Commercial Real Estate & Business News – September 1, 2014


Smithfield Properties is being proposed as the winner of the Phoenix Central Station project. The project appears to be an “air-rights” development over the Central Avenue-Van Buren Street intermodal transit center, which is to be transformed into a 476-unit residential tower attached to parking and the transit center… Read more »
Optima Real Estate’s proposed $300 million project next to Kierland Commons is drawing challenges from neighboring projects. Chicago-based Optima Real Estate — known for its hanging gardens projects in Scottsdale — wants to build between 660 condominium units and possibly develop a 234-luxury hotel at Scottsdale Road and Kierland Boulevard. Optima could build as many as 796 residential units if there is not a hotel component…Read more »
Carter Validus Mission Critical REIT paid a combined $125 million ($188.55 per foot blended average) to acquire two data centers in the Phoenix area totaling 663,000 sq. ft. The sellers in two sale-leaseback transactions were companies formed by IO Data Centers in Phoenix. The properties include a 538,056-square-foot data center located along the south side of the 202 Loop (Red Mountain Freeway) at 615 N. 48th Street in Phoenix and a 125,000-square-foot data center at 8521 E. Princess Drive in Scottsdale. As part of the sale-leaseback agreements, IO will continue to operate the facilities through long term leases… Read more »
While the concepts differ, the three finalists for the redesigned City Center in Mesa all have one thing in common: a reinvigoration of the heart of Mesa. The city has spent the last year accepting requests for qualifications from designers to remake an 18-acre plot surrounded by Main Street, Center Street, First Street and Centennial Way that encompasses City Hall and the City Council chambers. The project was part of a 2012 bond package with a total projected cost of $70 million… Read more »
Much has been made of Amazon’s race for same-day delivery and Google looking to cut them off at the pass. In fact, Google just revealed they have been testing their own airborne drone deliery system, dubbed Project Wing, that could deliver small items to customers. While Google and Amazon’s drones are still a few years away – these online giants are still going to need physical space from which to distribute. That’s a substantial capital expenditure… Read more »