Here are the news articles you might find interesting today for commercial real estate and business:
To view the November 2011 Scotsman Guide Commercial Edition, click here.
AEW CAPITAL MANAGEMENT FUND SPENDS $55.42 MILLION FOR SCOTTSDALE APARTMENTS A company managed by AEW Capital Management L.P. in Los Angeles, Calif. paid $55.422 million ($167,945 per unit) to buy the 330-unit Glen Eagles apartments at 8275 E. Bell Road in Scottsdale. The seller was Gleneagles Apartments LLC, a company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal). View article…
HOUSTON FIRM CLOSES ON ASSEMBLAGE FOR STUDENT HOUSING PROJECT NEAR ASU A company formed by Residential Housing Development LLC in Houston, Tex. (Lloyd Ecclestone, Derek Anderson, Nick Anderson, partners) paid $6.575 million to acquire a 5.62-acre site located southeast of Arizona State University in Tempe to develop a 279-unit, 905-bed apartment project. Tempe Student Housing plans to develop a seven-story, residential-retail structure and a 948-space parking garage. Construction scheduled to start February 2012, with completion expected July 2013. View article…
SUMMIT EQUITY ADDS TO VALLEY HOLDINGS . . . PAYS $29.1 MILLION FOR 576 APARTMENTS IN MESA A company formed by Summit Equity Investments in Los Angeles, Calif. (Michael Thom, Ryan Lynch, Joseph Rosen, partners) paid $29.1 million ($50,521 per unit) to buy the 576-unit Aventerra at Dobson Ranch apartments at 1960 W. Keating Avenue in Mesa. The seller was CMLT 2008-LS1 Keating Avenue LLC. The special servicer on the asset was LNR Partners Inc. in Miami Beach, Fla. View article…
Medical building planned on Mountain Bell site on Third Street A pile of rubble that has cluttered the southeastern corner of Third Street and Earll Drive in Phoenix since late 2009 is set to be transformed into a 95,000-square-foot medical building by the end of next year. The three-story building will be used by Cigna Medical Group, a division of Cigna HealthCare of Arizona, and will house outpatient-surgery, family-practice and urgent-care services. View article…
SkySong apartment site, hotel expansion win OK from council A luxury apartment complex east of SkySong, the Arizona State University Scottsdale Innovation Center, and expansion of downtown’s Hotel Valley Ho were among proposals approved this week by the Scottsdale City Council. The council approved the rezoning and a site plan with amended development standards so Mark-Taylor can build the 536-unit, gated apartment complex near SkySong. View article…
Macaroni Grill quietly closes in Ahwatukee after 14 years Romano’s Macaroni Grill at Ray Road and 50th Street quietly closed last week after 14 years. The closure was announced only with a sign on the door and in a response to a customer on the company’s corporate Facebook page. “Our lease expired and we decided not to renew this particular location,” the company said in the post. View article…
ASU a step closer to sports mecca Maricopa County on Wednesday created a special revenue district that will allow Arizona State University to develop or refurbish athletic facilities, the first step in a long-term plan by ASU to create an amateur sports destination. The county Board of Supervisors voted unanimously to create the district, giving ASU the ability to collect revenue from commercial developments on 300-plus acres of property the university owns on or around its Tempe campus. View article…
Development areas create snag in Paradise Valley General Plan The update of Paradise Valley’s General Plan is nearing its culmination and has received broad support from the Town Council, staff and residents. But some worry that one section of the plan could jeopardize the Paradise Valley lifestyle of luxury homes on large lots. The General Plan, which guides community growth and development decisions, has designated three development areas, including the former Mountain Shadows resort and the undeveloped land approved for the Ritz-Carlton. View article…
Goldwater faults Cubs ballpark deal, won’t directly sue Mesa The Goldwater Institute watchdog group probably won’t sue the city of Mesa over its $99 million deal with the Chicago Cubs to build the baseball franchise a new Cactus League ballpark. However, Phoenix-based Goldwater doesn’t like the Mesa-Cubs deal, and says its may violate the Arizona Constitution’s ban on government financial gifts to businesses. View article…
6 Questions for Cole Real Estate’s Tom Roberts Local Cole Real Estate Investments acquires income-producing commercial real estate assets, targeting primarily net-leased single-tenant and multi-tenant properties boasting long-term leases with creditworthy tenants. The Cole’s portfolio also contains single-tenant office and industrial properties. Executives with the company have been busy during 2011, acquiring assets nationwide. Thomas W. Roberts, Cole’s EVP and head of real estate investments took some time to discuss the current market, Cole’s strategies and what to expect in the near term. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale (CALL FOR OFFERS-DEADLINE 12/1/2011) For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
COMMUNITY:
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.