Commercial Real Estate & Business News – August 26, 2013

Sprouts Jumps to 45 Percent Sales Gain

For its first quarterly earnings call since going public, Phoenix-based Sprouts Farmers Market (Nasdaq: SFM) continued the momentum from its initial public offering, reporting an increase in sales of 45 percent over the same period last year. Read more

Mark-Taylor, Kitchell Break Ground On Southern Arizona Development

A year after opening two successful multi-family developments in Maricopa County, the joint venture of Mark-Taylor and Kitchell has embarked on a unique mixed-use development that brings out the best of their combined experience and utilizes the gorgeous backdrop of the Santa Catalina Mountains. The 24-acre development in Oro Valley, being called “San Dorado,” will combine an exclusive residential rental community with a unique shopping destination. The project recently broke ground at the SEC of First Avenue and Oracle Road, in the shadows of gorgeous Pusch Ridge… Read more

Sunrise Bank Becomes Third Arizona Bank Failure this Year

First Fidelity Bank is taking over the deposits of Sunrise Bank of Arizona in Phoenix. All six branches of Sunrise Bank were closed today by the Arizona Department of Financial Institutions. The Federal Deposit Insurance Corp., acting as receiver, entered into a purchase and assumption agreement with Oklahoma City-based First Fidelity… Read more

Developer Births CityScape, Provides New Life to Other Projects

RED Development began plans to develop the 1.2 million-square-foot CityScape project on the Heritage Park site in 2005. Despite the recession and real-estate crash, the developer broke ground in 2008 and opened the first phase in 2010. Now, Ebert walks through CityScape with a smile on his face. The development’s retail space is 100 percent leased. The office tower is 97 percent full. The hotel is becoming one of the most popular in Phoenix. The long-awaited apartments are under construction, and his firm just closed a deal to manage and revamp the block-size Collier Center office project next door… Read more

Record Number of Students Choose ASU

While college enrollments may be declining nationwide, Arizona State University continues to draw record numbers of academically qualified students who are eager to learn and make their mark on the world. As the fall 2013 semester begins Aug. 22, the university anticipates an enrollment of slightly more than 76,000 undergraduate and graduate students – a new record for number of students enrolled and a nearly 5 percent increase from last year… Read more