Commercial Real Estate & Business News – September 2, 2015

P.B. Bell/Stonecutter Strikes Again…Venture Pays $31 + Million For 352 Apartments

A joint venture formed by P.B. Bell Cos. and Stonecutter Capital Management LLC in New York City paid $31.025 million ($88,139 per unit) to buy the 352-unit Siena apartments at 4520 E. Baseline Road in Phoenix. The seller was a company formed by Mabry Management Co. Inc. and Paragon Real Estate Investments… Read more »

Canadian Investors Purchase 240-Unit Apartments at Priest and Broadway

North Vancouver investors Western Wealth Capital purchased the 240-unit Anzio Apartments on Friday for $19.5 million, or $81,250 per unit. The apartment complex is located at the northeast corner of Priest and Broadway, just over a mile southwest of the ASU Tempe Campus and just a short drive from the I-10 freeway… Read more »

Scottsdale Infill: 365-Unit Agave Residences

Developer JLB Partners has submitted plans for a 365-unit, five-story, resort-style residential complex at the southwest corner of Scottsdale and Osborn roads in Downtown Scottsdale. The Agave Residences building is intended to integrate into the surrounding neighborhoods while providing a resort-style feel for residents. Units will range in size from 540-1,500 SF… Read more »

New Office Development Breaks Ground at Chandler Airport Center Corporate Campus

Irgens announced today that it is breaking ground on the first phase of the Ascend at Chandler Airport Center Corporate Campus as construction begins on the 81,712-square-foot single story Building C. It represents the first of four phases in what is planned to be a 400,000-square-foot campus build out. Construction of Building C is scheduled for completion in January. The Ascend campus is located at the northwest corner of Germann and Cooper Roads in Chandler… Read more »

Haggen Sues Albertsons for More than $1 Billion

Haggen is seeking more than $1 billion in damages in a lawsuit filed Tuesday against Albertsons LLC and Albertsons Holdings LLC. In its complaint, Haggen alleges that following its purchase of 146 Albertsons and Safeway stores, Albertsons engaged in ?coordinated and systematic efforts to eliminate competition and Haggen as a viable competitor in over 130 local grocery markets in five states?… Read more »