Commercial Real Estate & Business News – March 6, 2014

A venture between CarVal Investors in Hopkins, Minn. (John Brice, CEO) and MainspringCapital Group in Scottsdale paid $50 million ($183.97 per foot) to buy roughly 272,000 sq. ft. of office space within the Pima Center mixed-use business park on the Salt River Pima-Maricopa Indian Community. That 209-acre project is located on the eastern edge of Scottsdale... Read more
The nation's REITs look to continue to be big spenders again in 2014, with the projected pace of acquisitions and expenditures on new development running almost 60% higher than their pace of projected dispositions. The majority of REITs have now posted their year-end earnings and provided 2014 guidance outlines... Read more
The area surrounding the Valley Ho Resort between 68th Street and Goldwater Boulevard, Scottsdale, is looking at filling in its last undeveloped lot. The half-acre piece at 69th and Main streets is proposed for development as First Avenue Townhomes. The new luxury residences will be located just north of the proposed 135 P.B. Bell apartments... Read more
Dallas-based TopGolf International Inc. soon will hire approximately 450 workers to staff its first Arizona location near Scottsdale. TopGolf's indoor/outdoor golf entertainment center is slated to open in June at 9500 E. Indian Bend Road. The company soon will begin hiring for a variety of positions from golf services to food and beverage... Read more
When Greasewood Flat opened in the mid-1970s as a watering hole for owner George "Doc" Cavalliere and his buddies, it was so remote from the developed parts of town that it felt like a full day's outing to drive there and back. A lot has changed in 40 years. Scottsdale's northern edges have overtaken the place, surrounding the cowboy ambience with multimillion-dollar resorts and homes... Read more

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