Commercial Real Estate & Business News – March 27, 2014

Loop 303 Drives Housing Development In Northwest Valley

Loop 303 will open up the West Valley for a new generation of housing. The highway connects Interstate 10 near Cotton Lane in the south to I-17 about 2 miles south of Carefree Highway in the north. Crews are finishing the southernmost interchange. Because of this, new areas of the West Valley are becoming even more desirable for homebuilders and homebuyers… Read more

Old Town Land Sells — Entitled for 12 Townhomes Near NEC Scottsdale & Camelback

Howard Keim of Ventana Fine Properties and Von E Dix of Von Dix Fine Homes partnered to purchase a 25,897 square-foot piece of vacant land for $1.2m, $46.34 per square foot, or $100k per planned unit. $2.2m new debt was issued concurrently with the sale. The seller was Colorado based investor Michael Feiner of Feiner Enterprises… Read more

Earnhardt Assembles Site At 7th Street And Camelback For New Lexus Dealership

A company formed by Valley auto dealer Jim Babe Earnhardt has assembled a site just east of the northeast corner of 7th Street and Camelback Road in Phoenix where he plans to locate a Lexus automobile dealership. The nearly 7-acre site is bordered on the east by Chapman BMW and on the west by Walgreen Drug Store… Read more

Scottsdale’s First Condo Development Since Recession

iStar Residential has broken ground on the final phase of Sage, a luxury condominium community along the Scottsdale waterfront, that will be the only new-construction, for-sale condominiums in Downtown Scottsdale. The construction, which is in excess of $35 million of residential real estate, signifies the first ground-up condominium development in Downtown Scottsdale since the recession… Read more

Where Are All the Teen Shoppers? Soft In-Store Retail Sales Vexing Retailers and Mall Owners

Many retailers and regional shopping mall owners are discovering what many parents have lamented for years: How do we get through to our teenagers? Declining teen retail sales has become a red flag for many fashion-dependent stores. And while retailers are on the front line of that trend, mall owners are not far behind… Read more