In the News—Week of July 3, 2023
Deal of the Week
“A California based investment company purchased the Stay Inn-Tucson (formerly the Ramada by Wyndham Tucson Aiport) for $7 million. The transaction was closed by Bryan Selna, Vice President and Senior Escrow Officer, in the Scottsdale Office”
Las Vegas real estate developer gave up seat on Titan submersible
Las Vegas real estate developer Jay Bloom says he and his son Sean gave up their seats on the Titan submersible that imploded during a trip to view the wreck of the Titanic, People reports. “So this is crazy… I got invited to go on this dive,” Bloom wrote on Facebook. “If I accepted, I would’ve been one of the five onboard right now.” Bloom posted screenshots of Stockton Rush, CEO of the company that operated the submersible assuring Bloom it was “safer than flying in a helicopter or even scuba diving.”
Invesco Real Estate announces launch of CRE investment fund
Invesco Real Estate has started a Real Estate Finance Trust geared toward financing commercial real estate loans, Mortgage Professional America magazine reports. Invesco Commercial Real Estate Finance Trust will service investors looking to acquire commercial properties. “We are pleased to expand our private credit offering to wealth management platforms as investors continue to look for ways to optimize risk-adjusted returns, especially during periods of uncertainty, high inflation and rising rates,” the REIT’s CEO Bert Crouch, says.
Burlington Coat Factory takes 44 leases at Bed Bath & Beyond auction
As part of Bed Bath & Beyond’s bankruptcy, 109 leases held by the chain were auctioned, with Burlington Coat Factory submitting winning bids for 44 of them at $12 million, Commercial Observer reports. A&G Real Estate Partners attempted to auction off 153 of the leases, but only received qualified bids on 109. The stores were 18,000 to 92,000 square feet each. “Bed Bath was the prom queen for a while,” says Mike Matlat, a senior managing director of A&G Real Estate, which has run similar auctions. “They have great locations, great rents, nice lease terms, and that’s very attractive to other retailers.”
Cowboys’ Jerry Jones plans to develop retail, apartments among grain silos
Dallas Cowboys owner Jerry Jones’ company is planning a mixed-used development among the grain silos in Prosper, Texas, Dallas Innovates reports. Jones’ Blue Star Land company acquired the land in the town, which is about 25 miles north of Dallas. The town is quite proud of grain silos in the historic Old Town district. “We’re going to incorporate the silos and include a park,” Blue Star Land CEO Joe Hickman says. “I’m going to build 400 or 500 apartment units and some retail around the silos.”
Taser parent company plans 2,300 apartments for its HQ campus
Axon, the parent company of stun-gun maker Taser, has left its neighbors in Scottsdale . . . well, stunned. Axon revealed its plans for its headquarters and they call for 2,300 apartment units, retail and a hotel, the Scottsdale Progress reports. Residents of the Stonebrook community of 175 homes say they feel they are about to be steamrolled by a corporate giant in cahoots with the city. Axon representative Charles Huellmantel says: “We have housing needs for our employees. We also have entertainment needs for our employees, and we’re trying to create a campus — you’re probably seeing other companies do similar things. It’s not an unusual thing for tech companies to have to recruit their employees.”
Neighbors object to proposal for 50- story office tower in downtown Phoenix
Scottsdale-based developer Aspirant Development is asking the Phoenix City Council to approve plans for two buildings — one 50 stories high — off 2nd Avenue and Van Buren Street, AZ Family TV reports. A neighborhood group, Roosevelt Action Alliance, opposed the project. “All of this put together is just a huge mish-mosh,” says Joan Kelchner, president of the neighborhood group. “It’s just an 800-pound gorilla sitting in the middle of our neighborhood, and it doesn’t fit.” That’s not all the opposition. The Goldwater Institute sent a letter to members of the Phoenix City Council stating that the deal they have drawn up with the developer is illegal.