Commercial Real Estate & Business News – April 20, 2016

Yield-driven multifamily investors are more and more likely to focus on fixing up older properties. Higher prices on apartment properties have squeezed the yields for investors. Value-add investments offer an opportunity to push those yields higher. That might not matter for buyers simply looking for a safe place to park their money, but high yields are very important to institutional investors like pension funds and insurance companies that must meet their targets to fulfill their responsibilities… Read more »
More restaurants could be coming to Central Avenue north of Camelback Road in Phoenix. A group called Focus Phoenix Central LLC has bought two buildings on Central between Medlock Drive and Colter Street in north-central Phoenix. Arizona Corporation Commission filings show Steve Grady as Focus’ corporate manager and the group has the same address as the Focus Group, a San Diego real estate firm. The building has been fenced off and one of them was… Read more »
Rose Garden Business Park, Metro Industrial Center and 4100 Broadway in Phoenix, as well as the Arizona Corporate Center in Chandler, AZ have been acquired. BKM Capital Partners acquired the four industrial business parks encompassing 442,173 square feet in the metro area for a total consideration of $34.45 million in a portfolio transaction from a Los Angeles-based private owner… Read more »
Sporting goods company Sport Chalet announced on Saturday that it is beginning the process of closing all of its stores, including five stores in the Phoenix-metro area. Sport Chalet did not provide a reason for the closure in a statement posted online Saturday. The statement said that the online store is no longer available, but its stores will remain open for several weeks… Read more »
The city’s Development Review Board will consider a developer’s plan for a 123-unit residential project at Scottsdale and Dove Valley roads amidst the cluster of resorts and golf courses in far North Scottsdale. The luxury community, Scottsdale Heights, would be situated on 14 acres of a parcel, which was once home to Carefree Studios. The studios had been built for the second Dick Van Dyke Show, which aired over four seasons in the early 70s… Read more »