Commercial Real Estate & Business News – September 4, 2015

Siena Apartments Sell for Over $31 Million

Scottsdale investors PB Bell Companies purchased the 352-unit Siena Apartments located west of the northwest corner of 48th Street and Baseline Road for $31.025 million, or $38,785 per unit. The sale was financed by a $27.525 million note with NXT Capital. Sellers Mabry Management had acquired the apartments for $13 million three years prior… Read more »

Tryperion Makes Second Valley Office Investment…$33.9 Million for Chandler Forum

A company formed by Tryperion Partners LLC paid $33.9 million ($226.21 per foot) to acquire a 149,863-square-foot office building located at 1975 S. Price Road in Chandler. The seller was a partnership formed by Piedmont Office Realty Trust Inc. (NYSE:PDM). The three-story structure, called Chandler Forum, is leased to General Motors Financial Co. (as successor to AmeriCredit) for another six and a half years. The office building, which sits on a 14.66-acre parcel, was developed in 2003 in a build-to-suit deal for AmeriCredit. The Chandler property is the second real estate investment for Tryperion in the Valley… Read more »

AZ Adds 1,100 Construction Jobs in July

Seasonally adjusted unemployment ticked up 0.2 percent in July, up to 6.1 percent. Net job josses were 7,200, nearly all of which were seasonal. The national rate held steady from June to July at 5.3. The vast majority of Arizona job loses came from the Government sector as 13,500 jobs were shed. 95 percent (12,900) of lost Government jobs were in the Local Government Education segment, a number nearly identical to last July (12,700)… Read more »

Phoenix Ranks No. 8 Among Big Cities for Affordable Homes

Metro Phoenix?s calling card to new residents has long been its affordable home prices. Valley home prices are steadily climbing, but the region?s houses are still bargains compared to much of California, Seattle, Denver, Chicago and even Las Vegas. Metro Phoenix is the eighth most affordable big U.S. city to buy a house now, according to a new ranking from a reputable financial research firm… Read more »