Commercial Real Estate & Business News August 20, 2018

Old Town Scottsdale will get its first new hotel in a decade, plus five more. City planners in metro Phoenix’s tourist hotspot say nine new hotels are in various stages of planning, including one in north Scottsdale, six in Old Town and two farther south. The last hotel to open in Old Town was the W Hotel in 2008…»
Best Western International and and local development company JDM Partners have been neighbors along 24th Street for decades. Now the two have a joint project to redevelop the hotel chain’s headquarters and bring new uses to its dated complex. Plans submitted to the city of Phoenix call for the two groups separately to develop projects, which for Best Western will include a new flagship hotel…»
The Gilbert Town Council has approved the 2018 update to the Heritage District Redevelopment Plan, giving Town staff the green light to work with the Gilbert Redevelopment Commission to explore and pursue a number of concepts for the downtown area. “Thirty years ago, Council made the decision to invest in the original Town site by purchasing land,”…»
The more than 800,000-square-foot distribution center in the West Valley owned by online pet retailer is filling up with merchandise and employees. The warehouse near Van Buren Street, 143rd Avenue and Interstate 10 in Goodyear started storing merchandise and shipping it out to customers six weeks ago. Right now there is a lot of empty space in the fulfillment center…»
As part of Toys ‘R’ Us’ bankruptcy process-in which it closed its more than 700 U.S. stores totaling millions of sq. ft.-the retailer is in the process of selling off its real estate to other big-box retailers, including Big Lots, Hobby Lobby and Ashley Furniture. Toys ‘R’ Us is incrementally auctioning off stores that it owns across the country, as well as the leases it has for other stores…»