In the News—Week of October 2, 2023
Deal of the Week
A California real estate entity recently closed on a modification of an existing encumbrance in the amount of $59,250,000.00 in Scottsdale, Arizona. The transaction was closed by Vice President & Senior Commercial Escrow Officer, Sheila Hunter in our Scottsdale office.
Pickel and Social plans Frisco site as part of nationwide expansion
The Frisco Station Partnership is launching its first entertainment venue, the Frisco Enterprise reports. Pickle and Social, featuring outdoor and indoor pickleball courts, will be paired with Fairway Social, which offers simulators for 130 golf courses and for 10 other sports. Pickle and Social, a new venture of Competitive Social Venture, is opening pickleball venues across the U.S. Other sites include Houston; Scottsdale; Louisville, Kentucky; Tampa; Greenville, South Carolina and two locations in Atlanta. Frisco will be the first U.S. location to feature both Pickle and Social and Fairway Social. The opening is scheduled for spring 2025.
Downtown Indy population rises; projects worth $9 billion on the way
The population of downtown Indianapolis has risen 46% since 2010 as investments in the area have paid off, the Indianapolis Star reports. “Downtown is our city’s first neighborhood, a neighborhood for us all,” Taylor Shaffer, CEO of Downtown Indy, says. “It’s where we celebrate our city’s highest achievements and mourn our communal losses.” Nearly 29,000 people live in downtown Indianapolis, up from over 25,000 in 2021. The downtown area has $9 billion of development in the pipeline in the next five years.
Blackstone real estate fund puts its money on student housing
Blackstone is placing its bets on the student housing rental market as demand increases around the globe, CNBC reports. The private equity giant, which is the biggest owner of commercial real estate in the world, acquired student housing provider American Campus Communities. “Student housing is, I think where the opportunity is most specifically generating a lot of strong cash for us and our investors,” Blackstone’s global co-head of real estate, Kathleen McCarthy, says. The firm raised $30 billion last year for its Blackstone Real Estate Partners X fund.
Wells Fargo to buy space in NYC’s Hudson Yard for $550M
Wells Fargo is paying $550 million for space in Hudson Yards once occupied by Neiman Marcus, the New York Post reports. Wells Fargo will occupy three floors of offices — about 400,000 square feet — of 20 Hudson Yards, an 11-story building. The deal cuts against the trend of New York City’s slow office market. Figures from Ariel Property Advisors show real estate investment deals in New York City during the first half of 2023 sunk 43% from the previous year.
Turf Paradise says it will resume horse races after CRE buyer withdraws
Turf Paradise racetrack, which was going to cease racing this fall after more than 65 years of operation, will resume holding live racing in January, AZFamily reports. Last spring, California-based CT Realty agreed to buy the Turf Paradise property at Bell Road and 19th Avenue for the purpose of redeveloping it. At the time, the parties involved said that racing would continue for a few years. But the deal fell through in September. Turf Paradise owner Jerry Simms said he was retiring and racing simulcasts would cease. But Richard Moore and the Turf Paradise Land Trust are buying the track, and live racing will resume in January and simulcasting will continue.
1,864-acre King Ranch in Goodyear sold to Harvard Investment for $22M
Harvard Investments bought the 1,864-acre asset King Ranch in Goodyear from its Dallas-based owners for $22 million, AZ Big Media reports. HE Capital KR LLC bought the land in 2008 but never developed it. The ranch borders Estrella, a large master-planned community developed by Varde Partners and Toll Brothers Homes. Harvard Investments developed FirstStreet Ballpark Village in Goodyear, a 251-unit, single-family build-to-rent community, near the spring training home of the Cincinnati Reds and Cleveland Guardians. Harvard Investments, in partnership with Lincoln Property Company, is involved in developing a 7-million-square-foot industrial project next to Phoenix-Goodyear Airport.