Commercial Real Estate & Business News – March 26, 2014

Renovations At Busy Uptown Plaza In Phoenix Could Push Out Small Retailers

A major face-lift is planned for Uptown Plaza, the AJ’s Fine Foods-anchored shopping center in central Phoenix at the bustling intersection of Camelback Road and Central Ave. But some mom-and-pop shops that make up the majority of the Plaza’s tenant mix fear they’re being pushed out as the landlord may be laying the groundwork to boost rents and lure more national retail chains… Read more

128-Unit Senior Housing Community Comes to Akwatukee

Investment Property Associates, LLC (IPA) and Retirement Community Specialists (RCS) have partnered for a second time to develop a senior living community in Ahwatukee near the southwest corner of Chandler Boulevard and 50th Street. The 8-acre site of the planned senior community is part of a 35-acre mixed-use parcel acquired by IPA in 2012… Read more

Dollar Tree Adds 63rd Phoenix Store

Velocity Retail Group, LLC announces that Dollar Tree has finalized a 7 year lease for a 9,145 square foot store at Anthem Eastside Shops at the northwest corner of Anthem Way and Venture Drive. The store, which is slate to open September 1, marks the 63rd in the Phoenix Metro area… Read more

KB Homes Purchases Chandler Site Planned for 135 homes

KB Homes closed on 23.5231 acre (net) site for $5,440,250 or $5.30 per SF / $231,273 per Acre. The property is presently agricultural/raw land and was recently granted a final plat as “Fire Rock Ranch”, approved by Chandler Council 3/13/2014. Mr. Robert Lyles of Starpointe Communities (also with Deco Communities) was the seller… Read more

Shopping Center Spin-Offs Driven by ‘Pure-Play’ REIT Craze

After bulking up through acquisitions and new development, major REITs have been practically tripping over themselves to get small through a recent spate of spin offs. Recent examples include Simon Property Group’s plans to set up a separate REIT for its strip center and smaller enclosed malls business, and American Realty Capital Properties’ plans to split its retail portfolio in two… Read more