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Commercial Real Estate & Business News – May 16, 2014

After five years of heading to the annual retail real estate convention in Las Vegas feeling “cautiously optimistic,” industry members are finally attending the 2014 RECon show with untempered optimism. Leasing and investment sales professionals expect to see record performance and a renewed interest in retail properties from both tenants and investors. The shadow of the recession that has hung over the conference since 2009 will finally be cast aside… Read more
The University of Arizona College of Medicine is using the last of Legislatureapproved bond money to build a $136 million, 10-story research building on the Phoenix Biomedical Campus in downtown Phoenix. The Arizona Board of Regents is slated to vote on the project June 6, but Phoenix Mayor Greg Stanton said he is confident the regents will approve the 245,000-square-foot structure that will create 360 new health professional jobs downtown. The construction process alone would employ another 500 people… Read more
A limited partnership formed by Real Estate Capital Partners (RECAP) in New York City paid $27.2 million ($109,677 per unit) to purchase the 248-unit Crestone at Shadow Mountain apartments at 3033 E. Thunderbird Road in Phoenix. The seller was a company formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals). The deal was negotiated by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. RECAP is a privately-held real estate investment advisor which has $6.7+ billion of assets under its management. The company has ownership in four multi-family projects and two office properties in the Valley, either through direct investments or joint ventures. RECAP is interested in buying additional multi-family and office projects in the Phoenix Read more
You’ve no doubt seen the headlines about Apple coming to Arizona as a partner in a glass factory that will supply its products, and Tesla considering the state as home for its massive battery-manufacturing plant. If both projects come online, they would join Intel and Honeywell, which already have had success here. But if you think we’re on the map only because of the big names, you only know part of the story. Technology manufacturing is a collective effort in our state… Read more
Paradise Valley Town Council is gathering behind closed doors today to discuss its pending Thursday, May 22vote and new plans submitted for the complete renovation of the Scottsdale Cottonwoods Resort & Suites. Scottdale Cottonwoods Resort & Suites is at 6160 N. Scottsdale Road in the Town of Paradise Valley…Read more