Commercial Real Estate & Business News – May 27, 2014

A 14-acre dirt lot between Gilbert Town Hall and the new Banner Health Center has been targeted for a 256-unit apartment complex, but the developer faces an uphill battle to get the project approved. Phoenix-based Alliance Residential recently submitted architectural plans… Read more
Downtown Phoenix boosters are hoping to see new businesses, restaurants and development spread south from the CityScape development and north from Arizona State University’s growing downtown campus. The Arizona Center development is going through an estimated $2 million face lift of its facades and walkways. The CommonWealth REIT-owned project is looking to attract more national tenants… Read more
Timberline Village Apartments sold, a 168 unit Class “A” luxury apartment community built in 1997. The property is located in Flagstaff, AZ, at 4255 East Soliere Avenue adjacent to the golf course at Continental Country Club. Clear Sky Summit at Flagstaff, LLC (Clear Sky Capital, Marcus Kurschat) purchased the property for $22,250,000 / $132,440 per unit, from the seller, Timberland Village I & II, LLC’s (Bassham Trust)… Read more
It already has a significant chunk of Colorado’s retail furniture business. Now, American Furniture Warehouse, a discount furniture business based in suburban Denver, is staking a claim in Arizona, and doing it in part with a 600,000-square-foot warehouse and showroom in Glendale… Read more
“Net lease is now one of the five major commercial real estate types, along with apartments, office, industrial, and retail.” So says Sam Alison, west region director, based in the firm’s L.A. office. He tells that sales of net lease retail properties exceeded $70 billion during the 12-month period ending March 31, 2014…Read more