Commercial Real Estate & Business News – July 7, 2015

Two Mill Avenue Buildings Noticed for Trustee Sale

Two retail buildings located in the heart of downtown Tempe were noticed for trustee sale last Thursday. The properties, which total close to 40,000 square feet, are located at the northwest and southeast corners of 5th Street and Mill Avenue, and house popular tenants such as Gordon Biersch Brewery (at 9,265 square feet) and Hooters (at 8,508 square feet). The loan in question, which originated in 2005 with Archon Financial, totals $10.92 million with a 5.22% interest rate… Read more »

10 Best Foodie Cities: Tempe Rank Number 9 in the US

Much like an upcoming prize fighter, chefs and restaurants in Tempe, Ariz., are hungry for a victory. They have nothing to lose in the quest to become a standout in the metro Phoenix area, and that means Tempe residents get treated to innovative new meals that push the local food scene to new heights. Getting noticed among the elite cooks in Phoenix and Scottsdale takes true talent. That helped Tempe get noticed by our editors and earn a spot as one of the Top 10 Best Foodie Cities 2015. .. Read more »

TriWest Hiring 300 in Tempe

Phoenix-based TriWest administers the Department of Veterans Affairs’ Patient-Centered Community Care program, which also includes the Veterans Choice Program, or VCP. That five-year contract is valued at $4.3 billion, and comes after TriWest had lost a $2.5 billion U.S. Department of Defense contract to United Healthcare Military & Veterans in 2013… Read more »

New $47M Scottsdale Condos to Have Private VIP Nightclub

A new $47 million condominium development in Old Town Scottsdale will include an in-house, private nightclub. The resident-only Black Label Lounge is part of Deco Commmunities Envy Residences under construction in Scottsdale… Read more »

Caliber Acquires Holiday Inn & Suites; Hotel Room Ownership Rises to 30% Within 1.5 Miles of Phoenix Sky Harbor Airport

IHG (Intercontinental Hotel Group) has agreed to extend the ten-year Holiday Inn & Suites franchise agreement following a brand mandated property improvement plan of $1.3M. Caliber will invest an additional $3.7M in capital improvements including building modernization, restaurant renovation, cost cutting measures, space enhancements for group events and wedding business, signage and more to maximize the value of the hotel… Read more »