Here are the news articles you might find interesting today for commercial real estate and business:
Cityscape at Lakeshore Apartments Purchased by Fairfield Residential a 214 unit apartment complex at 4630 S Lakshore Dr in Tempe was sold by Charles B Duff, president of Farnam Realty, to Richard L Boynton, vice president of Fairfield Residential, for $22.65M or $105,841 per door with $8,081,939 down and the assumption of a Fannie Mae Multifamily loan with a current balance of $10,628,061 a rate of 4.55% and a maturity date of December 1, 2020 and the issuance of an additional, junior, $4.3M Fannie Mae Multifamily loan originated with Amerisphere Multifamily Finance. View article…
Scottsdale Healthcare Corp purchases McCormick Place Office Complex for $15,000,000 The McCormick Place Office Complex was purchased by Scottsdale Healthcare Corp for $15,000,000 or $202.82 per square foot. The seller was Michael S Mikulich of Berkley Land Co. Scottsdale Healthcare Corp and Berkley Land Co previously entered purchase agreement December 9th, 2011. The 73,957 square foot, three-story building is located at 8125 N Hayden Road, or the Northeast corner of Hayden Road and Via de Venture in Scottsdale. View article…
Bascom Arizona Ventures Adds Two Major Distressed Multifamily Properties Bascom Arizona Ventures, a wholly-owned subsidiary of the Bascom Group, has completed the purchase of Brookstone at the Foothills and Madera Point Apartments for a combined purchase price of $49.92m. The seller – AIG Global Investment Group through its representative Keith Honig – was the beneficiary named on two deeds of trust securing the properties during their prior acquisition by Redhill Realty. View article…
Apache Junction Senior Facility Sells for $4.275m or $46,467 per Door Senior Cottages of Apache Junction was purchased by Mr. Howard Sahnow – a Forest Grove, Oregon-based operator of senior facilities. Purchase price was $4.275m with $1.23m down and $3.045m debt with Fannie Mae Low Income Tax Credit originated by Arbor Commercial Funding. The seller was Steadfast Companies, who entered a purchase agreement with Mr. Sahnow June 29th, 2012. Recorded documents indicate LNR Property Company was also involved in the property’s history. View article…
Phoenix Industrial Sells for $5.5M Precise Metal Products, Inc. has purchased the industrial building at 4534 N. 44th Ave. in Phoenix, AZ from a private investor for $5.5 million, or about $55 per square foot. The 100,544-square-foot Santa Fe Center was constructed in 1997 in Maricopa County. The buyer, Precise Metal Products, Inc. is a manufacturer of metals and plans to expand into the space from its current location at 39th Ave. and Indian School Road. View article…
Investor Buys Redevelopment Project for $12.7M AV Homes, Inc. purchased the Borgata of Scottsdale Retail Center located at 6166-6186 N. Scottsdale Rd. in Scottsdale, AZ from RED Development LLC for $12.75 million, or about $136 per square foot. The buyer purchased the 93,706-square-foot center to be redeveloped into residential housing. The property is situated on 6.8-acres and located just north of E. McDonald Drive. The rezoning and approvals are currently being obtained by the buyer. No unit mix or construction dates were immediately available. View article…
Agave Apts Trade for $7.4M Crown Realty & Development, Inc. has sold the 137-unit Agave Apartments at 1718 S. Jentilly Ln. in Tempe, AZ to Omni Real Estate LLC for $7.35 million, or about $54,000 per unit. The 148,020-square-foot multifamily property was renovated in 2006, and lies on 4.25 acres in the Tempe submarket of Maricopa County. The community is a mix of 74 one-bedroom, 42 two-bedroom and 21 three-bedroom units with monthly rents ranging from $650 to $950. View article…
Silverleaf Perimeter Sells for $3.7M LGE Corporation and MJA Investments, Inc. acquired the Silverleaf Perimeter Center along with a two-acre lot located at 8550 and 8600 E. Anderson Dr. in Scottsdale, AZ. Slh Med Arizona LLC sold the properties for $3.7 million. The 34,000-square-foot medical office was built in 2003 and was just 7 percent occupied at the time of sale. The two-acre lot of land has the potential for a 72,000-square-foot, four-story building. The buyer will attempt to lease up the property and then resell it. View article…
Nordstrom Rack set to open this week in Phoenix A 35,000-square-foot Nordstrom Rack is set to open Thursday as the latest addition to the Town & Country shopping center at 20th Street and Camelback Road in Phoenix. In recent months, The Shops at Town & Country have welcomed Potbelly Sandwich Shop, Five Guys Burgers and Fries, Choice Pet Market, Bright Smile and Cafe Rio, adding roughly 20,000 square feet of tenant space. View article…
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