Moody’s and Real Capital Analytics (RCA) released their joint Commercial Property Price Indices (CPPI) this week and it shows that the all-property composite index has now surpassed its November 2007 peak for the first time on an inflation-adjusted basis. The all-property composite index is now 14.5 percent above the one for November 2007 on a nominal basis and 1.5 percent above peak on an inflation-adjusted basis… Read more »
Vestar, a privately held retail real estate company, and AEW Capital Management, have partnered to acquire Tempe Marketplace for $367 million. Vestar previously owned the 1.3 million-square-foot, open-air retail center with Rockwood Capital, which is exiting its investment after a five-year hold. AEW acquired the property on behalf of the AEW Core Property Trust. The deal closed Oct. 6… Read more »
The recent purchase of an Old Town Scottsdale office building could beget the development of new building on an adjacent parcel. Phoenix-based Arc Construction and Canada-based MacDonald Development bought the Arizona School of Real Estate building earlier this month for $7.7 million. The property is at 7142 E. First St. near Scottsdale Road and Main Street. There is an adjacent parking lot that could be developed, said Arc President Bill Borders… Read more »
Upscale apartments with luxurious amenities are in high demand near the new Marina Heights office development, where developer Wood Partners is averaging 30 leases a month at its new Alta Tempe complex. The 296-unit community is positioned to serve residents seeking proximity to the state’s largest office park when it’s complete in 2017, as well as easy access to downtown and Arizona State University… Read more »
If building 650,000 square feet that is one hundred percent leased in Chandler’s Price Road Corridor wasn’t enough, the Douglas Allred Company now wants to increase that amount nearly fourfold. To be known as Park Place II, Allred will soon be filing its application with the City of Chandler for up to two million square feet of its business campus, flanking both side of Price Road with high value employers… Read more »