Liviu Oltean
Faris Lee Closes $22M Sale of Watson Marketplace in Buckeye
Faris Lee Investments, an Irvine-based retail advisory and investment sales firm, recently announced that it helped close the $22 million sale of Watson Marketplace, a fully-leased 90,000-square-foot retail center in Buckeye, AZ. The transaction entailed 55,153 square feet of retail space leased to national credit and regional tenants such as Goodwill, Denny’s and The UPS Store; and two retail pads totaling at approximately 10,000 square feet, ground-leased to a McDonald’s and a Bank of America branch.
Lease Deal Paves Way for $350M USA Place Project in Tempe
In August 2013, Commercial Property Executive reported on USA Place, a $350 million mixed-use project to be developed near Arizona State University in Tempe. After more than a year of planning, the project is moving forward as the developers managed to come to an agreement with ASU for a 99-year lease for the use of 10.7 acres located on the east side of the historic Mill Avenue.
Skanska USA Ready to Start Development of West Memorial Place II
Skanska USA Commercial Development will soon begin work on the development of West Memorial Place II, a 381,000 square-foot office building in the Energy Corridor. The 14-story office building will rise on the company’s 12-acre acre site on Memorial Drive, where they are on track with the development of another office project, West Memorial Place I.
USAA Real Estate, Red Tail Acquisitions Increase Dallas-Fort Worth Industrial Portfolios
USAA Real Estate Company has just completed the acquisition of a Class A bulk distribution portfolio, comprising I-85, a 744,000 square-foot warehouse, and the 758,922 square-foot Dalport Trade Center. The former is located in Union City, Georgia, while the latter is in Wilmer, Texas within the South Dallas submarket.
NexMetro to Develop Hybrid Single-Family Home Community in Goodyear
NexMetro, a Phoenix-headquartered developer, has increased its Valley presence through the acquisition of 9.7 acres of land at the northwest corner of Falcon Drive and Indian School Road in Goodyear. The acquisition closed on August 22, 2014.
South Main Artspace Lofts’ Repositioning Plan Moves Forward
Artspace, a longtime advocate for artist’s space needs turned developer, recently announced that it is ready to move forward with the long-awaited repositioning of the 87,625-square-foot brick South Main Artspace Lofts building at 138 S. Paul Avenue.
D’Agostino Cos. Breaks Ground for The Offices at Sam Houston in West Belt Submarket
In January, 2014, D’Agostino Companies proposed the development of a four-story, 113,000-square-foot office property at the corner of Sam Houston Park Drive and Houston Oakes Drive. They had tapped CBRE to handle the leasing of the asset and they had stated that development would start as soon as the property is at least 25 percent preleased. After eight months and already having more than 50 percent of the asset preleased, D’Agostino Companies recently broke ground on The Offices at Sam Houston.
Wood Partners, PREI Close on M-F Project Site; NewQuest Epic’s Big Buy Includes Phoenix Asset
An entity formed by Wood Partners and Prudential Real Estate Investors, PR III/Wood Chandler Apartments LLC, recently completed the purchase of a property slated for a 301-unit apartment community redevelopment in downtown Chandler.
Dan Walker Proceeds with Plans in 7.6-Acre Business Park in Memphis; Tennessee Plans $70M Veterans’ Nursing Home for Shelby County
Memphis-based Dan Walker Associates Inc. is moving ahead with plans for the development of a new large office building park, according to the Memphis Business Journal.
Houston’s Astrodome to Become World’s Largest Indoor Park?
When it had opened its doors for the first time on April 9, 1965, the Astrodome was the world’s first multi-purpose domed sports stadium. On that day, the dome was celebrated by 47, 879 people, who were cheering at an exhibition match between the Houston Astros and the New York Yankees. Among the cheering crowd, in a private box, there sat President Lyndon Baines Johnson and his wife, Lady Bird.