Commercial Real Estate & Business News – May 17, 2016

Commercial real estate leaders are confident in the strength of the commercial real estate market. But they’re also realistic enough to recognize that all commercial sectors will face their own challenges in the coming months. And they’re especially worried that rising interest rates could put the brakes on what has been such steady commercial real estate activity during the last two-plus years. That’s the result from a May survey from CIT Group, in partnership with Forbes Insight… Read more »
With recovery well underway in the Phoenix metro, commercial real estate activity is matching the level of the rebound. Office, flex and warehouse property types seem particularly in demand for one investment venture. Three business parks totaling 312,193 square feet have been acquired by a venture of San Juan Capistrano, CA-based Birtcher Anderson Realty in conjunction with JCR Capital of Denver. The joint venture acquired the parks from Presson Properties for approximately… Read more »
Grocery store chain Smart & Final Stores Inc. said it has converted all 33 stores it bought from Haggen in December to Smart & Final Extra! stores. The store openings were part of an aggressive growth plan for the Commerce-based retailer, which plans to open 100 new stores over the next four years and hire at least 5,000 employees to staff those stores… Read more »
Vancouver, BC-based Macdonald Development Corporation (MDC) is expanding its Arizona presence with the purchase of 0.403 acres of CC-zoned land, which is located at 6th Street and College Avenue in a premier downtown location. MDC purchased a 50% interest in the land parcel from property owner, Spike Lawrence, co-founder of Tempe-based Lawrence & Geyser Development Corp. Lawrence will maintain 50% ownership in the land, and work with MDC… Read more »
San Francisco-based real estate company Hamilton Zanze (HZ) announced the recent acquisition of Tresa at Arrowhead for $47,000,000 ($130,556/unit). The 360unit Class B+ apartment community is located in Glendale, AZ, approximately 10 miles northwest of Downtown Phoenix. Tresa at Arrowhead was built in 1998 and is 0.5 miles from the Arrowhead Towne Center and 1 mile from the vibrant P83 Entertainment District… Read more »