Commercial Real Estate & Business News – October 16, 2013

Finesa/Alliance Venture Pays $14.75 Million For Tempe Multi-family Project

A joint venture formed by Finesa Real Estate Group in Rockville, Md. (Andres Gonzalez, pres.) and Phoenix-based Alliance Residential Co. (Bruce Ward, Bob Hutt, Jay Hiemenz, partners) paid $14.75 million ($175,595 per unit) to buy 84 units within the 90-unit Dorsey Place Condominiums at 1275 E. University Drive in Tempe. The seller was Pathfinder Stratford Dorsey Condominiums LLC… Read more

Pollack: The Economy Just Sits and Waits

The craziness continues. Hopefully, by this time next week, there will have been some compromise on the debt ceiling so that default is not an issue. If the debt ceiling is not raised by Thursday, there would still not have to be a default on our debt. But, someone (social security recipients, etc.) would not be happy… Read more

Tiffany and Bosco Sign Long-Term Lease at Camelback Esplanade

Tiffany & Bosco LLC, a local law firm, has signed a lease to occupy nearly two full floors at Camelback Esplanade II. The firm struck a deal with Esplanade owner Metropolitan Life Insurance Co. for the 41,770-square-foot, 10-year deal… Read more

Togo’s Signs Franchisees for Big Phoenix-Area Expansion

Sandwich chain Togo’s has signed new franchisees as part of an aggressive expansion into the Phoenix market that began earlier this year. San Jose, Calif.-based Togo’s inked a deal that will bring restaurants to Ahwatukee, Avondale and Tempe… Read more

Retail Shows Improvement In Q3

Retail vacancy and availability rates have dropped to their lowest since 2009, according to a Q3 2013 report by Voit Real Estate Services. Continued growth hinges upon Phoenix’s ability to add more jobs and stabilize the economy. “The Phoenix retail market’s future is looking brighter as it continues to gain traction,”… Read more