Commercial Real Estate & Business News – October 1, 2013

Scottsdale’s Galleria Corporate Centre Sold to Triyar-Oaktree Partnership

The Galleria Corporate Centre in Old Town Scottsdale has been purchased by a partnership between Triyar Cos. and Oaktree Capital Management. Steven Yari, who co-owns Triyar with his brother, Shawn Yari, confirmed the transaction closed on Friday but declined to disclose the price due to a confidentiality agreement. Such information is usually a matter public record, but I have not been able to track it down yet because it usually takes three to five business days to show up in the Maricopa County Recorder’s Office… Read more

Tesco’s Fresh & Easy declares bankruptcy to ease sale to Burkle

Tesco Plc’s Fresh & Easy chain filed for Chapter 11 bankruptcy as part of a plan to sell most of the U.S. chain’s 167 stores to a private equity firm led by billionaire Ron Burkle. Fresh & Easy cited debt between $500 million and $1 billion in a court filing on Monday in U.S. Bankruptcy Court in Wilmington, Del. According to the documents, a unit of Tesco will end up with a 22.5% stake in the Yucaipa affiliate that acquires the supermarket chain… Read more

ICSC: Holiday Sales to Rise 3.4%

New York — Holiday sales will rise 3.4% sales increase, slightly stronger than last year, for the traditional November-December holiday period, even though retailers are expecting a more modest spending season, according to the International Council of Shopping Centers. Additionally, ICSC anticipates that the other two measures of U.S. industry holiday sales will both increase over last year… Read more

Renters May Be Stickier Than We Thought

While it may be a popular belief that rising rents and low interest rates have chased tenants away from institutional apartments and into more affordable rental alternatives or homeownership, the data shows this to be more myth than reality, at least for now… Read more

Papa Murphy’s Bullish on Phoenix, Picks Market for New-Look Store Debut

Take-and-bake pizza chain Papa Murphy’s has selected Phoenix as one of two markets to unveil updated stores that highlight the company’s focus on fresh ingredients. The Vancouver, Wash.-based pizza company has a new-look store concept debuting this fall in Texas and in the Phoenix market… Read more