Commercial Real Estate & Business News – January 7, 2015

Colrich Adds To Valley Holdings…Picks Up 332 Apartments In $31 Million Deal

A joint venture formed by ColRich in San Diego, Calif. (Danny Gabriel, principal) and Harbert Management Corp. in Birmingham, Ala. (Raymond Harbert, principal) paid $31 million ($93,373 per unit) buy The Cortesian, a 332-unit apartment community located at 7749 E. Camelback Road in Scottsdale. The seller was Camelback Cortesian LLC, a company formed by El Dorado Holdings Inc… Read more »

Toby Keith’s I Love This Bar And Grill Plans New Year Expansion

A little bit country, a lot of business growth. The Phoenix-based parent of Toby Keith’s I Love This Bar and Grill announced this week plans to expand into new markets during the first quarter of the new year. Phoenix-based Boomtown Entertainment, which introduced the Toby Keith’s concept in 2008, will open a new restaurant in Phoenix, as well as locations in College Station, Texas, and Lansing, Michigan, sometime in the first quarter of 2015… Read more »

Fox Restaurant Concepts Sells Popular Phoenix Eateries

Fox Restaurant Concepts on Monday announced the sale of its popular Sauce Pizza & Wine brand eateries to a group led by a founder of Scottsdale’s RA Sushi. Scott Kilpatrick, the local entrepreneur, and his group purchased nine Sauce Pizza & Wine restaurants for an undisclosed price, Fox Restaurant Concepts announced. The deal was made as Fox Restaurant Concepts continues with a plan this year to open a new Flower Child restaurant near Shea Boulevard and 90th Street in Scottsdale… Read more »

Mesa To See Lots Of Development, Change This Year

Administrators, business owners and residents alike are gearing up for big changes and new sights and sounds across the city in 2015. From City Hall, initiatives to boost business in several areas have already begun and will continue full strength in the new year. Streamlining of permitting processes and self-certification for new and expanding businesses is underway, but Mayor John Giles said the next objective will be improving the process and getting the word out… Read more »

How Long Will Renters Keep Renting?

So much for ?renters by choice.? According to ?Perceptions of Renting and Homeownership,? a recent survey commissioned by Freddie Mac, a solid majority of renters is clearly tempted by the lure of homeownership. If the economy continues to improve, more of these renters will be able to buy homes. If they do, it will have a big impact on the demand for rental apartments… Read more »