Commercial Real Estate & Business News – November 13, 2015

The development flurry that is remaking downtown Scottsdale into one of the Valley’s hottest places for new housing and office space is showing no signs of letting up. Several development projects worth more than $100 million combined are proposed in and around Old Town, with construction of apartments, town homes, dining and an expanded medical center expected to begin early next year. Downtown Scottsdale has enjoyed a significant wave of redevelopment… Read more »
Developers keep on churning out new apartments with 7,200 new units slated to hit the Phoenix market this year as many as 22,200 proposed or construction. Submarkets such as Tempe, downtown Phoenix, Scottsdale, Gilbert and Chandler are slated to see thousands of new apartments hit the market over the next three years. Most of the construction cranes and construction sites around town are for new apartments and condos…. Read more »
Centrica, an adaptive reuse project in Mesa, AZ, will be the new home for Santander Consumer USA Holdings, Inc. (NYSE: SC), which signed a new 10-year lease for the entire 116,982-square-foot office building at 1550 W. Southern Ave. in Mesa, AZ. Santander Consumer USA Holdings, Inc. is a subsidiary of Banco Santander, a global commercial and retail bank with 102 million customers, 193,000 employees, and 14,700 branches – more than any other international bank… Read more »
The 388-unit Jefferson at One Scottsdale apartments sold Tuesday for $88 million, or $226,804 per unit. San Diego-based billionaire Igor M Olenicoff is the new owner of the property, which conveyed in a cash-only transaction. Built in 2014 on nearly fourteen acres in twenty-one buildings, Jefferson at One Scottsdale sports a unit mix that includes one, two, and three bedroom floorplans with a variety of square footages. It is part of the mixed-use project “One Scottsdale”… Read more »
From Star Wars: The Force Awakens and the final installment of The Hunger Games to the next James Bond movie, Spectre, and the highly anticipated release from Disney-Pixar, The Good Dinosaur, the movie release slate for 2015 is stronger than it’s been in years. And that translates into more earnings for movie theater operators and greater foot traffic at the shopping centers in which they’re located. Consider this: during the recent economic downturn, same-store sales were declining in all categories except theaters… Read more »