Commercial Real Estate & Business News – October 2, 2013

Sentinel Pays $57.75 Million ($209,234 per Unit) for Paragon at Kierland Apartments

A company formed by Sentinel Real Estate Corp. in New York City paid $57.75 million to buy The Paragon at Kierland, a 276-unit apartment project at 15440 N. 71st Street in Scottsdale. The seller was Sunstone Paragon LP, a limited partnership formed by Sunstone Realty Advisors in Vancouver, British Columbia, Canada… Read more

Tempe’s Centerpoint on Mill Sold to Bob Parsons for $38 Million

The Centerpoint on Mill – a 127,027-square-foot mixed-use project in the heart of downtown Tempe – has been sold to a company controlled by Go Daddy founder Bob Parsons for $38.35 million, according to a joint statement Tuesday from DMB Associates Inc… Read more

Summit at Sunland Springs Plans 110KSF Expansion

A major 110KSF expansion of the Summit at Sunland Springs has been approved by the Mesa planning and zoning board. The project, phase II of an existing 33KSF single-story facility, will be a three-story assisted living center. The 109 living units in the new facility will share some services with the existing building, but will otherwise be a separate facility… Read more

Will CBD Investments Continue to Be the Center of Attention?

Central Business District (CBD) apartment investments have comprised an increasing share of the transaction market. They’ve also had higher cap-rate compression than their suburban counterparts. The question is, if supply keeps flowing or the overall apartment market slows down, will CBDs continue to attract investors?… Read more

Investors are Still Buying Metro Phoenix Homes

Higher home prices haven’t deterred all investors. During July, 27 percent of all houses sold in Maricopa County were purchased by investors, according to the latest monthly real-estate report from Arizona State University. That compares with 40 percent in July 2012… Read more