Commercial Real Estate & Business News – February 13, 2014

Apartment Tower, Whole Foods Planned for Downtown Tempe in $80-100 Million Project

A failed mixed-use project in downtown Tempe that once promised a condominium high-rise and a Whole Foods grocery store is being revived. Greenwood Village, Colo.-based Alberta Development Partners LLC paid $6.1 million for less than 2 vacant acres at the northwest corner of University Drive and Ash Avenue in a deal that closed this week, according to a statement from CBRE Inc. Brookfield Asset Management was the seller… Read more

Mountainside Fitness Lands $40 Million Investment to Launch New Brand

Phoenix-based Mountainside Fitness has received a $40 million capital infusion from PNC Mezzanine Capital to fuel future growth and launch a new fitness brand. Mountainside operates 10 fitness centers across the Phoenix area, with three new locations currently under development in Glendale’s Arrowhead area, Phoenix’s Desert Ridge neighborhood and Queen Creek… 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

Man Behind P.F. Chang’s, Fleming’s Bringing Latest Restaurant Concept to Scottsdale

Former Paradise Valley resident and renowned restaurateur Paul Fleming is bringing his latest concept to Arizona. The man behind Fleming’s Steakhouse and Valley-based P.F. Chang’s China Bistro will open Paul Martin’s American Grill this spring in Scottsdale. Fleming’s newest concept focuses on natural, sustainable and seasonal food at a moderate price. Paul Martin’s menu features classic American fare such as hamburgers, grilled fish and spinach dip, but made using organic produce and free-range chicken and beef… Read more

Winnresidential Adds Apartment Portfolio in Arizona

WinnResidential, the property management arm of WinnCompanies, announced today that it has assumed management responsibilities for Highridge Costa Investors, a leading developer and asset manager, at six of their multifamily communities in the state of Arizona. As a part of this partnership, WinnResidential will take over the property management, maintenance and leasing for all six communities. The portfolio includes Casa Bonita, a 60-unit community in Tucson; Florence Park Apartments, an 88-unit community in Florence; Quail Run Apartments, a 156-unit community in Peoria; Sonora Vista Apartments, a 65-unit community in Douglas; Valle del Sur Condominiums, a 60-unit community in Tucson; and Village Square Apartments, a 116-unit community in Phoenix… Read more