Below are the deals closed Friday 12/12/14 in Maricopa County over $5 million according to the Maricopa County Recorder. The Rose Law Group Reporter has not independently verified these transactions.
Strategic Hotels & Resorts Inc. (NYSE: BEE), a Chicago based REIT specializing in luxury resort properties, closed on the $140M purchase of the Four Seasons Resort Scottsdale at Troon North, to complete the deal which was announced in November of this year. According to Maricopa County Recorder records the deal covers 23.33 acres of the resort north and west of E. Jomax Road and N. Alma School Parkway (10600 E. Crescent Moon Dr.) in Scottsdale. Hotel News Resource reports that 13.8 acres of land included in the sale is undeveloped land with zoning approval for units and possible residential use.
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$28.556M+ sale of the Cornerstone Center located at the hard corner of S. Rural Road and E. University Drive (920 E. University Dr.) in Tempe by Cornerstone Center 99, LLC, an entity formed by ACF Property Management. The Studio City based firm is active in the Valley with multiple properties and transactions in over the years. The center, well known to all ASU alumni is home to the Tempe Improv, a Tempe landmark. The site, comprised of 3 parcels covers approximately 10.72 acres and includes a former Gold’s Gym being used currently by ASU as office space.
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$12.4M ($100,000/unit) sale of the 124-unit Scottsdale Gateway I apartment complex located just west of the intersection of E. McKellips Road and N. Scottsdale Road (801 E. McKellips Road) in Tempe by CH Scottsdale Gateway I Communities LLC, an entity formed by ColRich of San Diego, California. The BREW reported ColRich purchasing these apartments in May of 2012 for $7.95M ($64,113/unit) as a part of a $41M deal that included the much larger Scottsdale Gateway II on the north side of McKellips.
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