Commercial Real Estate & Business News – July 2, 2015

The California Public Employees’ Retirement System announced plans this week to sell as much as $3 billion of its real estate investment holdings. It was just the latest of several major owners that have recently put up vast portfolios for sale. And Erik Foster, principal and practice leader of Avison Young’s Chicago-based industrial capital markets team, tells that we’ll soon see even more portfolios like this hit the market…Read more »
As their country faces the possibility of default on its debt to the International Monetary Fund (IMF) and potential exit from the European Union, Greek citizens woke up this Monday to face bank closures and strict limits on how much money they could withdraw from their accounts using ATMs. With Greece teetering on the brink of collapse, the financial markets in Europe and U.S. reacted with volatility. But U.S. real estate economists say the possibility of a “Grexit” will not have any substantial impact on commercial real estate investment in the U.S., and if it will, the impact is likely to be positive… Read more »
The Downtown Scottsdale Arts District is getting a stylish new neighbor. In fact, they’re getting six new neighbors as part of a new collection of contemporary single-family luxury homes now under construction in the heart of the bustling arts scene. Designed by renowned architect John Douglas, each luxurious, well-appointed residence is designed to fit the way you want to live – a premier location in a home filled with light, elegance and modern conveniences. After years of urban sprawl, the pendulum has officially swung back into Downtown Scottsdale with more than 1,000 residential living spaces currently under construction within the parameters of Scottsdale’s hip urban core… Read more »
As DriveTime Automotive Group Inc. prepares to move its Phoenix headquarters to a new Tempe office and hire 650 employees within the year, the U.S.’s largest used car dealership also was recognized as a best place to work for information technology employees… Read more »
The seller was Donahue Schriber Realty Group. The Summit at Scottsdale, a 190,408-square-foot retail shopping center located at the northeast corner of Scottsdale Road and Ashler Hills Drive in Scottsdale, is 97 percent occupied. Tenants include Safeway, CVS Pharmacy, PetSmart, OfficeMax and Starbucks. The plaza is also anchored by a Target Store that is owned separately and was not part of the sale… Read more »