Commercial Real Estate & Business News May 25, 2018

If Phoenix wants to establish itself as a bona fide tech market, more co-working space would probably be a good start. Google, Apple and Microsoft were once fledgling companies based out of garages. But today they might have started off in a co-working space like Uber, Instagram and Indiegogo did. The Valley of the Sun is not home to a tech giant’s headquarters, and the lack of homegrown startups in the metro is likely to be the main culprit…»
Eric Flyckt, senior vice president and Wyatt Campbell, vice president of NorthMarq Capital’s San Diego office, arranged a $153,376,000 construction loan and $19,081,179 mezzanine equity investment for the build-to-suit of Orbital ATK’S campus located in Chandler, Arizona. The development comprises a three-story, Class A, office building totaling 356,000 sq. ft., and a manufacturing building totaling 261,000 sq ft…»
Los Angeles-based Tides Equities LLC has paid $37.25 million for the 376-unit Fairways at Cave Creek, with plans to invest about $7 million to renovate the property. Sean Kia, co-founder and principal of Tides Equities, said he bought that complex – which is 97 percent occupied – from Starwood Capital. “They’re one of the most active sellers in the country right now,” Kia said…»
Sprouts Farmers Market will open its new midtown Phoenix store later this summer. The new Sprouts (Nasdaq: SFM) at 3320 N. Seventh Ave. will open Aug. 22, according to the grocer. The 31,000-square-foot store will be the fifth Arizona opening this year for Phoenix-based Sprouts, which continues to add dozens of stores across the country. The Seventh Avenue store will be on the site of a former Bashas’ store that closed last year…»
There are more than 36,000 health clubs, gyms and fitness centers in the U.S., and major markets have seen growth at a rate of 2.8 percent since 2013. But what does the future of the retail fitness industry look like? Many believe, as an internet-resistant sector, the future looks bright for fitness centers and gyms. And while that may prove true, growth in the next five to 10 years may look a bit different than what we’ve witnessed in the last decade…»