Commercial Real Estate & Business News – April 3, 2015

Millennials are going to shun material goods, never own a car, and live in small spaces in utopian urban cores riding their bicycles or taking public transportation to their green, open-space offices. Forever! This, or something like it, is the conventional wisdom in the market and wishful thinking in the apartment industry. Although some surveys results seem to agree with this popular opinion, research shows that… Read more »
The market for grocery stores is competitive in Phoenix. Commerce, California-based Smart & Final is trying to set itself apart from the rest of the pack with its new Smart & Final Extra, which is aimed attracting business and consumer customers. Since September 2014, Smart & Final has opened three Smart & Final Extra stores in the Valley, with the latest in Phoenix near Tatum Boulevard and Thunderbird Road. The concept has been in California for a while… Read more »
Struggling toy retailer Toys“R”Us Inc. appears to be shaking up its bricks-and-mortar strategy, adding play spaces to its stores and reportedly shuttering its iconic Times Square location. The Wayne, N.J.-based company has not confirmed the closure of the 110,000-sq.-ft. flagship store, but it has confirmed the lease expires in 2016 and that it’s evaluating options… Read more »
The Scottsdale Resort and Conference Center, 7700 E. McCormick Pkwy, Scottsdale, will undergo a $9M renovation beginning this summer. The property will see upgraded amenities including guest rooms, a new restaurant, pool and the addition of event and meeting space. In September, the hotel will be renamed the Scottsdale Resort at McCormick Ranch. The restaurant, spa and other amenities also will receive new names as part of the overhaul… Read more »
Vacation home sales boomed in 2014 to above their most recent peak level in 2006, while investment purchases fell for the fourth straight year, according to an annual survey of residential homebuyers released today by the National Association of Realtors. NAR’s 2015 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2014, shows vacation-home sales catapulted… Read more »