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Commercial Real Estate & Business News – May 6, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

94 Hundred Shea Sells For $16,327,500 Talia Jevon Properties of Vancouver, BC, has acquired 94 Hundred Shea, an Office & Retail mixed-use development in Scottsdale, from LNR Partners of Miami, Fl, for $16,327,500 or $220.40 per ft2. 94 Hundred Shea is a 74,079 ft2 office and retail complex located east of the southeast corner of Loop 101 and Shea at 9325, 9343, 9375, and 9397 East Shea Blvd in Scottsdale. It is comprised of a 38,840 ft2 2-story office component and three multi-tenant retail strip buildings built in 2007 on 10.62 acres zoned C-3. The property has 440 parking spaces or 5.9 spaces per 1,000 ft. View article…

Rezoning OK’d to bring retail to Arcadia office building The owner of an office building at a prime intersection in the Arcadia area has won approval from the Phoenix City Council to bring retail to the property. The Phoenix City Council unanimously approved the rezoning Wednesday. Stephen Anderson, a land-use attorney who represents 77 Group Investments, said the owner wants to make retail available to his existing office building on the northeastern corner of 44th Street and Camelback Road. View article…

Buffalo Wild Wings opening at Westgate in Glendale Buffalo Wild Wings is opening a new sports bar location at the Westgate Entertainment District. The 6,100-square-foot, 300-seat location will be located in space previously occupied by Sketchers, Swim & Sport and Fossil stores. View article…

Togo’s plans big expansion into Phoenix market San Jose, Calif.-based sandwich chain Togo’s announced this week aggressive expansion plans for the Phoenix area, entering a highly competitive market for the lunchtime staple. Togo’s has plans for upwards of 15 stores in the Phoenix region within the next three to four years, said company CEO Tony Gioia, as well as plans that call for around 25 across the entire state in cities such as Tucson and Flagstaff. View article…

The Top 5 exclusive apartments in Phoenix When it comes to living large on the Valley’s luxury rental scene, Grigio at Tempe Town Lake topped the list of exclusive apartments published today by the Phoenix Business Journal. The list was ranked by maximum rent for a one-bedroom apartment. Grigio at Tempe Town Lake had a maximum of $1,601, topping the list. View article…

HOUSING:
Verrado homebuilding showing signs of life in Buckeye Construction crews haven’t turned over much dirt during the past seven years in Verrado. That has begun to change. Homebuilders are putting houses on long-dormant lots in the Buckeye master-planned community and the developer is readying a large chunk of land for hundreds of new homes. View article…

Phoenix-area Housing Market: Prices Keep Soaring; Not Enough Homeowners Willing to Sell Home prices continue their upward climb in the Phoenix area, with more momentum expected until at least June. A new report from the W. P. Carey School of Business at Arizona State University reveals the latest information about the Maricopa and Pinal County housing market, as of March:

  • The median single-family home price was all the way up to $175,000, about a 30-percent increase from March of last year.
  • The supply of homes for sale continued to fall, but the problem is not so much the high demand, but more the lack of sellers getting into the market.
  • Rebounding population growth in the Phoenix area is also blasting past the rate at which builders are constructing new homes. View article…