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Arcadia Complex Hits Market; Held Takes Chandler Asset

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…

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Hotel Palomar Opens, Boosts Downtown Convention Market

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…

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North Scottsdale’s First Green Building Commands $79M

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…

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Sonora Village Retail Center in Scottsdale Trades for $46.5M

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…

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Excel Realty Buys Lake Pleasant Pavilion Shopping Center in Peoria for $42M

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…

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Arizona Breaks into Top 5 States For Construction Spending: NAIOP

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,…

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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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