Commercial Real Estate & Business News – November 7, 2014

Greenfield Partners Spends $41.21 Million For RREEF Portfolio

Companies formed by Greenfield Partners in Westport, Conn. (Eugene Gorab, principal) paid $41.21 million ($71.62 per foot blended) to purchase 575,430 sq. ft. of office and industrial buildings in Phoenix and Tempe. The seller in five separate sales was RREEF America REIT II Portfolio L.P., which is managed by Deutsche Asset & Wealth Management in Chicago, Ill. The group of Valley properties were sold as part of a larger portfolio that Greenfield Partners acquired from… Read more »

Scottsdale Lands Division Headquarters Of Orion Health, Bringing 500 Jobs

New Zealand-based Orion Health has selected Scottsdale for the North American and United Kingdom headquarters of its health care populations division, bringing hundreds of jobs to the region within the next three years. The Orion Scottsdale Center of Excellence will be based in an already expanding 10,000 square feet at the Scottsdale Airpark.The company plans to hire 100 within the next year and an additional 300 to 400… Read more »

Whitestone REIT Acquires Two Value-Add Community Centered Properties in Chandler for $47.9 Million

Whitestone REIT announced today the acquisitions of Fulton Ranch Towne Center for $29.3 million and The Promenade at Fulton Ranch for $18.6 million. Fulton Ranch Towne Center and The Promenade at Fulton Ranch are located within Fulton Ranch, a 520-acre, high-end, lake-based lifestyle village in Chandler, Arizona. Average household incomes of $106,079… Read more »

ASU Law School To Break Ground Next Week

The official groundbreaking for Arizona State University?s new $129 million law school building in downtown Phoenix, the Arizona Center for Law Society, is set for Nov. 13. The ceremony will take place at the northwest corner of Taylor and First streets starting at 8 a.m. Attending the ceremony will be ASU President Michael M. Crow, retired U.S. Supreme Court Justice Sandra Day O?Connor and Sandra Day O?Connor College of Law Dean Doug Sylvester. Phoenix Mayor Greg Stanton… Read more »

Apartment Overvaluation Feared as Cap Rates Keep Shrinking

How low can they go? From 2005 through 2006, apartment cap rates hit a floor of 6.2 percent multiple times, before spiking back up to 7.2 percent after the credit crisis of late 2008, according to Real Capital Analytics (RCA). But cap rates found a new bottom this year. In the third quarter of 2014, they fell to 5.9 percent, an all-time low, according to RCA… Read more »