less-than-encouraging housing report, but when I get enough calls and emails, which was the case this time, it’s my cue to do more digging. View article…