Commercial Real Estate & Business News – February 29, 2016

Optima Kierland, a new community featuring high-rise luxury living, is now underway. Situated on 9.5 acres at Scottsdale Road and Kierland Boulevard, the multifamily development is to feature floor-to-ceiling glass, allowing desert and mountain views. The property is located in the heart of the North Scottsdale urban core, surrounded by shopping and dining destinations, Kierland Commons and Scottsdale Quarter, and several neighboring golf clubs including the Westin Kierland Resort and Spa... Read more »
Billionaire investor Warren Buffett said Saturday that the nation's economy is in better shape than the presidential candidates make it seem, though businesses like his still face challenges. In his annual letter to Berkshire Hathaway shareholders, Buffett didn't name specific candidates or issues but noted that the negative drumbeat about the economy, health care reform and income inequality may get voters down about the future. "It's an election year, and candidates can't stop speaking about our country's problems... Read more »
Sports Authority could file for Chapter 11 bankruptcy as early as March, according to a report from Reuters. Citing unnamed sources, Reuters said the Englewood, Colorado-based sporting goods retailer "intends to file for bankruptcy as early as next month, an action that would expedite the closing of some of its 450 stores across the United States."... Read more »
Alter announces R-Tech, a major new collaborative and creative office space at its Riverwalk Arizona (www.riverwalkarizona.com), a 176-acre mixed-use business park in Scottsdale, AZ. GlobalTranz Inc. (www.globaltranz.com) will be the inaugural tenant, signing a 70,347 SF lease to expand its sales and operations space. Michael J. Alter, President of the Chicago-based national corporate real estate development firm announced the transaction... Read more »
The city of Phoenix is looking to sell an undeveloped land parcel at the southwest corner of Camelback Road and Central Avenue next to the Metro light rail station. The city has issued a request for proposals for the vacant land. The RFP pegs a minimum land sale price of $788,800... Read more »

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