Commercial Real Estate & Business News – May 22, 2014

Retailers at RECon are Hungry for Space to Grow

There is nothing more attractive to a shopping-center owner than a retailer with ambitious expansion plans, and plenty of chains are exhibiting and cruising the floor at RECon this year on a hunt more store space… Read more

El Con Sale Official at $81.7 Million

El Con Mall was purchased for $81.7 million by a group fronted by St. Louis Rams owner Stanley Kroenke. Kroenke plans on continuing to operate the nearly 93-acre property as a “vital shopping destination,” according to a press release from Eastdil Secured, a real estate investment banking company in Santa Monica, California, that represents the new owners… Read more

KBS Realty Advisors Buying Anchor Centre Office Complex

In a deal slated to close at press time, sources say a fund managed by KBS Realty Advisors in Newport Beach was set to acquire the Anchor Centre office complex located at the southeast corner of Camelback Road and 22nd Street in Phoenix. Neither buyer nor seller could be reached for comment, but sources expect the project to trade for close to $85 million (roughly $250 per foot). That would be almost $100 more per foot than the seller paid… Read more

Mountainside Fitness Set to Debut New Studio Concept

Tempe-based Mountainside Fitness is set to launch a new health club concept that was made possible from a recent capital infusion. The five-studio facility, dubbed Fit Republic, is set to open next month in downtown Scottsdale at 7135 E. Camelback Road, Suite 235… Read more

New to Market: The Landing at Gateway

The Landing at Gateway is a development within a growing area of the Mesa, Ariz., that establishes a complementary mix of commercial and employment opportunities. The project has been designed with several components as the central organizing elements for the development of the property. Of these elements, the most important is “Connections.” This development proposes a variety of uses: retail, large retail/hospitality and office/employment. It is important that there be successful “connections” between these uses… Read more