Commercial Real Estate & Business News – June 12, 2015

A new 75,000-square-foot restaurant and retail center is under construction on the Salt River Pima Maricopa Indian Community next to the new OdySea Aquarium and Butterfly Wonderland attractions off the Loop 101 freeway… Read more »
The rock solid multi-family housing market continues to grab the headlines as another apartment property in the Valley has sold for north of $200,000 per unit. In a $67.5 million ($207,692 per unit) deal set to close, Mid-America Apartment Communities is buying the 325-unit SkySong apartments located at 1301 N. Scottsdale Road in Scottsdale. The seller is a joint venture formed by the ASU Foundation and USAA Real Estate Co… Read more »
Scottsdale investment company Store Capital is now the owner of three “Dos Gringos” locations. Subject properties total 12,431 square feet and were purchased for a total salesprice of $4,709,703 or $379 per square foot. The restaurants are located in Chandler, Tempe, and Scottsdale. The sale is secured by a master loan agreement with CitiBank. Value of the trust estate covered by the Deed of Trust is $1,368,668. The Mesa “Dos Gringos” is the only location not included in this sale… Read more »
Giving credence to the theory that the retail sector may be strong enough to spur an interest rate hike in the near future, U.S. chain retailers upped their store opening plans both month-over-month and year-over-year in May, according to the National Retailer Demand Monthly report from RBC Capital Markets… Read more »
Higher income seniors are now more likely to occupy seniors housing in their elderly years than those with moderate and low incomes, according to a study conducted by the National Association of Real Estate Investment Trusts (NAREIT). This is a reverse from two generations ago, when higher-income seniors were more likely to age in place and those with lower incomes were more likely to move into subsidized seniors housing or an institution sponsored by a religious organization… Read more »