Commercial Real Estate & Business News – June 3, 2016

Developed by Turken Industrial Properties Inc. from 1973 to 1985 on nearly 20 acres, multiple properties within a 363,000-square-foot industrial portfolio were recently acquired in a transaction valued at $16.5 million. The buyers were Presson Corp. and an affiliated group comprised of four entities that were formed by Turken Industrial Properties Inc. The 19 property office/industrial building portfolio consisted of four separate transactions…Read more »
A massive recreational motorsports facility is coming to Pinal County, and it hopes to become a global magnet for entertainment and an economic engine for the Casa Grande region, according to an announcement by developers. Chandler-based Danrick Builders unveiled plans Wednesday for Attesa, a 2,360 acre recreational motorsports facility that will have two 2.8 mile road courses, and a private airport with a 6,000 foot runway…Read more »
It’s not unusual for ratings agencies to interpret any hint of a downturn as a possible long-term trend. So it should come as little surprise that several ratings firms are warning investors to buckle their seat belts for possible turbulence as the long run of improvement in CMBS delinquency and payoff numbers may be coming to an end…Read more »
A new development planned up north will bring much needed retail space to an intersection half-filled with businesses located within the City of Phoenix. In May, Peoria City Council approved the re-designation and re-zoning of 23.42 acres of land for the Terrazza Center at the southwest corner of 67th Avenue and Happy Valley Road. Urgent care and assisted living facilities, and a Sonic are… Read more »
Gilbert’s first women-focused mixed-use building, Building 313, is officially under development and a groundbreaking ceremony is scheduled for Tuesday, June 7 at 8:15 a.m. The $3.3 million project, named Building 313, will be a 15,602 square-foot owner-occupied mixed-use space in the Heritage District of downtown Gilbert. Owner and visionary Lynne King Smith, a Gilbert-based entrepreneur who owns a successful entertainment ticketing company… Read more »