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Commercial Real Estate & Business News – May 5, 2015

It will only take 40 hours for grocery chain Haggen to take over and rebrand the Arizona grocery stores it acquired from Safeway and Albertsons… Read more »
The Greater Phoenix multifamily market continued to ride a wave of momentum to start 2015. Robust renter demand for units fueled another vacancy improvement, rents surged and sales prices posted additional gains. Healthy employment growth is the driving force behind renter demand, and the new units that are being delivered to the market are being leased quickly. The supply side remains the primary uncertainty going forward, particularly as permitting for new units slowed in late-2014 and again in the first few months of this year… Read more »
Jim Pederson has some aspirations for Park Central Mall in central Phoenix. Pederson, chairman and founder of Phoenix-based Pederson Group Inc., would love to develop the parking lots of Park Central, which front Central Avenue. That could result in some kind of mixed-use development, apartments or even the mythical urban Target Corp. (NYSE: TGT) store long coveted for downtown or central Phoenix… Read more »
Scottsdale has ramped up efforts to spur revitalization in the 8-square-mile corridor south of Osborn Road, which includes neighborhoods surrounding McDowell Road. In the latest initiative, the city has launched a program to reduce building-permit fees for residential and commercial property owners, which encourages reinvestment, said Kim Chafin, Scottsdale senior planner. Chafin said the effort will bring more economic activity to the area, boost the construction sales tax, increase property values and encourage other property and business owners to reinvest… Read more »