Commercial Real Estate & Business News – June 18, 2015

With Takeover of Target’s Pharmacies, CVS Gains 5 Years of Growth in One Deal

CVS Health Corp. reached a deal this week to acquire Target Corp.’s pharmacy and clinic businesses for $1.89 billion. Through this agreement, Rhode Island-based CVS will acquire Target’s more than 1,660 pharmacies across 47 states and operate them under a store-within-a-store format, branded as CVS/pharmacy. Under the agreement, CVS Health will be paying Target about $25 million a year in rent initially… Read more »

Developers Tap New Sources of Financing

Banks have traditionally been the go-to source for construction loans. But they may lose some of that edge in an increasingly competitive marketplace that is filling up with non-bank lenders, as well as a tougher regulatory environment that will make banks ?think twice? about issuing construction loans. The construction cranes that are once again popping up on city skylines have marked the return of commercial development activity… Read more »

Lowe Venture Buying Gateway Office Buildings In $75 + Million Deal

In a show of confidence in the Valley real estate market, a venture formed by Lowe Enterprises in Los Angeles, Calif. (Robert Lowe, chairman) is paying $75.7 million ($173 per foot) to purchase three office buildings in the Gateway business park in Phoenix. Lowe Enterprises and Alecta Real Estate USA of Sweden have joined forces to acquire 437,603 sq. ft. of office space near the northwest corner of 44th and Van Buren streets. The seller is… Read more »

The Newport: Tempe?s New Single-family Housing Development, Quickly Taking Shape

Tempe is a bustling, busy urban center, filled with new businesses coming in such as State Farm as well as the college atmosphere provided by Arizona State University?s main campus. The one thing that seemed to be missing was new single-family housing. That, however, is changing. The Newport, a new single-family housing development, is quickly rising in Tempe. The Newport plans to deliver high-quality homes in Tempe for a relatively modest price ? starting at $210 per square foot… Read more »

University Of Arizona To Expand On Phoenix Biomedical Campus

The University of Arizona and Banner Health plan to build a 60,000-square-foot outpatient primary care clinic on the Phoenix Biomedical Campus in downtown Phoenix. The Phoenix City Council approved a new partnership between the city, UA, Banner and any other potential development partners to develop up to five acres on the campus. Since UA opened its medical school on the biomedical campus in 2007, it has graduated more than 250 physicians and has invested nearly $450 million… Read more »