Commercial Real Estate & Business News – October 28, 2013

How a Restaurant Group Reinvigorated One Phoenix Neighborhood

Arguably best known for its wine cafe concept Postino, Phoenix-based Upward Projects has given residents in the north Central neighborhood more than wine and bruschetta to whet their appetite. Their other concepts such as gastropub Windsor, old-school ice cream parlor Churn and pizza joint Federal Pizza create a cluster of dining options along a once-forgotten stretch of Central Avenue that give more personality and buzz than a slew of fast-casual chains… Read more

Developer Ellman Regroups After Lost Decade

Developer Steve Ellman took a financial thrashing in the past decade. He lost ownership of the Phoenix Coyotes in 2006 and turned over management of Arena in Glendale. A lender took over Westgate City Center in a 2011 foreclosure. Ellman, 61, said he lost more than $1.5 billion worth of real estate in the aftermath of the recession and was forced to lay off about half of the 200 Ellman Cos. employees. Others might have wilted under those losses. Ellman managed to hold on to some valuable real-estate holdings. And he turned his focus to a new-media venture, with supersize digital billboards in New York’s Times Square, Hollywood and Las Vegas… Read more

Slew of Industrial Leases Takes Place in Chandler

group of nine leases totaling nearly 316,000 square feet of Chandler industrial space have been reported recently. The activity, coupled with strong job growth from the first six months of 2013, has experts feeling good… Read more

Mixed-Use Epicenter Draws Foes in Agritopia

Gilbert’s Agritopia Epicenter, a mixed-use development envisioned as a thriving urban oasis amid a sea of suburban sprawl, is drawing stiff opposition from nearby residents who say the plan for mid-rise apartments is the wrong fit for their village-like neighborhood… Read more

NexCore-Heitman Acquires $114 Million Medical Office Portfolio in California, Arizona

NexCore Group LP, a national healthcare real estate firm, and Heitman LLC, a multi-national real estate investment management firm, announced today the acquisition of a 671,811 square foot medical office portfolio in California and Arizona. Dignity Health occupies approximately 33 percent of the portfolio. Dignity is the fifth largest hospital system in the nation, with 39 hospitals in the three states of California, Arizona and Nevada… Read more