Commercial Real Estate & Business News – January 21, 2016

The High Street development in Phoenix could soon be up for sale. The suburban development was originally called CityNorth. It is next to Desert Ridge Marketplace in north Phoenix near Loop 101 and Tatum Boulevard. CityNorth was foreclosed on in 2010. Portland-based ScanlanKemperBard Cos. and Wayzata Investment Partners bought the development from the bank for $67 million in 2013. They rebranded the development as High Street..Read more »
Phoenix-based De Rito Partners and Los Angeles-based PCCP LLC have formed a new real estate joint partnership to own The Pavilions at Talking Stick Shopping Center. De Rito bought the 1.2 million-square-foot retail development in 2008. It is located at Indian Bend Road and Loop 101 just east of Scottsdale on the Salt River Pima Maricopa Indian Community… Read more »
Demand for modern office space within the ASU Research Park remains high, as confirmed by the delivery and partial lease-up of Nexus @ ASU Research Park, a 123,863-square-foot, Class A office building recently renovated and reintroduced to the market by owner ViaWest Group… Read more »
World View plans to hire more than 400 new employees and will continue its hiring process upon completion of its new campus, which will include a manufacturing facility and spacecraft bay, and will serve as the site of Spaceport Tucson. The new 135,000-square-foot campus will be located on 28 acres within Pima County’s Aerospace, Defense and Technology Business & Research Park. The project will benefit the community with a capital investment of $47.3 million and a total economic impact of $3.5 billion over 20 years… Read more »
New York City-based Shake Shack is opening two locations in Phoenix, both of which are slated to open in spring of this year. A Shake Shack will be in Scottsdale at Fashion Square, at 7014 East Camelback Road, and the other in Phoenix at Uptown Plaza, 252 East Camelback Road, which has undergone major renovations, including a new Flower Child from Fox Restaurant Concepts… Read more »