Commercial Real Estate & Business News – August 16, 2016

In its second Valley investment since December, Passco Cos. LLC in Irvine, Calif. (William “Bill” Passo, CEO) paid $81.988 million ($210,765 per unit) to acquire the 389-unit Almeria at Ocotillo apartments at 2470 and 2471 W. Edgewater Way in Chandler. The seller was Bell GD Ocotillo LLC, a company formed by P.B. Bell Cos.…»
Remarkable population growth has resulted in a positive job market, making the Phoenix retail market a strong candidate for sales activity. Vigorous leasing has resulted in boosted absorption, declining vacancy and an anticipated rise in rental rates. …»

Hammers were pounding on new metro Phoenix homes in June at the headiest pace since the end of housing boom. Builders started 1,939 homes across the Valley during the first month of summer, according to the latest data from RL Brown Reports.…»

Square One Concepts, the company behind Cold Beers & Cheeseburgers, Wasted Grain and Crab & Mermaid Fish Shop, is opening a new concept this September in downtown Scottsdale. The Scottsdale group will open Bourbon & Bones Chophouse & Bar at 4200 N. Scottsdale Road…»
Zenreach, a San Francisco-based technology company, will open its first major office outside of its headquarters at Biltmore Center, 2390 E. Camelback Rd. The company plans to employ approximately 350 people at the Camelback Corridor office. …»