Commercial Real Estate & Business News – March 23, 2016

One of Scottsdale’s best-known shopping centers could get a fresh look and about a dozen new shops in a proposed redevelopment project recently filed to the city’s Development Review Board. Scottsdale Promenade, at the southeastern corner of Scottsdale Road and Frank Lloyd Wright Boulevard, opened more than a decade ago as an upscale retail center for rapidly-growing north Scottsdale… Read more »
The heart of downtown Phoenix is experiencing an increase in tourism and is attracting a lot of attention to the Convention Center. [Vice Mayor, Kate] Gallego is excited about the growth of “meds and eds” (medical and educational facilities), as well as the projection of 6,000+ hotel rooms and housing units to come… Read more »
The City of Peoria Economic Development Team will host a forum to showcase upwards of 20 development opportunities within the city to a group of investors, developers and those in the building community on Wed., March 30 at the Peoria Sports Complex, from 8:30am11:30am. Register online here… Read more »
Two retail buildings on Mill Avenue in Tempe have sold for $13.8 million. The properties at 420 and 501 South Mill Avenue in Tempe include a Starbucks location as well as restaurants. San Francisco-based Century Drive Investment LLC bought the buildings from Los Angeles-based Starpoint Properties LLC… Read more »
ORION Investment Real Estate is proud to announce the sale of the Parkwood Professional Plaza for $3,200,000 ($43.53/SF). This ±73,514 square foot, four-story, medical office building is situated at the intersection of 19th Avenue and Missouri Avenue, next to the new park-and-ride lot for the Valley Metro Light Rail system. The property was 40% occupied at time of sale and the new owner plans to do capital improvements and release the property.. Read more »