Commercial Real Estate & Business News – May 22, 2015

Mayo Medical School has received licensure by the Arizona State Board for Private Postsecondary Education for its $150 million Arizona branch campus. This nod of approval will allow Mayo to expand its medical school to its Mayo Clinic campus in Scottsdale and allow medical students to train at Mayo Clinic Hospital in Phoenix beginning in 2017… Read more »
“We see great potential in the Arizona ecosystem,” said Wasabi Ventures General Partner Tom “TK” Kuegler. “The combination of strong universities, visionary government leadership, plus an active and increasingly cohesive ecosystem full of strong talent gives us great confidence that the Silicon Desert is a great place to be”…Read more »
A company formed by JDM Partners LLC in Phoenix (Jerry Colangelo, David Eaton, Mel Shultz, principals) paid $38.084 + million ($150.73 per foot) to buy a 252,650-square-foot data center located within the Papago Park Industrial Center at 424 S. 56th Street in Phoenix. The seller in the sale/leaseback transaction was State Farm Mutual Automobile Insurance Co… Read more »
Leelanlau Properties LLC sold the retail building at 1311 E. Bell Rd. in Phoenix, AZ to Smith’s Food & Drug Centers, Inc. for $6.05 million, or approximately $117 per square foot. The 51,667-square-foot former auto dealership sits on 12.2 acres in the East Phoenix Retail submarket of Maricopa County. The buyer plans to demolish the existing building to create a 123,000-square-foot Fry’s Food Store on the site… Read more »
According to a development plan announced earlier this year, construction is slated to begin in August on the redevelopment of Mountain Shadows Golf Resort in Paradise Valley, which will include a 180-key hotel and 31 hotel-condominium units. Improvements continue to move ahead, as Kristopher Harman, Vice President at Woodbine Development Corporation, has submitted an initial renovation plan update and a conceptual plan for major renovations to Paradise Valley Town Manager Kevin Burke… Read more »