Commercial Real Estate & Business News – December 23, 2013

Companies formed by Lowe Enterprises and J.P. Morgan Asset Management paid $51 million to buy 325,824 sq. ft. of office space in two projects in Phoenix and Scottsdale. The sellers in two transactions were companies formed by CJK Investments… Read more
A company formed by TriGate Capital paid $23.5 million to buy 202,196 sq. ft. of retail space and land for another 300,000 sq. ft. of stores within the Canyon Trails community in Goodyear. The property, called Canyon Trails Towne Center, is located at the northeast corner of Yuma Road and Cotton Lane. The seller in the cash sale was Vestar/EQY Canyon Trails LLC… Read more
A Minneapolis-based hotel and real estate development company has bought the long-vacant Hotel Monroe building in downtown Phoenix… Read more
Nordstrom, Inc. announced today plans to open a Nordstrom Rack at Tempe Marketplace in Tempe. The approximately 35,000-square-foot store is scheduled to open in fall 2014. The property is owned and managed by Vestar. Nordstrom Rack is the off-price retail division of Nordstrom, Inc., offering customers a wide selection of on-trend apparel, accessories and shoes at an everyday savings of 30-70 percent off regular prices…Read more
Designed by Hobbs + Black Architects, the building is planned for a spring groundbreaking. The developer has not selected at GC at this time. Building cost information is proprietary. Scottsdale is reviewing three infill and redevelopment projects at the same time a trend being seen throughout the Valley as developers focus on infrastructure-served infill as opposed to creating new facilities in outlying areas lacking utilities… Read more