Commercial Real Estate & Business News – March 19, 2014

Geography of the Legacy Economy: Mapping the Next Boom

With real estate markets tapped out in primary markets, investors will look to secondary ones – Pittsburgh, Cleveland, Phoenix – with legacy assets… Read more

ASU Research Park Offices Sell for $18.4m or $211 Per Square Foot

Rimrock Capital Partners sold two offices within ASU Research Park in Tempe to the Lisa C Worthington Trust for $18.4m or $211 per square foot with $6.44m down and $11.96m debt with Northern Trust Company. The sale is of office improvements only on a ground lease of 10.105 acres which expires on December 31, 2101. The signatories to this deal were Dean Riesen of Rimrock Capital and Jeff Schneidman of Plattner Schneidman Schneider & Jeffries P.C. The buyer is heiress to Shurl Curci, founder of Transpacific Devco… Read more

Office, Hotel & Retail will Round out Allred Park Place

It’s been more than a year in the making – Douglas Allred Company has been pushing the city of Chandler towards more flexible development and use standards in the Price Corridor. The city studied the concept and in January approved changes recommended by its consultant, The Maguire Group. Keeping the purpose of the corridor for corporate-scale development – the city changed regulations to permit more development flexibility… Read more

Price Road Corridor is Hot

The Price Road Corridor is one of the hottest commercial sectors in the Valley Metro area. And with the area 50% built out, a tipping point is not in sight. With the sector employing more than 35,000 people and expectations for 75,000, the sector is also a contributing factor to making the surrounding areas like Chandler, Tempe, Mesa and Gilbert some of the Valley’s most desirable places to live… Read more

Wal-Mart pilots convenience concept

Wal-Mart is piloting a new small format convenience concept called “Walmart To Go.” The first Walmart To Go store has opened in Bentonville, Ark., location of the retailer’s corporate headquarters. The concept offers a blend of convenience store products, prepared foods and gasoline. Wal-Mart says it is not to be confused with its other small format concept known as Walmart Express. The Express format measures about 15,000-sq.-ft. and also offers gas, a pharmacy and fresh food offerings… Read more