In the News—Week of June 26, 2023
Deal of the Week
An Arizona based private entity recently closed on a $5.2 million SBA 504 construction loan to build a gas station in Laveen, Arizona. The transaction was closed by Senior Commercial Escrow Officer Sheila Hunter & Escrow Assistant Lynsi McArthur in our Scottsdale office.
NASCAR driver Joey Logano receives town’s backing for mixed-use project
Huntersville, North Carolina will provide $255 million for NASCAR champion Joey Logano to develop a mixed-use project, Auto Racing 1 reports. The project, called Town 1 Mixed Use Center, will include 747 housing units of various types, an office building, and three, two-story commercial buildings. Logano’s Catawba Property Investments LLC owns the land and has promised that the project will create 850 permanent jobs.
Company that turns vacant space into ‘sexy’ storage expands to Seattle
Stuf Storage converts basements, storefronts and other spaces into self-storage units and has expanded to Seattle, Axios reports. Katharine Lau says she founded the company in 2020 and it’s now in eight markets. She says she wants to do for storage units what Warby Parker did for eyeglasses, elevating a common item into something “accessible, sexy and fashionable.”
San Francisco mayor suggest mall that is closing be demolished for stadium
While some blame high crime for the demise of Westfield mall in downtown San Francisco, the Daily Mail reports that Mayor London Breed isn’t worried. “There are a lot of people who may not even shop in those places” because of online shopping, she said at Bloomberg’s Technology Summit. “A Westfield mall could become, you know, something completely different than what it currently is… we could even tear down the whole building and build a whole new soccer stadium.”
Stream Realty goes against current, adds 3 Chicago buildings to portfolio
Even though the office market is challenged at this time, Stream Realty Partners is going against the trend, Commercial Property Executive reports. The Dallas-based commercial real estate firm added three major office buildings in Chicago to its leasing portfolio. Stream Realty Partners will handle the leasing at 550 W. Adams, 400 S. Jefferson and 315 N. Racine, totaling about 800,000 square feet.
Scottsdale ranks among best cities for renters, survey shows
Scottsdale, of course, doesn’t like being second best. But the city can take pride in being No. 3 in the nation as a city for renters. AZ Big Media reports that Rent Cafe did a survey that weighed housing costs, the strength of the local economy, the size and age of the units, and other factors and put Scottsdale behind only Charleston, S.C., and Plano, Texas. Scottsdale was the only Arizona city to make the top 50.
Hospital development in Phoenix area is reaching record levels
Hospital development is reaching record levels in the Phoenix metro area, AZ Big Media reports. The most visible building is the Valleywise Health Medical Center, which is scheduled to open in October. The 10-story structure at 2601 E. Roosevelt St. will offer 233 private patient rooms and house the Arizona Burn Center. But a bigger change is taking place as smaller, neighborhood facilities are being developed. “The big difference in hospital development and construction today is we’re bringing health care to the people,” says Robert Cortazzo, with Adolfson & Peterson Construction, which is working on several health care projects. “In the past, people would have to drive — 5, 10, 15 miles — to a health care facility to see their doctor or have a treatment. Today, you see a lot of local health care providers and national health care providers putting facilities in the neighborhoods where the people are.”