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Allstate’s 66,000 SF Lease in Tempe Offers Rare Bright Spot

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…

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Cornerstone Realty Pays $26.1M for Lincoln Commerce Park 2

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…

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LNR Partners Sells 399-Unit Multi-Family Asset to Weidner for $36M

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…

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Westport Capital Partners Adds to Fooprint with $17M Office Asset

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.,…

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Butte Cos. Plans $35M Luxury Apartment Complex in Chandler

Butte Cos. Plans $35M Luxury Apartment Complex in Chandler

By Alex Girda, Associate Editor Phoenix’s climate and attractive lifestyle is motivating developers to grow the local inventory of luxury multifamily properties. A recent case in point: the $35 million development in Chandler planned by Scottsdale-based Butte Cos. The proposed 222-unit project would rise on a 10-acre parcel on McClintock…

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Student Population Boom Drives $52M Project Near ASU Campus

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…

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BPG Affiliate Pays $34M for 2nd Scottsdale Office Complex

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…

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Sky Harbor Goes Solar; Spring Debut Set for Affordable Complex

Sky Harbor Goes Solar; Spring Debut Set for Affordable Complex

By Alex Girda, Associate Editor 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…

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Parkview Properties Pays $86M for a Second Tempe Tower

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 [...]…

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Pillar Pays $45M for Apartment Complex; Archway Takes 3 MOBs

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 [...]…

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Condos May Rise on Medical Office Parcel; Simon Nears Deal on Site for Outlet Mall

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 [...]…

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Kimco, TriGate Capital Buy Retail Assets

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 [...]…

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