Phoenix
Excel Realty Buys Lake Pleasant Pavilion Shopping Center in Peoria for $42M
By Alex Girda, Associate Editor Bringing its recent investments in the Phoenix area past the $200 million mark, Excel Trust Inc. paid $41.8 million for Lake Pleasant Pavilion Shopping Center in Peoria. National brands represented at the 373,000-square-foot property include Marshalls, Bed Bath and Beyond, Tilly’s, Kirland’s. SuperTarget, a 185,000-square-foot store owned by Target Inc., […]
Arizona Breaks into Top 5 States For Construction Spending: NAIOP
By Alex Girda, Associate Editor A NAIOP Research Foundation report finds that Arizona ramped up commercial real estate development spending in 2011, pumping $4.2 billion into building new space. That total falls short of pre-recession levels, but it was good enough for fifth place, as the state trailed only Texas, New York, West Virginia and […]
Allstate’s 66,000 SF Lease in Tempe Offers Rare Bright Spot
By Alex Girda, Associate Editor In one of the area’s largest office leases this year, Allstate Insurance Co. inked a 66,000-square-foot deal at Tempe Gateway. Located in Tempe’s Mill Avenue District, the eight-story, 260,000-square-foot building facility has been owned since 2010 by Seattle-based Vulcan Real Estate. Allstate’s commitment means that Tempe Gateway is now 64 […]
Cornerstone Realty Pays $26.1M for Lincoln Commerce Park 2
By Alex Girda, Associate Editor In a $26.1 million deal, a joint venture of Lincoln Property Co. and Invesco Realty Advisors sold Lincoln Commerce Park 2, a 336,665-square-foot complex in Phoenix, to an affiliate of Cornerstone Realty Advisers L.L.C., Business Real Estate Weekly of Arizona reported. The 336,665-square-foot, four-building complex is part of Lincoln Commerce […]
LNR Partners Sells 399-Unit Multi-Family Asset to Weidner for $36M
By Alex Girda, Associate Editor In a $36 million deal, Weidner Investment Services has acquired the Apartments at Steele Park from an affiliate of LNR Partners L.L.C. Weidner paid a per-unit rate of $90,395 for the 399-unit complex located at 411 East Indian School Rd., the Phoenix Business Journal reported. Cassidy Turley BRE Commercial executive vice […]
Westport Capital Partners Adds to Fooprint with $17M Office Asset
By Alex Girda, Associate Editor Westport Capital partners has added to its Greater Phoenix footprint by buying the Camelback Arboleda office campus in a $16.6 million deal, the Phoenix Business Journal reports. The 179,751-square-foot asset commanded a price comparable to the $17 million paid by the seller, CFS Arboleda L.L.C., when it acquired the property […]
Student Population Boom Drives $52M Project Near ASU Campus
By Alex Girda, Associate Editor
Banking on demand from a fast-growing student population, EdR is developing a $52 million mixed-use collegiate housing community near Arizona State University’s Downtown campus and the Phoenix Biomedical campus.
The mid-rise development will feature 609 beds within 326 units. Concord Eastridge is serving as construction partner for the 326-unit, 609-bed complex and […]
BPG Affiliate Pays $34M for 2nd Scottsdale Office Complex
By Alex Girda, Associate Editor
Lincoln Towne Centre, a 223,605-square-foot office complex in Scottsdale, has come under the ownership of BPG Properties Ltd. A newly formed affiliate of the private equity management company acquired the property from Lincoln National Life Insurance Co. in a $34.3 million deal, the Phoenix Business Journal reported. A team from CBRE […]
Sky Harbor Goes Solar; Spring Debut Set for Affordable Complex
The sun shines on Phoenix about 310 days every year, and Sky Harbor International Airport is the latest location to turn the rays into electric power. A recently completed installation of 16,000 photovoltaic panels (pictured below) will yield 5.4 megawatts—enough to meet 51 percent of the airport’s energy needs, the Arizona […]
Parkview Properties Pays $86M for a Second Tempe Tower
By Alex Girda, Associate Editor
Less than a year after buying a neighboring property, Parkway Properties Inc. closed on the $86 million acquisition of Hayden Ferry Lakeside II in Tempe, Ariz. Completed in 2007, the 12-story, 300,000-square-foot building is part of […]