Commercial Real Estate & Business News August 30, 2018

Jerry Colangelo prides himself on being a storyteller. “I have lots of stories,” says Colangelo, a partner in JDM Partners, a Phoenix-based real estate development company. “I should have lots of stories. I was around when nothing existed.” Most of Colangelo’s stories stem from his time as one of the most influential sports executives in the world…»
Fenix Development is aiming to transform the Tempe skyline with its latest project, The Watermark. The Los Angeles-based developer is building a 1.9 million-square-live-work-play complex sprawling over 15 acres in Tempe Town Lake. Construction started last year, and the includes a 265,000-square-foot, eight-story class-A, spec office tower with seven floors…»
West Coast-based developer Evergreen Development has broken ground on its new 258-unit luxury apartment community in Phoenix. Located at Southern Avenue and 34th Street on roughly 11 acres of land, the project will be called the Parc at South Mountain. “The South Mountain Corridor has been undergoing a major revitalization and gentrification,”…»
CBRE Global Investors, a full-service investment and management firm based in Los Angeles, purchased a Class A, 684,420-square-foot distribution building in Phoenix from Houston-based Hines Securities. Southwest Industrial Center sold for $48.5 million, or about $71 per square foot. The single-story structure at 7775 W. Buckeye Road…»
The economy is humming. Americans are eager to spend on clothes, toys and home decor. Just not at JCPenney. Leaderless, $4 billion in debt and with a stock price below $2, the besieged retailer faces an uncertain fate after posting its latest round of dismal earnings. “They’re in a leaky boat that eventually will sink,” said Mark Cohen…»