Commercial Real Estate & Business News – September 22, 2014

Once the merger of Safeway into Albertsons has been completed, the new company will operate with three regions and 14 retail divisions, the two companies said Friday. No banner changes are planned, they noted. The deal, under which AB Acquisition LLC, an affiliate of Albertsons, will acquire 1,331 stores, 13 distribution center and 19 manufacturing plants from Safeway, is expected to close during the fourth quarter, pending a review by the Federal Trade Commission…. Read more »
The proportion of homeownership among young adults has fallen from a third to a quarter over the past half-century. But the idea that today’s millennials are allergic to deeds and mortgages is a myth, says a report based on a survey of more than 1,000 Americans aged 18-29 by the Demand Institute, a nonprofit jointly operated by the Conference Board and Nielsen… Read more »
The Phoenix City Council approved plans this week for a 660-unit condominium development and 234-room hotel next to Kierland Commons. Chicago-based Optima Real Estate wants to build three 12-story condo buildings and 10-story hotel on a 9-acre parcel that was previously the home to a Robb Stucky furniture store. Optima — which is known for its hanging gardens architecture at its Scottsdale apartment development — could also end up putting 796 residential units on the Phoenix parcel if it cannot attract a hotel… Read more »
A venture formed by Wentworth Property Co. and Northwood Investors paid just under $13.833 million ($59 per foot) to purchase a 234,446-square-foot office development located at 1665 W. Alameda Drive in Tempe. The seller was FNB Fountainhead LLC, a company formed by members of the Raymond Lamb family… Read more »
The Detroit-based company formally announced Friday the opening of its fourth national IT center, which will employ 1,000 workers in the southeast Valley as the U.S. economy continues a shift toward knowledge-based jobs in science and engineering… Read more »