Commercial Real Estate & Business News – June 17, 2013
26-Story Phoenix Corporate Center Noticed For Trustee Sale, $54M A Notice of Trustee Sale was recorded against a $54m face value note secured by the 26-story Phoenix Corporate Center located at 3003 N Central Ave. The foreclosing beneficiary is ColFin PHX Tower Funding LLC – an entity formed by Colony Capital. Petrus Partners, in care […]
Commercial Real Estate & Business News – June 14, 2013
Denver Firm Buys Buckeye Warehouses for $44 Million Two massive industrial buildings within the Buckeye Logistics Center have been scooped up by a Denver-based real estate investment trust for a whopping $44.3 million. Industrial Income Trust Inc. paid about $64.76 per square foot for the two buildings, which total 684,064 square feet. The seller was […]
Commercial Real Estate & Business News – June 13, 2013
Spirit Realty, Cole Credit Property Trust Merger Gets Shareholder OK The looming merger between Scottsdale-based Spirit Realty Capital Inc. (NYSE: SRC) and Phoenix-based Cole Credit Property Trust II Inc. came one step closer to reality Wednesday. Spirit Realty said in a statement that its shareholders overwhelmingly approved the merger – which would create one of […]
Commercial Real Estate & Business News – June 12, 2013
Metro Phoenix Median Home-Sales Price Up 60% from Market Low Metro Phoenix?s median home-sales price climbed to $181,399, an almost 60 percent increase from the real estate crash?s low price in August 2011. Despite the increase in sales prices, Arizona State University real estate analyst Mike Orr doesn?t project another housing bubble in the Phoenix […]
Commercial Real Estate & Business News – June 11, 2013
2 Valley REITs Refocus from Buying to Selling Two of metro Phoenix’s biggest housing investors are more concerned with selling than buying right now. Scottsdale-based American Residential Properties raised $287.7 million in an initial public offering last month. The real-estate investment trust sold 13.7 million shares of stock at $21 each. Scottsdale-based Colony American […]
Commercial Real Estate & Business News – June 10, 2013
Beach-Club Developer Yari Acquiring Downtown Galleria The developer of downtown Scottsdale’s new beach-club-anchored entertainment complex is purchasing the Galleria Corporate Centre. Shawn Yari, owner of Triyar Cos., is acquiring the property, his spokesman, David Leibowitz, said. The property has been owned by JEMB Realty since 2000. The sprawling, three-story commercial complex, on the northeastern corner […]