Here are the news articles you might find interesting today for commercial real estate and business:
159,821 SF Industrial Complex in Tempe Transacts for $6.55M Timothy J Ballard of Buchannan Street Partners has sold The Kyrene Commerce Center sold to Ryan Tidemann of Tidemann Properties for $6.5M with $200K down and $3m new debt with Aviva Life and Annuity Company, maturing in April of 2020. The 159,821 sf complex is located at 5861 S Kyrene Rd, Tempe or North of the Northeastern Corner of Kyrene and Guadalupe Roads. It consists of 3 buildings…View article…
BASCOM KEEPS PUSHING . . . ADDS TO MULTI-FAMILY HOLDINGS WITH 352 UNITS IN CHANDLER A company formed by Bascom Arizona Ventures LLC paid $32.215+ million ($100,044 per unit) to buy The Fairways, a 352-unit multi-family community located at 777 W. Chandler Boulevard in Chandler. The seller was the registered holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2006-C29. The special servicer for the commercial mortgage backed security (CMBS) was Situs Holdings LLC in San Francisco, Calif. View article…
Macy’s, Inc. to Expand Arizona Fulfillment Center Macy’s, Inc. will expand its online order fulfillment center in Goodyear, AZ, to accommodate continued sales growth as part of the company’s omnichannel sales strategy utilizing all available shopping channels, from bricks-and-mortar stores to mobile devices and television advertising. The company is expected to invest more than $35 million in capital in the project. The 600,000-square-foot Goodyear facility was built by Macy’s, Inc. in spring 2008, and the expansion will add 360,000 square feet in a project expected to begin this summer so the expanded facility can be operational in spring 2014. View article…
Phoenix Industrial Sells for $1M Draft Horse Holdings LLC acquired the industrial building at 2512 W. Magnolia St. in Phoenix, AZ from Greencore USA, Inc. for $1 million, or about $17 per square foot. The 58,890-square-foot, food manufacturing facility was constructed in 1965 on 2.7 acres. The property was 100 percent vacant at the time of sale. View article…
Scottsdale Executive Plaza Sells for $6.3M The Muller Company sold the 14-building Scottsdale Executive Plaza at 6200-6390 E. Thomas Rd. in Scottsdale, AZ to the Presson Corporation for $6.25 million, or approximately $39 per square foot. The three-story office buildings were built in 1982 and are situated in four different pods that sit on a total of 13 acres. The asset, totaling 160,693 square feet, was 56 percent occupied at the time of purchase. View article…
Tres Amigos World Imports to Open at Arrowhead Palms Tres Amigos World Imports has signed a lease for 22,115 square feet at the Arrowhead Palms Shopping Center, located at 7369-7439 W. Bell Rd. in Peoria, AZ. Arrowhead Palms is a 66,808-square-foot, multi-tenant retail center built in 1999 on 10.8 acres in the Central Peoria / Arrowhead Retail submarket, at the southeast corner of 75th Ave. The end-cap anchor space the tenant will take this summer was formerly occupied by Old Navy. View article…
LongHorn Steakhouse expands in Surprise Darden Restaurants Inc.’s LongHorn Steakhouse concept is continuing its expansion in the Phoenix area with its latest location opening in Surprise next week. The steakhouse brand’s fourth Phoenix-area restaurant will open April 1 at 14127 W. Bell Road. View article…
ZocDoc plans to hire 650 for new Scottsdale office ZocDoc, a New York company that helps patients book doctor appointments online, is opening an office in Scottsdale and planning to hire 650 people within the next three years. The company originally expanded its Valley presence a couple of years ago, when it had received a $50 million investment from DST Global, an investment fund led by Russian billionaire Yuri Milner, also a Facebook investor. View article…
Grocery magnate Eddie Basha dies Hometown grocer Eddie Basha, whose larger-than-life personality, sense of humor and compassion for the less fortunate embodied the spirit of Arizona, died Tuesday afternoon, a longtime family friend confirmed. Basha was 75 and had been in failing health. View article…
Scottsdale Councilman Phillips wields ax on apartment rezoning A south Scottsdale neighborhood is on a mission to stop an apartment complex from being built on the site of a former McDowell Road auto dealership. View article…
Twin Peaks set to scale new heights Installing a 39-foot-high recreational climbing wall inside a casual restaurant seems like a crazy, perhaps even dangerous idea. Especially for a restaurant like Twin Peaks, where the mostly male clientele has plenty to do in the first place: be served food and drink by well-endowed, skimpily clad waitresses and soak in the restaurant’s mountain-themed sports bar ambiance. View article…