Phoenix
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 […]
Pillar Pays $45M for Apartment Complex; Archway Takes 3 MOBs
By Alex Girda, Associate Editor
The Phoenix multi-family market has recorded its latest major trade with Pillar Communities’ acquisition of the San Portella apartment complex in Tempe. The 308-unit residential complex traded for a total of $45.1 million or $146,428 per […]
Condos May Rise on Medical Office Parcel; Simon Nears Deal on Site for Outlet Mall
By Alex Girda, Associate Editor
The current site of a medical office building near the Paradise Valley Mall may be transformed into a multi-family development. Cachet Homes is eyeing a 4.5-acre parcel at 4232 East Cactus Road for a 200-unit condominium […]
Kimco, TriGate Capital Buy Retail Assets
By Alex Girda, Associate Editor
Making its initial foray into the Phoenix metropolitan market, TriGate Capital has recently completed the $26.8 million acquisition of a six-property retail portfolio, a Cassidy Turley BRE Commercial press statement shows. Ranging in size from 40,000 […]