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Commercial Real Estate & Business News – September 19, 2016

September 19, 2016 by Leave a Comment
The Southwest is expected to continue eclipsing the national economy in terms of economic growth and job creation over the next few years. That's according to former Citibank CEO Eugene McQuade, who spoke at the annual Phoenix Business Journal-Salt River Project 2017 Economic Forecast, held today at the JW Marriott Desert Ridge in Phoenix...»

The distributed innovation system at ASU, said Kerner, helps turn out better graduates because it puts the ideas behind entrepreneurial thinking into various departments across the school. "Most universities are built on tradition and maintaining that tradition," she said. "ASU is focusing on what can be done to be a new type of institution and not one built on tradition"...»
Salt Lake City-based Western States Lodging and Management will break ground next week for a $30 million senior living community in Avondale and another $30 million center near Scottsdale next year. When completed, both facilities will employ upwards of 300 people. Plans call for building the 169-unit Legacy House of Avondale at 2635 N. Dysart Road...»

Golfsmith International Holdings Inc. has filed for Chapter 11 bankruptcy to restructure its debt, close underperforming stores and sell its Canadian subsidiary, Golf Town Inc. Two of those stores are in Arizona...»
Metro Phoenix has had higher than average increases in home values and has some of the lowest property taxes in the county. Phoenix's low foreclosure rate also propelled it toward the top of the list, according to Bankrate. Only six years ago, high foreclosures and negative appreciation garnered us the not-so-nice label "boomtown gone bust"...»
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Commercial Real Estate & Business News – September 16, 2016

September 16, 2016 by Leave a Comment
After lasting through four straight fiscal years of declining sales, from 2013 through 2016, the company is trying to correct its course. In August, the company ousted CEO Ronald Boire, a move that subsequently postponed the retirement of company founder...»
As population growth continues, new retail space is needed to meet demand from new residents. Currently, the southeast valley is the most active new home market in metro Phoenix. Through the first half of 2016, the southeast Valley accounted for two-thirds of new retail product in the metro area...»

Developer Dan Tilton has just opened the new Proxy 333 apartments in downtown Phoenix with a focus on urban designs he saw in Seattle. Tilton - who is based in Scottsdale - also said he's looking at buying another parcel...»
A ribbon-cutting celebration and grand opening Wednesday officially marked Clearlink as the latest company to lease class A office space at the Galleria Corporate Centre in Downtown Scottsdale, which is also the companies first office outside of its headquarters in Utah....»
DMB Associates Inc. is known for grand developments it has created in the Valley with the DC Ranch, Eastmark and Verrado communities, and the Scottsdale-based company is looking to add another masterpiece to its collection with a mixed-use project it is proposing in Tempe called Eastline Village...»
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Commercial Real Estate & Business News – September 15, 2016

September 15, 2016 by Leave a Comment
McKesson, a health care pharmacology, technology and supply vendor, is boosting its Valley presence with a 271,000-square-foot twinned office complex in the Salt River Pima-Maricopa Indian Community. This is a major expansion for the 30,000-employee...»
Capital is still free flowing for most borrowers. Yet some banks are taking their foot off the gas pedal for apartment construction loans in select markets where there are growing concerns of concentration risk. Banks are cautious about over-exposure...»

A short drive down Southern Avenue in southwest Mesa is sure to be filled with scenes of vacant buildings and abandoned shopping centers; however, a plan passed by Mesa City Council is trying to fix that. The area around the Fiesta District West Mesa has been deemed "blighted" ...»
A Southern California-based tire wholesaler is entering the Arizona market with a new distribution center in Phoenix. Corona, California-based Tire's Warehouse Inc. has leased 83,000 square feet at 15th Street and Buckeye Road near Phoenix Sky Harbor National Airport....»
Fox Restaurant Concepts (FRC) has hired former Starbucks executive Christine Barone as chief executive officer of True Food Kitchen, one of Sam Fox's restaurant concepts inspired by the principles of Dr. Andrew Weil's anti-inflammatory food pyramid. ...»
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Commercial Real Estate & Business News – September 14, 2016

September 14, 2016 by Leave a Comment
In a project being called Mainspring Flex Phase III at Pima Center, MainSpring Capital Group has plans to speculatively develop 150,660 square feet of light industrial space suitable for warehouse/assembly/distribution uses in northeast Scottsdale...»
The apartment markets that were hurt the most by the housing crash are now experiencing steady growth. "All of these markets now are posting very healthy job growth that is helping to stimulate solid demand for apartments...»

Mountain Park Health Center is breaking ground for a $14 million clinic in Tempe. The 32,000-square-foot facility will be built on the former property of the Skipper Bud's boat dealership, which is on the northeast corner of Broadway and McClintock roads in Tempe...»
The divide between good malls and bad malls is about to widen even further. Despite popular belief, not all malls are dying. The highest quality shopping centers are minting money as a dearth of high-end properties drives up rents...»
A Canadian company with ties to multiple fast-food and fresh-food chains has purchased the Irvine-based parent company of Baja Fresh Mexican Grill. MTY Food Group of Montreal has acquired BF Acquisition Holdings, which also owns the La Salsa Fresh Mexican Grill brand, for $27 million...»
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Commercial Real Estate & Business News – September 13, 2016

September 13, 2016 by Leave a Comment
Despite rising prices, institutional investors continue to buy single-family rentals. The share of single-family homes bought by investors stopped shrinking in 2016, after getting smaller for years....»
Irvine, California-based Crown Realty & Development bought a 44th Street office building in Phoenix from Van Trust Real Estate LLC for $40.4 million. The Four Gateway building at 444 N. 44th St., near Van Buren Street, is occupied by CVS and was previously home to State Farm offices....»
Big sprawling suburban land deals - a hallmark of Arizona's real estate market - could be coming back. Phoenix-based El Dorado Holdings Inc. bought more than 1,100 acres in Pinal County for $38.4 million...»
Construction during the current real estate cycle has generally stayed below historical trends, but deliveries have increased as the cycle matures, prompting a look at whether markets are becoming overbuilt....»
Security Properties Inc. in Seattle, Wa. (David Dufenhorst, CEO) and partner Aetna Health and Life Insurance Co. in Hartford, Ct. have teamed up to buy the 432-unit Arches at Hidden Creek apartments in Chandler...»
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