PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix.Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment …
DENVER — Pinnacle Real Estate Advisors has brokered the sale of The Mercury Café in downtown Denver. An owner-operator acquired the property from the undisclosed seller for $2.1 million.Located at 2195 California St., the property features 9,870 square feet of restaurant space.Jason McClanahan and Dallas Sandberg of the Johnson Ritter team of Pinnacle Real Estate Advisors represented the seller in the
NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers.Parke West will also have a 450-space underground parking structure that will serve both towers.Developed, owned and …
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Chauncey Lane Marketplace, a mixed-use development in north Scottsdale. Los Angeles-based Ronal LLC acquired the asset from Chauncey Retail Partners for $17.4 million.Located at 17757 and 17767 N. Scottsdale Road, the property features 34,963 square feet of office and retail space. Current tenants include a breakfast diner, cocktail lounge, salon/spa, financial advisory offices, a law firm, residential development firm …
PHOENIX — Marcus & Millichap has arranged the sale of a restaurant property located at 745 E. Glendale Ave. in Phoenix. A limited liability company sold the asset to a personal trust for $2.2 million.Habit Burger Grill occupies the 1,891-square-foot building, which was built in 1973, on a net-lease basis.Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the
SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District.Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative …
GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities.Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 …
DES MOINES, IOWA — The Boulder Group, a net-lease investment brokerage firm, has brokered the sale of a restaurant property occupied by Fazoli’s in Des Moines for $1.2 million. The 3,350-square-foot building is located at 3600 Merle Hay Road. Randy Blankstein and John Feeney of Boulder represented the seller, an undisclosed investment firm based in Texas, in the transaction. A Midwest-based investor was the buyer. Fazoli’s, an American fast-casual restaurant chain, has more than 10 years …
By Carlos Lopez, Executive Vice President, Hanley Investment Group Real Estate AdvisorsThe fears from the COVID-19 pandemic and the accompanying government-mandated shutdowns and social distancing measures transformed the way Americans, lived, worked, shopped, ate, exercised and watched movies. In many ways, the habits formed during the shutdowns have opened up opportunities to radically change many aspects of life.For the retail industry, the impact of COVID-19 in 2020 was profoundly …
By Jason Baker, principal, Baker Katz At a time when commercial real estate professionals see promising COVID-19 metrics and a better-than-expected vaccine rollout as signs that the end of the pandemic is near, it’s natural to examine where some of the most interesting and encouraging signs of recovery are already popping up. Food and beverage (F&B) has certainly weathered the pandemic storm as well as any other retail sector. Understanding what comes next in F&B — what the next …
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