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Commercial Real Estate & Business News October 15, 2018

Sears Holding Corp. (NASDAQ: SHLD) is preparing a bankruptcy filing, according to multiple media reports, and depending on how that goes it could leave multiple big-box retail stores vacant around the Phoenix area. The Wall Street Journal reported the financially troubled department store chain hired a boutique advisory firm to help prepare…»
Liberty Property Trust is executing a national strategy of divesting from its office assets to focus on industrial. The firm has sold its final five office assets in the Greater Phoenix market, which total 806,000 square feet, for $255 million at the perfect time. The Phoenix office market is on an upswing-seeing tremendous activity this year…»
High Street Residential, a wholly owned subsidiary of Dallas-based Trammell Crow Co., is in escrow to buy a vacant parcel of land in downtown Phoenix with plans to build a $140 million mixed-use project. To be built in two phases, the first phase will include a seven-story, 342-unit apartment complex and 7,000 square feet of ground-floor retail…»
An apartment tower is planned to go up near Creighton University’s new medical school at midtown Phoenix’s Park Central mall. The mall’s owners, Tucson’s Holualoa Cos. and Peoria-based Plaza Cos., paid $28 million for the last 21 acres and an almost 193,000-square-foot building on the property’s north side. A nine-story apartment building,…»
A former Coors distribution facility in the Phoenix Warehouse District is getting new life as a creative office space. Montana Avenue Capital Partners and the Humphreys Co. partnered to create what will be called the Lincoln Union, an adaptive reuse of the former Pearce Beverage Co. building on Fifth and Lincoln streets.…»