Commercial Real Estate & Business News – February 4, 2015

Target Focusing on Smaller Urban Stores for Growth in 2015

Following its announcement two weeks ago that it was abandoning its short-lived effort to establish a foothold in Canada, Target Corp. announced plans to open 15 more U.S. stores this year. Target is expanding three distinct store formats but the bulk of them will be in its smaller store formats. Target?s strategic store growth is focused on urban centers with its TargetExpress and CityTarget formats. It will be opening eight TargetExpress locations, one CityTarget and six general… Read more »

Trendy Furniture Seller Leases Old Borders, Barnes & Noble Spots At Biltmore, Kierland

A trendy, hand-crafted furniture store chain is opening new locations in the old Borders book store location at the Biltmore Fashion Park and the former Barnes & Noble store at Kierland Commons. Arhaus furniture will open at the Biltmore in October and at Kierland in September. They are Arhaus’ first forays into the Phoenix area… Read more »

H&M landing at Tempe Marketplace

Swedish retailer H&M will be opening in Tempe Marketplace later this year. The low-priced clothing store is set to take over four storefronts in Tempe Marketplace to make a 20,000-square-foot store. Construction is slated to start in March said Denise Hart, Vestar vice president of marketing. Vestar is the commercial real estate company that owns and operates Tempe Marketplace, which is at the Loop 101 and Loop 202 interchange in Tempe… Read more »

2015 Maturing Loans Less of a Concern

One-quarter of commercial and multifamily loans that were set to mature this year no longer exist to mature, which bodes well for the industry, said the Mortgage Bankers Association?s commercial/multifamily economist Jamie Woodwell during the CREF15 conference here yesterday, where 3,100 attendees gathered to learn more about the state of commercial real estate finance… Read more »

Metro Phoenix Homebuilding Still Years From Recovery

The long-awaited recovery of metro Phoenix’s homebuilding market is still a few years away, according to leading housing research firm RL Brown Reports. A new forecast calls for 11,000 houses to be built across the Valley in 2015, up slightly from the 10,840 constructed in the area last year. And the report’s publishers, RL Brown and Greg Burger, call that a “moderately optimistic” forecast… Read more »