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Commercial Real Estate & Business News – June 4, 2013

Retail Asking Rents on the Uptick for the First Time Since 2008

Leasing activity may be experiencing a renaissance if retail landlords are to be believed, but its still taking a while for property fundamentals to return to historically healthy levels. One only has to look at retail REITs recent performance to see that the market has taken a turn for the better… Read more

Hanover Company Adding 341 Units More Multifamily to Mill Avenue District

Houston based Hanover Company acquired a 2.76 acre (net) site from an entity formed by DMB for $7,000,000 or $58.22 per square foot. Hanover began the re-entitlement process with City of Tempe 10/24/2012 and was recently approved by Council 1/10/13. Plans call for a 341 Unit 6-story multifamily building… Read more

Popularity of Bowling Entertainment Centers Soars in Arizona

Across the Valley, and farther south to Maricopa, bowling-centric entertainment centers are popping up or are in the works. Three have been built, and developers have plans to build additional centers in Avondale and Tempe. Similar complexes across the nation have helped bowling make a comeback and broaden its appeal… Read more

144-Unit Oracle Village Changes Hands

Hamilton Zanze & Company has acquired the 144-unit Oracle Village from local seller HSL Properties. The buyer obtained the class B asset for $9 million. According to a press release from the San Francisco-based Hamilton Zanze, the asset at 5921 N. Oracle Rd. provided an ideal opportunity to grow its southwest portfolio… Read more

7-Eleven Owner to More Than Double North America Stores

Seven & I Holdings Co., the operator of 7-Eleven convenience stores, plans more acquisitions in the U.S. and may more than double North America outlets as consumer spending improves in the largest economy. In North America the company “could increase our store number to 20,000 or even 30,000,” Chairman Toshifumi Suzuki said.. Read more