Commercial Real Estate & Business News – June 16, 2015

California Group Buys West Valley Center From Vestar For $40m

A California group with ties to Taiwan has bought a West Valley shopping center from Phoenix-based Vestar for $40 million. Watson Property LLC acquired the Sundance Towne Center from a real estate subsidiary of Vestar. The 600,000-square-foot property is located in Buckeye at Watson Road and Interstate 10 west of Phoenix. Tenants include PetSmart, Walmart, Lowe’s, Chipotle Mexican Grill, Cracker Barrel and Panda Express... Read more »

CVS to Acquire Target Pharmacies, Clinics for $1.9B

CVS Health Corp. has signed an agreement to acquire Target’s pharmacy and clinic businesses across the United States in a deal valued at approximately $1.9 billion. According to the joint announcement released this morning, CVS Health will acquire Target’s more than 1,660 in-store pharmacies across 47 states and operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores... Read more »

Sears Sells Chandler, Arrowhead Stores In $50m Sale Leaseback Deal

Sears Holdings Corp. has sold its Arrowhead Towne Center and Chandler Fashion Center stores for almost $50 million in a sale leaseback deal. Illinois-based Sears (Nasdaq: SHLD) sold the two Arizona stores to a joint venture it formed with mall owner Macerich Co. in April. Macerich owns the Arrowhead and Chandler malls. Sears sold the Chandler store to the joint venture MS Portfolio for $26.9 million and the Arrowhead store to the same group for $23 million... Read more »

Reluctant Renters: What Baby Boomers Fear, and Desire, in Multifamily Housing

As the oldest baby boomers turn 69 this year, some of them are expected to make the jump into multifamily housing—but not all of them are racing to put up a for-sale sign in the front yard. David Allison, founder of Vancouver-based BA Marketing Buildings, calls them “the reluctants”. This subset of baby boomers don’t want to sell their single family homes, but they have no choice since their equity—and therefore often their retirement savings plan—is wrapped up in their home... Read more »

GoDaddy-Leased El Dorado Tech Center Sells for $17.8 Million

The El Dorado Tech Center in Gilbert sold to Walton Street Capital and Everest Holdings on Wednesday for $17.8 million, or $99 per square foot. The buyers financed the sale with a $13.8 million new construction loan with Compass Bank. GoDaddy occupies 70% of the 180,480 square foot two-story building, which is located at the southwest corner of Gilbert Road and Arizona Avenue. Seller James L Bates originally acquired the property as vacant land for $5,555,000 in July of 2000... Read more »

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