Commercial Real Estate & Business News December 6, 2019

Sumitomo buys Collier Center in Downtown Phoenix Sumitomo Corporation of Americas (SCOA) announced today their purchase of the Collier Center, a 2.8-acre commercial complex located in downtown Phoenix, Arizona. Eastdil Secured brokered the deal for an undisclosed amount. This is SCOA’s second commercial real estate investment this year, having acquired SPS Tower in Minneapolis this past February. The 24-story property…»
Adler Sells 2600 Tower in Phoenix for $30.8 Million
Adler Realty Investments has sold the four-star 2600 Tower in Phoenix to Vancouver-based investment firm Townline Homes for $30.75 million, or about $95 per square foot. The 323,607-square-foot building at 2600 N. Central Ave. completed in 1982 includes an adjacent 832-space parking garage. The 20-story tower spans 2.7 acres between the Encanto/Central Ave. and…»
SoftBank-Funded Construction Startup Katerra to Close Phoenix Factory
Modular construction company Katerra Inc., a business with a more than $1 billion valuation that’s backed by Japan-based SoftBank Group Inc., plans to close its Phoenix manufacturing facility and shift operations to its home state of California where it says it has a more sophisticated factory with self-guided vehicles and robotic assembly lines. The 250,000-square-foot…»
Southbridge II, an Old Town Scottsdale Project Decades in the Making, Approved by Council
Fred Unger’s vision for the Canals of Scottsdale would have transformed the city’s waterfront into something akin to the San Antonio Riverwalk, but was rejected by voters 20 years ago. Carter Unger is seeing the vision through as a split Scottsdale City Council on Wednesday approved the evolution of his father’s plans. The project, called Southbridge II, proposes…»
Chicago Investors Buy Roosevelt Row Apartments, Plan Second Phase
A joint venture of Chicago-based real estate firms bought the Union at Roosevelt mixed-use apartment complex and the adjacent lot and office building with plans to redevelop the lot into the second phase of the project. The 80-unit apartment complex on Roosevelt Street and First Avenue – which includes nine studio, 60 one-bedroom and 11 two-bedroom units with…»