Commercial Real Estate & Business News – June 20, 2013

Possible Rebirth Of Mountain Shadows Resort In Paradise Valley Nears

After nearly a decade of blighted property and stalled revenue streams regarding the Mountain Shadows resort, developers are closer than ever to resurrecting the property in Paradise Valley. And if they complete the project, business experts say the town and the Northeast Valley stand to benefit financially… Read more

Lease REITs Take a Big Turn

Shares of real-estate investment trusts have been hammered in the past month as interest rates have risen, but few have been hit as hard as companies that own properties leased to single tenants such as fast-food restaurants and convenience stores… Read more

Terminix Picks Glendale’s Westgate for 300-Worker Regional Center

A new 300-worker regional customer service center is coming to the Westgate Entertainment District in Glendale. Terminix International Co. has leased 32,800 square feet at Westgate for offices and customer service operations. The Memphis, Tenn.-based pest control company picked the Glendale development after looking at… Read more

Garmin to Build 60,000-SF Center

Garmin, which has had operations at the Chandler Corporate Center for five years, is changing its status from tenant to facility owner. As such, the global positioning satellite company will soon launch construction on a 60,000-square-foot building to expand local operations. The Olathe, KS-headquartered company currently leases space at… Read more

Lifeprint Health Ctr Sells for $20.5M

Talia Jevan Properties, a Vancouver, BC-based investment group, has acquired the Lifeprint Health Center at 20414 N. 27th Ave. in Phoenix, AZ for $20.5 million, or about $250 per square foot. The medical office building totals 81,875 square feet on two acres in Maricopa County. Reportedly 98.6-percent leased at time of sale, roughly half of the building is leased to… Read more