Commercial Real Estate & Business News – January 11, 2016

Just south of the railroad tracks in downtown Phoenix, warehouses that once played an integral role in the city’s development are now home to thriving businesses. Throughout the Warehouse District, historic buildings have begun to see new life through rehabilitation and renovation in recent years, as businesses look for an atmosphere that preserves history in a place that allows them to grow… Read more »
ViaWest Group is launching a multimillion dollar renovation of the Biltmore Financial Center, three Class A office buildings totaling approximately 635KSF at the northwest corner of 24th Street and Camelback in Phoenix. ViaWest is committed to maintaining the legacy of the Biltmore Financial Center while evolving the property for today’s more collaborative work environments. The renovation begins in January and is expected to be complete in July and will include:… Read more »
The Phoenix-area locations of the Z’Tejas Southwestern Grill are again operating profitably, with menu changes and some restaurant upgrades, roughly three months after emerging from bankruptcy, the company’s general partner said. Gary Manley said what has been most surprising to him is how many of the company’s employees stayed with the chain during and after the bankruptcy filing. “So many employees have been here 10, 15 or 20 years,” he said… Read more »
In a surprise finding to the end of the year, U.S. apartment rents posted one of the weakest fourth quarters since the end of the most recent recession, according to the latest analysis of the U.S. multifamily market by CoStar Group. In the first six months of 2015, U.S. apartment rents grew at an annualized rate of 9.4%, per CoStar’s same-store analysis of more than 50 million rent observations. The growth rate slowed to just 2.7%… Read more »
Activist investor Carl Icahn has won the bidding war for Pep Boys, beating out Bridgestone Corp. to claim the Philadelphia-based automotive aftermarket chain. The deal is valued at roughly $1 billion—a staggering number when compared to the $800 the Pep Boys founders initially invested in 1921. The automotive aftermarket sector represents a significant portion of the net lease market, and it’s unclear how Icahn’s acquisition of Pep Boys could impact that market… Read more »