Commercial Real Estate & Business News – September 9, 2013

Designer of Tempe’s Marina Heights Aiming for ‘Work of Art’

Working in a high-rise at Tempe Town Lake gave architect Mike Davis a bird’s-eye view of the waterfront and an insider’s perspective on developing it. Davis says it’s his eye for the imaginative and mind for math that scored his Tempe-based architectural design firm the contract to craft Marina Heights, a massive office development on the lake’s southern shore that will house a State Farm regional headquarters… Read more

Retail Focused Developer Picks Up Bank Branch/Office Building in Old Town Scottsdale

A joint partnership between Artemio DeLaVega of DeLaVega Development, and Scott Weaver, a director at Western Refining in Texas, have acquired 13,960 square feet of bank branch & office in one 2-story building at the southeast corner of Scottsdale Rd & 5th Ave, just south of the Galleria project. The piece sold for $3.94m or $282 per square foot… Read more

Arizona: Low Prices + Sunshine

Affordable housing, balmy winters, love of nature, modern restaurants, diverse culture and over 300 sunny days a year are just a few reasons Arizona has Canadians flocking in droves to the high desert. According to data from Statistics Canada, an estimated 92,000 Canadians live in Arizona full time… Read more

Top Metros with Rising Apartment Rent Rates

According to Trulia’s August 2013 Price and Rent Monitors Report, rents have risen 3.5 percent nationally compared to last year. That 3.5 percent represents a 3.9 percent increase in rent of apartment units, compared to only a 1.6 percent rise in rent of single-family homes… Read more

Orion Investment Represents Buyer in 94-Unit Apartment Purchase

The ORION Multifamily Group of Orion Investment Real Estate announced the closing of Sun Crest Apartments, a 94-unit, “Class B” apartment project, for $4,450,000 ($47,340 per unit). The buyer is KR Capital, LLC, an experienced Calabasas, California-based Phoenix multifamily ownership group… Read more