Commercial Real Estate & Business News May 24, 2018

LAS met up with a few executives Monday at ICSC RECon to chat about all things retail. According to Amy Fingerhut, first VP at CBRE, she is seeing an increased interest in retail in urban core submarkets. For example, in downtown Atlanta, she tells that the renovation of The Hub at Peachtree Center is about halfway done, and CBRE is remerchandising this 50-year-old mixed-use destination…»
Fulton Homes is returning to Northwest Phoenix with 1,000 new homes at 163rd Ave., north of Grand Ave. and near the White Tank Mountains. Sale for the land will be finalized this month. The new community will be called “Escalante” and is the first endeavor into this area of Phoenix for Fulton Homes in over a decade. The homes will all be single family detached from 4 different product lines and come with the choice of 4 different lot sizes…»
The city of Phoenix is looking to sell two midtown parcels off Central Avenue near the Heard Museum with hopes of bringing in new development. The city has issued a request for proposals for developers or other users to buy municipal-owned parcels on Holly Street in between Central and First avenues. The city is looking for a purchase price of at least $242,000…»
Mall owners are still grappling with how to fill those spaces being vacated by department store chains like Sears and J.C. Penney. It’s no easy task and remains one of the biggest questions in the retail real estate industry today, Dirk Aulabaugh, managing director of Green Street Advisors’ advisory and consulting group, told CNBC at the annual ICSC RECon event held in Las Vegas this week. The fact of the matter is, filling in the gaps takes time, years even…»
CBRE, Cushman & Wakefield, and Fenix Development, a Los Angeles-based real estate investment and development company, announced today the 265,000 square feet of Class A office and 44,000 square feet of high-end restaurant and retail space slated for Phase I of the 1.9 million-square-foot The Watermark | Tempe mixed-use development, will be built on spec. Fenix Development is scheduled to deliver Phase I of the project in summer 2019…»