Commercial Real Estate & Business News – March 6, 2015

A 'Goldilocks Economy' For Commercial Real Estate

More than five years since the official end of the Great Recession, this is shaping up to be a recovery for the ages — and for commercial real estate. Certainly this isn't what anyone would term a "dream" recovery. The U.S. recovery is outpacing the U.K. and especially Europe but is still well off the typical pace of recovery after a recession. And even though GDP is growing, we're still not making up for lost ground at all... Read more »

Phoenix Wants To Raze Strip Malls For New Projects

The city of Phoenix is looking at a plan to help landowners revamp or remove excess strip malls to revitalize neighborhoods. The recession was a death knell for many strip malls. Today, they have high vacancy rates and some four-corner locations have more shop space than shop potential. As the centers decline in occupancy, quality of stores and viability, the buildings do as well. Phoenix is considering an initiative that will reverse the trend... Read more »

Plans Move Ahead On Artesia Condominium Project In Scottsdale

A company has revived plans for an upscale condominium project at McCormick Ranch after it came to a standstill in the recession. Artesia, on the east side of Scottsdale Road just north of Indian Bend Road, gained approval this week to move forward on its next phase of additional – but smaller – residential units. Starpointe Communities developed the first phase of Artesia with 93 residences, retail space and an underground parking garage... Read more »

Stockdale To Develop $75 Million Office Project In Old Town Scottsdale

With a plethora of tech firms showing a preference to house their fast-growing businesses in high profile Valley locations, Stockdale Capital Partners LLC in Los Angeles, Calif. (Shawn Yari, Steven Yari, principals) plans to meet some of that demand with a new office project in Old Town Scottsdale. Stockdale intends to develop a 250,700-square-foot office building on a 2.5-acre property... Read more »

Simon Property Makes Takeover Approaches to Macerich

Simon Property Group Inc. has made takeover approaches to Macerich Co. , seeking to combine two of the largest shopping-mall owners in the U.S. The latest approach came within the past few weeks, and followed one late last year, according to people familiar with the matter. Simon hasn’t made a formal offer for Macerich, which has a market value of just over $13 billion, according to one of the people. It isn’t clear how receptive Macerich might be to a deal, but... Read more »

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