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Commercial Real Estate & Business News – May 16, 2013

Confidence and the Consumer

Younan Properties Inc. is known for its investments in office properties, but it’s no stranger to retail product. In April, chairman and CEO Zaya Younan expanded the company’s footprint in that arena as it re-entered the Phoenix market through the all-cash purchase of a 137,552-square-foot foreclosed retail center, Scottsdale Promenade… Read more

Industrial Income Trust Keeps Rolling…Spends $77+ Million For Industrial Project

A company formed by Industrial Income Trust (IIT) in Denver, Colo. (Dwight Merriman, CEO) paid $77+ million ($95.25 per foot) to buy a 808,419-square-foot commerce park located at the northwest corner of Dobson and Broadway roads in Mesa. The seller was Broadway 101 Ventures LLC, a company formed by RREEF Funds in Chicago, Ill. and Lincoln Property Co. in Phoenix… Read more

Burger Chain Wants to Become a Habit in Phoenix

California hamburger chain The Habit Burger Grill plans to open two additional locations in the Phoenix area this summer. The first will be at 4575 E. Cactus Road, with an anticipated opening in July. Another store in Scottsdale at 16495 N. Scottsdale Road… Read more

Experts See Pent-Up Investment Demand

Patience was the operative term at the economic forecast panel session at the Counselors of Real Estate’s midyear conference in New York City. All of the panelists predicted a slow, steady recovery.”It’s not all bad news in the investment area,” said panelist David Lynn, executive vice president and chief investment strategist with Cole Real Estate Investments in Phoenix, noting that the commercial real estate market… Read more

Ryan Companies To Build Technology Center In Tempe For GoDaddy

Ryan Companies US, Inc. is the developer, design builder and property manager, and PHArchitecture is the architect behind a $27M, 2-story, 150,000 SF technology center in Tempe for Web host GoDaddy. The new building is part of expansion that is expected to generate hundreds of quality, new jobs for Arizona-based GoDaddy… Read more