Commercial Real Estate & Business News – September 16, 2014

San Diego-based Investor Makes First Valley Buy…Drops $48 Million For 582 Apartments

Phoenix Uprising LLC, a company formed by investor Donald Dougher, II of San Diego, Calif., paid $48 million ($82,474 per unit) to acquire the 582-unit Sierra Ranch apartment complex located at 4722 E. Bell Road in Phoenix. The seller was FSC Saddleback Associates LLC, a company formed by FSC Realty Inc. in Beverly Hills, Calif… Read more »

Banner May Transform 103KSF Mesa Strip Mall

An aging strip mall in east Mesa might find new life in a Banner Health proposal to transform the vacant Bashas? and surrounding shops into a medical office complex. Cooper Village, a partially-vacant shopping center on the northwestern corner of Power and Broadway roads, would get a major face-lift that would combine 103KSF of retail space into medical clinics with one major entrance where Bashas? once anchored the plaza… Read more »

Los Angles Based Investment Firm Buys 6 Arizona BMO Harris Bank Branches

Six Arizona BMO Harris Bank locations recently transacted in a sale-leaseback portfolio deal with Los Angeles based investment firm Corporate Partners Capital Group. Four of the six Arizona properties are located in the Phoenix Metro area, the other two are located in Sedona and Tucson respectively. The Phoenix properties will be leased back with a ten-year primary period that will… Read more »

Kuwait Investment Group Sells Phoenix Complex

A Kuwait investment group has sold a Phoenix industrial complex for $6.1 million. MDI Capital LLC ? which is a real arm of the Kuwait Financial Centre investment bank ? has sold a 99,500-square-foot industrial complex off of Interstate 10. The buyer is Calgary, Alberta-based Enright Capital. The warehouses are located near 46th Avenue and McDowell Road… Read more »

Economy Watch: Retail Sales, Consumer Sentiment

Americans had an itch to buy more in August, according to the Census Bureau on Friday. The bureau reported that U.S. retail and food services sales last month, adjusted for seasonal variation and holiday differences but not for price changes, were up 0.6 percent from July and up 5 percent from August 2013. The June-to-July 2014 percent change was revised from unchanged to an increase of 0.3 percent… Read more »