Commercial Real Estate & Business News – September 16, 2015

Arizona taxable retail sales moved up 3.9 percent in July 2015 over the same month last year. The increase showed a steady rise in year-over-year sales increases, even though July suffered summer doldrums and saw month-over-month sales numbers drop 2.5 percent from June this year… Read more »
A joint venture formed by Equus Capital Partners Ltd. and iStar Inc. paid $69.04 million ($200 per foot) to buy 344,890 sq. ft. of office space in two buildings within the Raintree Corporate Center in Scottsdale. The office properties, which were sold by an affiliate of iStar, include a 168,067-square-foot structure at 8800 E. Raintree Drive and a 176,823-square-foot building at 8888 E. Raintree Drive… Read more »
Two buildings of the University of Phoenix Riverpoint project were noticed for trustees sale on Friday. Riverpoint Buildings I & IV total nearly 191,000 square feet in one and two-story buildings built in 2002, and were once 100% leased to University of Phoenix with leases expiring in mid-2014… Read more »
A company formed by Capital Real Estate LLC paid $24.76 million ($123,800 per unit) to acquire The Springs at Alta Mesa, a 200-unit apartment project at 1865 N. Higley Road in Mesa. The seller was HSL Springs at Alta Mesa Apartments LLC, formed by HSL Properties Inc… Read more »
The long-vacant Right Toyota site at McDowell and 68th Street could soon be replaced by an 81-unit planned townhome community by K. Hovnanian Homes. The 6.9 acre Aire on McDowell development adds to the growth of housing options along McDowell Road that includes the Las Aguas and Mark Taylor San Travesia multifamily projects, among others. The former dealership property and buildings have been vacant for several years and have been the subject of complaints from area businesses and neighborhoods, according to the planning documents… Read more »