Commercial Real Estate & Business News – September 29, 2020

Tempe Town Lake Office Building Completed; Key Tenants Lined Up
Construction on the fifth phase of Rio 2100 – a class A office complex in a mixed-used development south of Tempe Town Lake – is now complete. The 170,680-square-foot office building totals four stories and includes a two-story parking facility. The fourth floor has already been leased by Morgan Stanley…»
West Valley Leads Home-building Growth in Metro Phoenix as Development Follows
Despite COVID-19, new home sales and prices in metro Phoenix soared during the past few months. To find more affordable new houses, more buyers are heading west to communities such as Buckeye, Goodyear, Avondale, west Phoenix and Surprise. The Valley’s two most popular neighborhoods for new homebuyers…»
Barclay, W.M. Grace Break Ground on 350K SF 303 Logistics
Project developers Barclay Group and W.M. Grace Companies joined today with local dignitaries to break ground on 303 Logistics, a speculative, 349,663-square-foot Class A industrial building directly fronting the Loop 303 freeway. Situated at the southwest corner of the Loop 303 and Glendale…»
Big Deals Keep on Turning: Multifamily Acquisitions Surging in Strong Phoenix Market
Los Angeles-based Tides Equities LLC has closed on two of the properties it had in escrow, with another five deals set to close. These large multifamily transactions are an indication that the multifamily market is heating back up again in a big way. Tides Equities was in escrow on seven Valley apartment…»
Joint Venture Pays $77 Million for Tempe Apartment Complex
FCP and Tides Equities has purchased Solara at Mill Avenue, a 515-unit apartment complex in Tempe, Arizona, for $77 million, or about $150,000 per unit. The joint venture acquired the property from BH Equities, which originally bought the complex in 2016 for $47.5 million, according to CoStar data…»