Here are the news articles you might find interesting today for commercial real estate and business:
Paulson & Co Continue Lot Acquisition in Rancho Cabrillo with $4.5M Acquisition John Paulson’s Paulson & Co purchased 194 finished lots in Rancho Cabrillo for $4.5M, which constitutes a per unit price of $23,196 per lot or $422 per front foot. The seller was Stearns Bank. Paulson acquired through an agent, Mr. David Hewitt of Raintree Investments. Rancho Cabrillo is located in Peoria, West of the Southwest corner of Jomax & Dysart Roads. View article…
SUNBELT VENTURE SELLS PARKING STRUCTURE AND OFFICE SITE AT HAYDEN FERRY Two funds managed by Parkway Properties Inc. in Orlando, Fla. paid a combined $16.2 million to purchase a site for a 250,000-square-foot office building and a 270,000-square-foot parking structure within the Hayden Ferry Lakeside office project at Tempe Town Lake. Including previous purchases within the multi-building office complex, funds managed by Parkway Properties will have invested about $300 million in taking control of roughly 750,000 sq. ft. of office space in three buildings and a parking garage that serves the project. View article…
LUXURY SENIOR HOUSING PLANNED FOR PORTION OF BORGATA PROJECT ON SCOTTSDALE ROAD A publicly-traded firm that owns Joseph Carl Homes in Phoenix is betting on the come with Scottsdale City Council as the company has shelled out close to $10 million with the hope that a upscale senior housing community will be approved on a portion of the Borgata site on Scottsdale Road. AV Homes Inc. (NASDAQ:AVHI), which is now headquartered in Scottsdale, builds conventional homes and develops active adult communities, recently took control of about 5 acres of prime land located along the west side of Scottsdale Road and just south of Lincoln Drive. View article…
SEATTLE INVESTOR DROPS $16.4 MILLION FOR CHANDLER APARTMENTS SP Lakeside LLC in Seattle (David Dufenhurst, principal) paid $16.4 million ($79,227 per unit) to purchase 207 units of the 230-unit Lakeside Village apartments at 855 N. Dobson Road in Chandler. The seller of the broken condominium units was Rose Lakeside Corp. I in Toronto, Ontario, Canada (Matthew Fishman, principal). SP Lakeside LLC acquired Lakeside Village with a $4.7 million down payment and by assuming a loan of $12.4 million. View article…
Invisible Fence company planning Phoenix expansion The makers of the Invisible Fence product for pets is planning to expand in the Phoenix market and is seeking individuals interested in opening up independent dealerships. The company provides products and services for pet containment and behavior adjustment such as keeping pets in the yard and deterring dogs from barking. View article…
UA to partner with ASU on AZ Furnace project The University of Arizona is joining up with Arizona State University on its effort to help commercialize research-developed patents that, so far, haven’t done much but sit around the office. The patents will head into the mix created by AZ Furnace, a program designed to connect researchers with entrepreneurs to bring more startup activity to the state. View article…
The Grind opens second location in Scottsdale The Grind is on a roll. Owner Allen Thompson has opened a second location for the upscale hamburger bistro and bar, in Grayhawk on Hayden Road at East Thompson Peak Parkway in north Scottsdale. The first location debuted in March 2010 at 40th Street and Camelback in the Arcadia area, offering a concept of coal-fired cooking in ovens flamed to 1,000 degrees for broiling meats, seafood and vegetables. View article…
Banner to open clinic in Buckeye Verrado subdivision Residents in the master-planned community of Verrado in Buckeye won’t have to drive 18 miles one way anymore if they want to be treated at a Banner Health medical facility. The company will open a Banner Health Center on Sept. 24 at 20751 W. Market St. It’s the company’s fourth health center, staffed with family practitioners and pediatricians. The $7.5 million center is expected to help Banner customers, who for a nearly a decade drove to Banner Estrella Medical Center on Thomas Road in Phoenix for care. View article…
NAR Signs onto Lease Accounting Coalition Letter On Sept. 10, 2012, NAR and a coalition of business organizations wrote to the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), urging them to fundamentally rethink their lease accounting project. Among other things, the letter raised serious concerns about the objective of the lease accounting project and whether investors will receive any additional decision-useful information under the new proposed standard. View article…
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