Tag Archives: Lehman Brothers

Broadstone Civic Center

Alliance Residential buys multifamily site in Gilbert

DTZ announced that Broadstone Civic Center, LLC (Alliance Residential) purchased a 13.72 acre, 256-unit multifamily development site located south of the southwest corner of Warner Road and Civic Center Drive in Gilbert for $3.85 million ($$15,039 per unit). The seller was AZ Gilbert Holdings 2, LLC (an entity formed by Lehman Brothers Holdings, Inc.).

DTZ Executive Managing Directors David Fogler and Steven Nicoluzakis and Managing Director Don Arones represented the seller during the transaction.

“This immediate location has significant access to employment and retail amenities, and with the limited supply of multifamily sites available in Gilbert and the quality that Alliance delivers, this will prove to be a very successful development,” said Mr. Fogler.

Alliance Residential is partnering with Appian Capital, LLC to develop Broadstone Civic Center, a 256 unit apartment complex. Slated to break ground in second quarter 2015, the gated project is planned to include one, two and three-bedroom units that range in size from 750 to 1,300 square feet. Alliance Residential Builders is the contractor on the project.

The property was part of a 37-acre parcel Lehman Brothers purchased in 2005 and is adjacent to the Gilbert Civic Center and Gilbert Town Hall.  It is surrounded by a large amenity base of retailers and restaurants including the Downtown Gilbert Heritage District, a pedestrian-friendly area filled with restaurants, shops, cultural attractions and scenic parks.

Dow breaks 13,000

Dow Jones Breaks 13,000 For First Time Since ’08 Crisis

NEW YORK — The Dow Jones industrial average crossed 13,000 on Tuesday for the first time since May 2008, when the Lehman Brothers investment bank was solvent, unemployment a healthy 5.4 percent and the worst of the Great Recession months ahead.

The milestone came about two hours into the trading day. The stock market got the final push from strong corporate earnings reports and a Greek bailout deal intended to prevent the next financial crisis.

The average was above 13,000 for about 30 seconds before dropping back.

The Dow last closed above 13,000 on May 19, 2008. The next day, it crossed under 13,000, not to return for almost four years. The Dow fell as low as 6,547 on March 9, 2009. It has almost doubled since then.

The 13,000 level is a psychological milepost, but in a market built on perception, it could influence more cautious investors to pump more money back into the stock market, analysts said.

“You need notches along the way to measure things, and that’s as good as any,” said John Manley, chief equity strategist for Wells Fargo’s funds group. “Is 50 older than 49 and a half? Yes, by six months. Do those six months really make a difference? Probably not. But it does give us a fixed point, something we can look at.”

Stocks dropped back slightly after hitting the mark. Just before noon EST, the Dow was up 37 points at 12,987. In other trading, the Standard & Poor’s 500 was up five points at 1,366. The Nasdaq composite index was up nine points at 2,961.

Just last summer, the Dow unburdened itself of 2,000 points in three terrifying weeks. S&P downgraded the United States credit rating, Washington was fighting over the federal borrowing limit, and the European debt crisis was raging.

The Dow fell as low as 10,655 in the fall. The 13,000 marker is a 22 percent rally from that low. The Dow is within 1,200 points of its all-time closing high — 14,164, set Oct. 9, 2007.

From here, it would take a 9 percent rally for the Dow to hit an all-time high. The S&P, a broader reading of the market, would need a bigger rally, 15 percent from here, to set a record.