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Commercial Real Estate & Business News – September 3, 2013

ORION Sells Desert Harbor for $26.7 Million

The ORION Multifamily Group of Orion Investment Real Estate is pleased to announce the closing of the 264-unit, “Class A” apartment project – Desert Harbor Apartment Homes – for $26,682,000 ($101,068 per unit). The buyer, an affiliate of Murray Hill Developments Ltd., is one of the most experienced multifamily real estate operating and development companies in Canada. “It was a true pleasure working with the seasoned group of individuals at Murray Hill Developments Ltd. Desert Harbor Apartment Homes is the perfect addition to their expanding U.S. multifamily portfolio.”, stated Alon Shnitzer with the Orion Multifamily Group… Read more

Three Valley Apartment Projects Totaling 1,076 Units Trade for $85.8 Million

Three Valley apartment communities comprised of 1,076 units have changed hands in three transactions totaling a combined $85.4 million. Two of the buyers are from No. Calif. and the other is from the state of Washington in the Pacific Northwest. All three buyers have significant track records of investing in the Valley multi-family market. The deals, which all closed late last week, are indicative of the healthy appetite apartment investors still have for buying multi-family assets in Phoenix area. While some buyers have shied away with pricing for apartment projects in the Valley having ticked up considerably in the past two years, there appears to be a steady pipeline of investors who are flush with cash and ready to throw down if the right deal surfaces… Read more

Coterie of Home Builders Dole out Combined $25.2 Million for Verrado Lots

Records recently filed with the Maricopa County Recorder’s Office show that five home builders handed over roughly $25.2 million last week for 367 lots at the Verrado master-planned community in Buckeye. The bulk of the lots purchased, 309, represent Verrado’s third phase, which is an extension of the existing Heritage District that’s planned for approximately 634 total homes on about 200 acres on the south end of the project along Verrado Way between Thomas and McDowell roads… Read more

Chandler, Tempe Are Hot Spots in The Valley for Office Space

Activity is picking up in the office market, with parts of Chandler and Tempe becoming the Valley’s hottest spots for construction and demand for space. Mesa and Gilbert aren’t far behind, experts say… Read more

Connextions Will Hire 500, Moves into New Digs

Connextions will need to hire licensed health agents to help seniors enroll in health plans as well as unlicensed agents to educate and provide other services to seniors. Connextions has contracts with other insurers, besides UnitedHealth Group, to provide these services to their enrollees… Read more

Greenleaf Spends $41.5 Million to Purchase 424 Units from Equity Residential Trust

A company formed by Green Leaf Partners paid $41 million ($96,698 per unit) to acquire the 424-unit Promontory Pointe apartments located at 888 E. Clinton Street in Phoenix. The sellers in two transactions were limited partnerships formed by Equity Residential Trust. Records show Green Leaf Promontory Pointe LLC paid $29.396 million to purchase 304 units of Promontory Pointe from Evans Withycombe Finance Partnership L.P. The Green Leaf entity paid $11.604 million to acquire the other 120 units from ERP Operating Limited Partnership… Read more

Hamilton Zanze and Aimco Connect Again on $34 Million Sale of Mesa Apartments

Hamilton Zanze & Co. in San Francisco has bolstered its multi-family holdings in the Valley with the $34 million acquisition of the 432-unit Woodcreek apartments located at 1710 S. Gilbert Road in Mesa. The seller was a limited partnership formed by AIMCO in Denver… Read more

New Sprouts Anchors Silverstone at Pinnacle Peak

Sprouts is anxious to come out of the ground with a North Scottsdale location. To meet the grocery chain’s need, Eisenberg Company is returning to Scottsdale to update design approvals for its 75KSF commercial center, Silverstone at Pinnacle Peak. The 12-acre development on the southeast corner of Scottsdale and Pinnacle Peak roads has been in the works, but was on hold while awaiting completion of Rawhide Wash improvements… Read more

Spike in Commercial Development Ramps Up in Gilbert

Commercial development continues to ramp up in Gilbert – bringing the potential for hundreds of new jobs – as plans for a seventh auto dealership in the Santan Motorplex, a major office complex and a new industrial building were unveiled to the Design Review Board this month… Read more

Former ASU president: Improved economy will make college graduates stay in Arizona

A better and diversified economy will lead more Arizona college graduates to stay in the state, the former president of Arizona State University said. “The more we can diversify and strengthen the economy, the more it will be attractive for them to not only stay for here for their first job, but to stay here for their careers,” said Dr. Lattie Coor, who is also the chairman and CEO for the Center for the Future of Arizona… Read more