Commercial Real Estate & Business News – April 10, 2014

Adjacent Tempe Multifamily Assets Sold for $27.35m

Two Tempe apartment complexes sold yesterday for a combined $27.35m or $62,018 per unit. Steve Wasserman of Gelt, Inc. acquired the properties from Bank of America Community Development with a combination of $6,837,500 in cash and $20,512,500 in new debt with New York Community bank… Read more

Growing Demand for Apartments Pushes Up Rents

These are good times for U.S. landlords. For many tenants, not so much. With demand for apartments surging, rents are projected to rise for a fifth straight year. Even a rise in apartment construction is unlikely to provide much relief anytime soon… Read more

Big Box Golf Retailer Plans Third Store

A third PGA Tour Superstore in the Valley is scheduled to open this fall at the Scottsdale 101 shopping center. The Atlanta-based golf retailer announced Tuesday it will open three stores this year, one each in Phoenix, Orlando and Southlake, Texas, a Dallas suburb… Read more

Sam Fox bringing Culinary Dropout to Another Yard-like Project in Downtown Tempe

Restaurant mogul Sam Fox is laying the groundwork for another Yard-like concept at an old, empty industrial warehouse in downtown Tempe. It is there – specifically, the southeast corner of Farmer Avenue and 1st Street – that Fox plans to open a fourth Culinary Dropout gastropub equipped with a large patio for live music and playing cornhole, horse shoes and karaoke… Read more

In Competitive Analysis Study, Sunbelt Metros Dominate As Low-Cost Cities to Do Business

Atlanta Most Cost-Friendly’ Business Location Among Large U.S. Cities; Cincinnati, Orlando, Charlotte, San Antonio, Tampa, Cleveland, Pittsburgh, St. Louis and Phoenix Also Highly Competitive. Orlando, FL, Charlotte, NC, and San Antonio rounded out the top five large-market metros in the survey. Other top 10 cities included Tampa, FL, Cleveland, Pittsburgh, St. Louis and Phoenix… Read more