Commercial Real Estate & Business News – February 12, 2014

Colrich Acquires Scottsdale Apartments For $23 Million ($122,340 Per Unit)

A company formed by ColRich in San Diego, Calif. (Danny Gabriel, principal) paid $23 million ($122,340 per unit) to purchase the 188-unit Chazal Scottsdale apartments located at 1075 N. Miller Road in Scottsdale. The seller was a pension fund advised by AEW Capital Management L.P. in Boston, Mass… Read more

Phoenix-Based Grocery Chain Sells for $55M

Two retailers in Southern California have reached a $55 million deal to buy Phoenix-based Pro’s Ranch Markets, which filed for Chapter 11 bankruptcy protection last May. The family-owned chain of grocery stores popular with Latino customers was founded 31 years ago and has seven stores in Arizona and two each in New Mexico and Texas… Read more

How ASU’s SkySong is (finally) Building a Creative Urban Core

After annexing miles and miles of land out as far as Cave Creek and Carefree, and buying a ranch to give all that acreage an assured water supply, the city of Scottsdale is coming back to a focus on downtown. Like young people all over the country, local millennials are voting with their feet to be… Read more

Retail Sales in Arizona at Record Highs in 2013

Retail sales in Arizona were growing sharply at the end of 2013, and for the first time since the Great Recession, reached new record highs, records show. Spending reported in December, which generally reflects activity through November, was $53.2 billion, or 7.7 percent higher than for the 12-month report for 2012, according to figures released this week by the Arizona Department of Revenue… Read more

Harkins Theatres Coming to Queen Creek with 14-Screen Cineplex

Harkins Theatres will break ground on its newest cinema complex this weekend in Queen Creek. The Scottsdale-based movie house operator will build a 14-screen facility at the corner of Rittenhouse and Ellsworth roads as part of the Queen Creek Marketplace… Read more

BH Properties Expects Continued AZ Growth

BH Properties ended the year with the $13.4-million purchase of Gilbert Town Square. The transaction, involving a 159,000-square-foot class A retail shopping center located within the highly affluent Phoenix submarket of Gilbert, AZ., was another in the firm’s strategy for the Arizona market.”This purchase was a key component in our Southwest strategy,” says Steve Jaffe of BH Properties… Read more