Commercial Real Estate & Business News – February 5, 2016

Mesa Mayor John Giles formally announced ASU’s plans to open a satellite campus downtown, plus four other big developments during his State of the City address Thursday. “(ASU and Mesa) are two things that were made for each other,” Giles said at his packed 2016 State of the City address, held at the Mesa Convention Center. “When ASU comes to downtown, we’re going to have 24/7 activity… which is exactly what we need.”… Read more »
Dave & Buster’s at Westgate, which opened several months ago, will have a little West Valley competition since Main Event Entertainment has announced it will opening in Avondale. The family entertainment center, which is based in Dallas (same as Dave & Buster’s), will open its second Arizona location in Avondale at 10315 W. McDowell Road on Feb. 8Read more »
Phoenix has announced the $17 million acquisition of an office project at 501 N. 44th St. The four-story building is located south of the Loop 202 and just off State Route 143 near Sky Harbor International Airport. 501 Gateway features 102,302 square feet of prime office space. Current tenants include Maricopa County and RSM International, the world’s 7th largest accountancy professional services network in the world… Read more »
The holiday shopping period of 2015 ended with same-store sales that ticked up 3.3 percent, according to the SpendTrend report from First Data, a firm that provides technology solutions for commerce transactions, and while an increase is still a win, the season could have been a lot more jolly for retailers. It came as no surprise, then, when about 30 retail chains, including Office Depot/Office Max (400), Walmart (154) and Macy’s (36) announced a total of 2,282 store closings for 2016 and beyond… Read more »
Scottsdale hotels seem to be going through a renaissance of sorts with the number of resorts investing in multimillion dollar renovations. The Hotel Valley Ho is going through a $4 million renovation, the Fairmont Scottsdale Princess has spent $60 million on upgrades; the Chaparral Suites in Scottsdale will have the largest hotel renovation in the city, with $22 million spent on transforming the space into an Embassy Suites by Hilton; and The Scottsdale Resort at McCormick Ranch has completed a $10 million renovation… Read more »