Commercial Real Estate & Business News – November 26, 2014

During the third quarter 2014, nine retail buildings totaling 88,382 square feet were completed in the Phoenix market. Over the past four quarters, a total of 689,281 square feet of retail space has been built in Phoenix…Read more »
A venture formed by Wood Partners plans to develop 220 apartments at the southeast corner of 7th Avenue and Fillmore Street in downtown Phoenix. The Wood Partners entity is assembling the 4.09-acre site in two transactions totaling just under $4.8 million. The cash sales were set to close at press time. Morgensen Inc. is selling 3.14 acres for nearly $3.7 million. That parcel is occupied by a roughly 30,000-square-foot commercial building that will be razed… Read more »
Arizona’s tallest residential tower, 44 Monroe, is part of a boom in downtown living that is taking place across the country. The 198-unit rental high-rise on the northeast corner of First Avenue and Monroe Street is almost fully occupied… Read more »
Rezoning for a high-density housing project called Avilla Homes near Warner Road and Arizona Avenue was approved by the Chandler Planning and Zoning Commission on Nov. 19. Avilla Homes are built as a gated community of multi-family housing, but it is non-traditional… Read more »
In a three-year phased expansion in Tucson and Phoenix, APAC Customer Services Inc., will be adding 1,100 jobs – nearly 700 in Southern Arizona and another 400 in Phoenix. APAC has three existing locations, which are being expanded to handle the new employees. Two facilities are in Tucson and one is in north Phoenix… Read more »

Commercial Real Estate & Business News – November 25, 2014

Commercial Real Estate Demand is Holding Steady Despite Overseas Concerns

Despite a slowing global economy, forward economic momentum in the U.S. should keep commercial real estate activity on firmer footing, according to the National Association of Realtors® quarterly commercial real estate forecast… Read more »

Multifamily Showdown: Buyers Battle and Sellers Win as Investors Fight for Apartment Properties

Multifamily properties have been a hot commodity in recent years. And potential threats on the horizon in terms of looming interest rate hikes and a growing development pipeline have yet to cool investor enthusiasm… Read more »

LA-based Investor Buys 90 Mountain View for $34.6M

Regent Properties, a multi-faceted real estate investment company, has acquired 90 Mountain View, a 183,644 square foot office project located at 9977-9999 N. 90th St. in Scottsdale, Ariz., for $34.6 million ($188.41 per square foot). The seller was Principal Real Estate Investors… Read more »

Colorado Investor Buys Mark-Taylor Apartments in Deer Valley for $62.5 Million

A company formed by Richmark Holdings paid $62.5 million ($161,082 per unit) to buy the 388-unit San Norterra apartments located in the Deer Valley area of north Phoenix. The seller was San Norterra Apartments LLC, a company jointly held by Mark-Taylor Inc… Read more »

Esplanade to Undergo Gensler-Designed Renovations in 2015

The Esplanade has announced that the mixed-use development will undergo renovations to its ground plane and retail space with work slated to begin in first quarter 2015. Renovation plans currently include strategies to open up the three main entry points to the retail portions of the property to make them more inviting and accessible to visitors. Additionally, the walkways will be redesigned so retailers can provide their customers with indoor/outdoor spaces in which to shop and dine. The central corridor will be reimagined to create a community square offering a space for the Esplanade community to come together. The space will offer outdoor seating as well an area for community events… Read more »

Commercial Real Estate & Business News – November 24, 2014

Commercial Real Estate Is Now a Market of the Haves and Have Nots

The rebounding real estate market isn’t treating all commercial property owners equally. Properties like apartment buildings and downtown office buildings have recovered all the value they lost during the bust and then some. But other types of properties, like suburban office buildings, are still worth a lot less than they were before the crash… Read more »

Key Commercial Index Topped Prerecession Peak in September

Commercial property topped peak prerecession values in September according to a leading index, but some subsectors — like suburban office buildings — are still lagging. The Moody’s/Real Capital Analytics CPPI repeat sales index measuring all U.S. commercial property reached 182.02 in September, the highest point since the November 2007 reading of 181.70… Read more »

3 Arizona Cities in Top 10 Safest Cities

The 235 thousand person city experienced a five percent decrease in violent crime throughout 2013–the most recent year for which the FBI has provided data. Gilbert, Arizona also maintained its rank at #2… Read more »

Under the Hood: Metro Phoenix Driving Arizona Job Growth, Rest of State Struggles

Arizona created 28,500 jobs in October, nearly double the average job-creation rate for the month and well-above the post-recession gains for October. The unemployment rate dropped to 6.8 percent from September’s 6.9 percent, and a full percentage point less than last year… Read more »

Hines Levels Chandler Eyesore

Hines razed Elevation Chandler November 20, an unfinished structure and local eyesore, and kicked off the rise of Chandler Viridian, a mixed-use development, during an event called “Elevating Chandler’s Economic Future.” The event included Chris Anderson, managing director and local city leader for Hines, and Chandler Mayor Jay Tibshraeny… Read more »

Commercial Real Estate & Business News – November 21, 2014

Arizona’s private sector added 28,500 jobs in October over September – nearly double the typical October over the last 10 years, and 62 percent more than the post-recession job gains for the month. The state’s unemployment rate dropped to 6.8 percent, down 1 percent from October 2013. Arizona still is a percentage point higher than the national unemployment rate of 5.8 percent… Read more »
Bloomberg also reported this week that Apple has told Mesa officials it will stick with its plan to bring manufacturing jobs to Arizona. “They’ve indicated their commitment to us: They want to repurpose that building and use it again,” Mesa City Manager Christopher Brady told Bloomberg… Read more »
First Industrial Realty Trust Inc. has almost doubled its holdings at the Mack Arrowhead industrial park in Peoria with the acquisition of another 220,324 sq. ft. of industrial space in the project. In February 2008, BREW reported the publicly-traded real estate investment trust buying 228,277 sq. ft. in two buildings at Mack Arrowhead. In the recent sale, First Industrial Acquisitions Inc. paid $18.275 million ($82.95 per foot) to acquire 220,324 sq. ft. in three buildings… Read more »
A joint venture formed by Jackson-Shaw Co. in Dallas and LaPour Partners in Las Vegas plans to develop 177,750 sq. ft. of industrial space in a spec project located just west of Phoenix Sky Harbor International Airport. The three-building development is targeted for an 11.5-acre parcel located at the northwest corner of 7th Avenue and Interstate 17… Read more »
The changes in the financial envionment today is nothing short of remarkable. With real estate now considered a prized asset class, commercial property owners enjoy unprecedented access to capital. An abundance of buyers eagerly bid up commercial real estate values and a superabundance of lenders line up to compete to finance their properties… Read more »

Commercial Real Estate & Business News – November 20, 2014

Prices, Trading Volume for Commercial Property Continue Yearlong Rebound In Third Quarter

Retail Joins Party as Pricing Trends Hold Steady for All Property Types from Year Ago: With the accelerating recovery in retail real estate taking center stage, U.S. commercial property saw price gains and increasing sales in both the high and low ends of the commercial real estate market during the third quarter, according to the latest CoStar Commercial Repeat Sale Indices (CCRSI). Read more »

Empty-Nesters Flock to Apartment Living

Magnitude of Boomers’ rental demand stuns some industry observers. Young adults ages 22 to 30—those “Millennials” who are a target demographic for many of the new apartment properties hitting the market—are likely to be in their first or second post-college home away from their parents. But it’s becoming more and more possible that their next-door neighbors could be their parents…or at least people their parents’ age… Read more »

5 Restaurant Chains That Will Outperform The Rest Of The Industry

The restaurant sector is becoming increasingly competitive. Americans go out to dinner an average of 74 times a year, The Washington Post’s Wonkblog reports, citing the consumer research firm NPD Group. That’s the lowest reading in three decades… Read more »

2015: Paradise Valley Could See New Ritz-Carlton Pitch

It appears the development behemoth known as the Paradise Valley Ritz-Carlton project may be rising from its recessional slumber. Community chatter around the project is building in anticipation of new leadership taking over in the Town of Paradise Valley in 2015, which includes new town council members and a new town manager… Read more »

Downtown Restaurants Can Expand Seating onto Phoenix Streets

Businesses in the downtown Phoenix arts district have the option of extending activity onto city streets with the new Downtown parklet program. Parklets are pedestrian seating and activity areas that can be developed within the bounds of two streetside parking spaces. The greenspace can be used by restaurants for patron seating and other seasonal pedestrian spaces… Read more »

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