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Commercial Real Estate & Business News – September 25, 2013

Turner Real Estate Breaks Ground on Eight Buildings in Phoenix

Turner Real Estate Investments of Newport, CA, broke ground this week on eight free-standing, speculative industrial buildings in Phoenix, Arizona. The buildings will be move-in ready with finished office and warehouse space beginning in the first quarter of 2014. They will range in size from +/-11,000 square feet up to +/-20,000 square feet, and each building will include a private, fenced yard. The project, called Turner Spectrum Ridge at Deer Valley is zoned A-1, light industrial which allows for a very wide variety of uses… Read more

Black Canyon Commerce Park and Red Mountain Corporate Center Revert to Beneficiary

The Notice of Trustee Sale was issued by CWCapital Asset Management pursuant to their role as the Special Servicer of the loans in this CMBS portfolio. CWCapital has now taken back these assets through the trustee sale process with the trustee deed recording September 23, 2013, for the credit bid amount of $22.96m… Read more

Major Renovations Coming to Camelback Esplanade

A major face lift is in store for two of the four towers at the Camelback Esplanade, a landmark mixed-use development at 24th Street and Camelback. MetLife, owner of the project, is pouring millions – although an exact figure was not immediately available – into the makeover in hopes of reinforcing the mixed-use development’s position in the Camelback corridor, which has become one of the most desirable submarkets in the Valley postrecession… Read more

Perot’s Hillwood Acquires West Valley Acreage for Industrial Development

Hillwood, a private real estate company founded by Ross Perot Jr., has purchased 72.53 acres of agricultural land from Swift Transportation for $10,823,466 or $149,227.43 per acre. The parcel is located at the southwest corner of 75th Avenue and Buckeye Road in Phoenix… Read more

ADOT Readies $91M Loop 101 Expansion for Q1 Bid

URS and Kimley-Horn are busy on the design for a $91M ADOT widening of Loop 101 covering the 11 miles from Shea Boulevard to Loop 202 through Scottsdale and Tempe. The project adds a traffic lane in each direction and widens the northbound lanes by two from Loop 202 all the way to McDowell Road… Read more