Phoenix
Angelo, Gordon and Slavin Pay $43M for Multi-Family Asset
By Alex Girda, Associate Editor In a $42.5 million deal, Angelo, Gordon & Co. L.P. and its partner, Slavin Multifamily Advisors LLC, have acquired Villa Salerno Apartments in Northeast Phoenix from an affiliate of Colony Realty Partners, the Phoenix Business Journal reported. Constructed in 1996 by Mark-Taylor Development, the 412-unit Villa Salerno complex had been […]
Globe Buys Chandler Property; MainSpring Sells Tempe Trio
By Alex Girda, Associate Editor Scottsdale-based investment and private equity firm Globe Corp. is the new owner of a Chandler industrial property that it has acquired from Milgard Manufacturing Inc. in a $7.6 million deal, The Phoenix Business Journal reports. The building is part of the Westech Corporate Center near Arizona Avenue. Tacoma, Wash.-based Milgard, a […]
Lincoln Inks 164,000 SF of Leases at Mesa Business Park
By Alex Girda, Associate Editor Lincoln Property Co. recently completed 164,000 square feet in new leases and renewals at its Broadway 101 Commerce Park in Mesa. The firm has completed a new deal with PODS, an international moving and storage company, for 67,949 square feet at the complex at 2160 West Broadway Road. PODS will be […]
Arcadia Complex Hits Market; Held Takes Chandler Asset
By Alex Girda, Associate Editor Arcadia Cove, a multi-family asset near the Phoenix Gateway Center and the upscale Arcadia neighborhood, has come to market with an asking price of $47.25 million, rentv.com reported. Located at 2522 North 44th Street, the 432-unit residential community was built in 1996 by Picerne Real Estate Group and features units […]
Hotel Palomar Opens, Boosts Downtown Convention Market
By Alex Girda, Associate Editor The two-block CityScape development has been completed with the grand opening of the $90 million Hotel Palomar Phoenix. Developed by RED Development and operated by Kimpton Hotels & Restaurants, the 242-key boutique hotel is part of the retail and office development at Central Avenue and Jefferson Street. Hotel capacity in […]
North Scottsdale’s First Green Building Commands $79M
By Alex Girda, Associate Editor Canadian players are joining the ranks of institutional investors finding opportunities in metropolitan Phoenix. Artis Real Estate Investment Trust has acquired MAX at Kierland, a 258,912-square foot, Class A office building in North Scottsdale. The Winnipeg, Manitoba-based REIT paid $79 million for the six-story building, which it acquired from a joint […]
Sonora Village Retail Center in Scottsdale Trades for $46.5M
By Alex Girda, Associate Editor Sonora Village Investors, a partnership of investors Bob Mariash and Ryan Denk, has paid $46.5 million for Sonora Village, a 248,322-square-foot retail center in Scottsdale, the Phoenix Business Journal reported. Sonora Village’s previous owner, Westwood Financial Corp., has sold six retail properties in Arizona during the past six months as […]
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 […]