Commercial Real Estate & Business News – November 26, 2013

Goldman Sachs Drops $64.95 Million For 720 Apartments In Three Valley Projects

A company formed by Goldman Sachs Group Inc. paid $64.95 million (average of $90,208 per unit) to buy 720 apartment units in three Valley properties. The sellers in three separate transactions were companies formed by Camden Property Trust in Houston. Goldman Sachs now has an interest in 9 Valley apartment projects accounting for 2,295 units…. Read more

New York Life Spends $50.5 Million For 488 Apartments In Two Scottsdale Projects

Companies formed by New York Life Investors paid $50.5 million to purchase two apartment projects in Scottsdale totaling a combined 488 units. The seller in two cash sales was a company formed by HSL Properties Inc. in Tucson. The Scottsdale properties are the first direct multi-family acquisitions in the Valley for New York Life Investors… Read more

Topgolf To Build High-Tech Entertainment Site Near Gilbert’s Santan Village

International developer TopGolf has selected Gilbert’s SanTan Village area for one of its high-end golf entertainment centers, where customers can smack microchip-equipped balls into a target range from the comfort of air-conditioned hitting bays. Some describe the concept as a mix of golf and bowling, where players score points by hitting the ball into a target area while sharing drinks or food with friends between turns… Read more

Tempe’s Centerpoint on Mill on Verge of Comeback

The Centerpoint on Mill complex is among the many downtown Tempe developments poised for an economic comeback. A new AMC Theatre, with 11 movie screens, is expected to open in February, and several new restaurants are on the horizon. Amid the economic downturn, the site, an anchor for downtown Tempe that spans 22 acres at the northwestern corner of Mill Avenue and University Drive, was plagued by vacant storefronts… Read more

Development About to Take Off Near Goodyear AirPark

Goodyear AirPark is a 267-acre blank slate ready for development that could eventually add 4,000 new jobs to the region, according to an expert working with the owner to develop the site. The AirPark property was bought about 20 years ago by Phoenix-based Carefree Partners Investments LLC, an investment and real-estate development company… Read more