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Commercial Real Estate & Business News September 11, 2018

Effective this year, the federal Tax Cuts and Jobs Act wiped out the 1031 exchange tax deferment benefit for personal property, such as primary residences, vacation homes, artwork and collectibles. That change might have caused confusion about how exchanges of real property, like office buildings, warehouses and self-storage facilities, would be treated by the IRS…»
Westgate Entertainment District in Glendale will add two new tenants later this year, according to a report from ABC 15. The West Valley sports and entertainment destination will be home to a new movie-themed escape room attraction, as well as a dueling piano bar. Both are set to open sometime this year, according to ABC 15…»
With development plans already underway for major projects in both the East and West Valleys, VanTrust Real Estate, LLC, Phoenix recently acquired 20-acres of land for $12.2 million from the Rockefeller Group, New York City, at Chandler Boulevard and the Loop 101 to build a mixed-use development with office, hotel and retail. It marks the latest development opportunity for VanTrust…»
CapRidge Partners of Austin, Texas has made its initial entrance into the Metro Phoenix real estate market with the purchase of Scottsdale Forum, located at 6263 N. Scottsdale Road in Scottsdale, Ariz. On behalf of New York-based Clarion Partners, Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Greg Mayer and Patrick Schrimsher completed the sale for $40.75million…»
The renowned former home of Le Cordon Bleu College of Culinary Arts will soon be redeveloped into an assisted living and memory care facility. Bordering the nationally famous Indian Bend Wash Park, the 110 room, three-story facility will have unobstructed views to the west, north, and south of Camelback, Mummy, and the McDowell Mountains…»