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Lee & Associates - Arizona | Week in Review | Friday, March 7, 2014

03/07/2014


LOCAL NEWS

 

CarVal Investors Acquires Pima Center Office Buildings for $50 Million

A venture between CarVal Investors in Hopkins, Minn. (John Brice, CEO) and MainspringCapital Group in Scottsdale paid $50 million ($183.97 per foot) to buy roughly 272,000 sq. ft. of office space within the Pima Center mixed-use business park on the Salt River Pima-Maricopa Indian Community. BREW

 

Momentum builds for Interstate 11 route through Arizona

A prominent economic-environmental group has given the proposed Interstate 11 through Arizona a conditional green light, signaling growing acceptance of an ambitious project that was little more than an idea two years ago, transportation planners said Monday. AZCENTRAL

 

BH Properties Adds to Arizona Portfolio

The company has acquired its third retail property in Arizona, adding to its expanding portfolio.  The Los Angeles-based firm, which specializes in purchasing challenged and distressed real estate properties. GLOBE ST.

 

Three Medical Office Buildings Near Loop-101 & Shea Blvd Noticed for Trustees Sale

A medical office portfolio consisting of three two-story buildings, totaling 154,136 square feet, has been noticed for trustees sale. The properties are separated by three quarters of a mile, as they are clustered near the intersection of Loop 101 & Shea Blvd in Scottsdale. VIZZDA NEWS

 

Continuum sale for $51.75M pushes progress along Price

This week, we learned a 152-acre chunk of Continuum — Motorola Inc.’s old campus in Chandler — switched hands for $51.75 million. PHOENIX BUSINESS JOURNAL

 

 

NATIONAL & INTERNATIONAL NEWS

 

Hiring surprisingly stronger in February

The job market picked up more than expected in February, led by strong hiring in professional and business services. CNN MONEY

 

Cerberus to Buy Safeway in $9 Billion Deal

A group led by the private equity firm Cerberus Capital Management agreed on Thursday to buy Safeway in a deal worth more than $9 billion, giving it control of the big grocery store chain in the largest leveraged buyout this year.
NEW YORK TIMES

 

Capital Market Round-Up: Five REITs File for New IPOs

In one of the busiest weeks in recent memory for real estate activity in the capital markets, five REITs filed paperwork with the U.S. Securities & Exchange Commission preparing for initial public stock offerings seeking to raise more $3.4 billion. COSTAR

 

Staples to Shut 225 Stores to Trim $500 Million in Costs

Staples Inc., the largest U.S. office-supplies chain, will close as many as 12 percent of its North American stores and cut as much as $500 million in costs as online competition continues to hurt sales. The shares fell. BLOOMBERG

 

Labor Shortages, Materials Costs Plague Apartment Builders

Overall, the cost of construction for apartment properties continues to rise faster than inflation, at a rate of about 2 percent to 6 percent a year, according to developers. MULTIFAMILY EXECUTIVE

 

 

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03/07/2014 - 10:00

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