Commercial Real Estate & Business News – April 2, 2015

Popular Restaurant Center On Scottsdale Road Sells For $14m

The Marketplace at Lincoln & Scottsdale has sold for $14 million. The restaurant-heavy retail center sits on the border of Paradise Valley and Scottsdale at the intersection of Lincoln Drive and Scottsdale Road. The center totals 22,081 square feet and includes restaurants Scramble, Sumo Maya and Vivo! Ristorante. Len Noel developed the property after buying 7.5 acres of bank-owned land in 2011… Read more »

Simon Scraps Pursuit of Mall Rival Macerich Co.

Macerich Co. (NYSE: MAC) today rejected the second unsolicited bid from Simon Property Group (NYSE: SPG), which then announced it was halting its pursuit of of the Santa Monica-based mall REIT. “The Macerich Board carefully reviewed the revised proposal with the assistance of its financial, real estate and legal advisors, and determined that the proposal continues to substantially undervalue Macerich… Read more »

Investment Sales Climbed 38 Percent in the First Two Months of 2015

Investment sales volume in the commercial real estate sector jumped up 38 percent year-over-year in the first two months of 2015, to approximately $88.4 billion, according to the latest data from Real Capital Analytics (RCA), a New York City-based research firm. The figure represents a strong start to the year and was to a large extent driven by transactions involving the five core property types and portfolio deals… Read more »

Lennar Multifamily Targets Young Professionals in Phoenix Metro With Skywater at Town Lake

For more than 85 years, a 5-acre stretch near downtown Tempe, Ariz., 27 miles east of Phoenix, was a light-industrial and manufacturing site. The 2008 recession had hit the area hard, and job growth and home building had stopped. As employment in the area picked up some years later, Miami-based home builder Lennar recognized an opportunity for its new multifamily division… Read more »

Tuesday Morning To Open Distribution Center In Phoenix

Upscale discount retailer Tuesday Morning is opening a distribution center in southwest Phoenix that is expected to create 300 new jobs. In one of the biggest Valley lease deals since 2011, the Dallas-based company is renting 593,600 square feet of space near 67th Avenue and Buckeye Road from Liberty Property Trust… Read more »