Commercial Real Estate & Business News – June 3, 2013

Griffin Capital Essential Asset REIT, Inc has acquired the Avnet Integration headquarters in Chandler for $31.5M or $137 per square foot. There was a $500K down payment, and the property was secured under a $200M cross-collateralized note with Keybank… Read more
A venture formed by Wentworth Property Co. and Clarion Partners LLC in New York City, N.Y. plans to develop a 900,000-square-foot industrial park about one mile south of Phoenix Sky Harbor International Airport in Phoenix. The Wentworth/Clarion venture paid $9.3 million to buy the 59.5-acre site, which is located at the northwest corner of 24th Street and the Salt River… Read more
The first residential phase of the long-awaited 3,200 acre Eastmark community in East Mesa will make its public debut Saturday. Scattered between neighborhood parks with large ramadas and newly planted trees and desert plans, 14 model homes by seven different builders are nearly complete… Read more
Record community sales and a strong recovering housing market have prompted Sagewood, a 278-residence Phoenix luxury retirement community featuring resort-like amenities and the Acacia Health Center, to build an additional 14 casitas soon to be under construction. Sales are now underway for the detached casitas ranging from 2,173 SF to 2,326 SF for a two bedroom, den and two-and-a-half bath design offering a large patio featuring a fireplace and water feature in addition to extensive desert landscaping… Read more
Portillo’s Hot Dogs – the Chicago-based fast-casual eatery that opened its first Arizona location in Scottsdale earlier this year – is set to hire 200 more hourly positions for a new Tempe location beginning this week…Read more