Commercial Real Estate & Business News – September 11, 2013

Please keep those that lost their lives in your thoughts; also, please keep the families and friends in your prayers. May we never forget the travesty of today’s events on 9/11/2001.


Tesco Hands Over Fresh & Easy Stores to U.S. Billionaire

Britain’s Tesco (TSCO.L) is to lend U.S. billionaire Ron Burkle’s Yucaipa investment company 80 million pounds ($126 million) to take the loss-making Fresh & Easy stores off its hands, marking the end of a six-year attempt to crack the U.S. market. Tesco, the world’s third largest retailer, said on Tuesday Yucaipa will acquire over 150 of the California-based Fresh & Easy’s stores… Read more

Scottsdale Fashion Square Mall Plans for Major Expansion

Arizona’s largest shopping mall may get even larger in the coming months. Santa Monica, Calif.-based Macerich Co. (NYSE: MAC) is planning a major expansion of Scottsdale Fashion Square mall that includes a bigger movie theater, additional retail space and more underground parking. Macerich must first get the green light from the city of Scottsdale’s Development Review Board… Read more

Mesa Wrestling With Own Rules on Pot-Clinic Sites

Zoning rules limiting the locations of Mesa medical-marijuana dispensaries could be eased after a potential dispensary operator’s struggle to find an appropriate site sparked a push among city officials to re-examine city guidelines… Read more

Unleashing the Power of Bioscience Research

When state leaders launched an ambitious plan to invest in the biosciences a decade ago, they did so for a simple reason: to break free from our economic handcuffs to only a few industries. We had to compete where significant and sustainable job growth was more likely to take place. The housing-bubble burst never gave the state enough time to truly diversify the economy… Read more

Wentworth Teams Up With Crow Holdings…Pays Nearly $12 Million For Industrial Site

A new joint venture formed by Crow Holdings Capital Partners in Dallas, Tex. and Wentworth Property Co. in Phoenix plans to develop a 1.2 million-square-foot industrial park along the Interstate 10 Corridor in Phoenix. CH Realty VI-WPC/I Phoenix 10 West Property I LLC (Crow/Wentworth venture) paid $11.95 million to buy the 80-acre site at the northwest corner of 59th Avenue and Van Buren Street… Read more