Retail

The 1.9 million square foot office tower under construction in Tempe is going to be a game changer for the market.

North Ranch Gateway was originally built in 1989 and recently underwent significant renovations, according to the Sterling Organization. The property was purchased on behalf of Sterling Organization's recently launched institutional fund, Sterling Value Add Partners III, LP.

Rubenstein's business plan calls for the creation of walking connections to a new retail center currently being built adjacent to the Research Plaza property, which will help tenants access the new retail amenities at the complex.

"It's not a cookie cutter," PREIT's Joseph F. Coradino says. "The answer tends to be market driven."

The Port Washington, NY-based REIT acquired a 99-year leasehold in the 62,000-square-foot shopping center at Minnesota Avenue and Benning Road that includes a purchase option.

“We believe that Class A super-regional malls remain one of the most attractive investments available today.”

With the acquisition of Modera, RISE now owns a total of 12 assets in the Puget Sound area, and plans to make technology upgrades and transition Modera property management to Thrive Communities.

The transaction through an IPC subsidiary on behalf of its 1031 investment programs, marked the final disposition across three separate 1031 investment programs that consisted of four Mariano's Fresh Market locations in the Chicago area—Palatine, Vernon Hills, Elmhurst and Arlington Heights.