Commercial Real Estate & Business News – February 10, 2016

Arizona saw its share of millionaires climb by almost 5,000, according to Phoenix Marketing International. The Rhineback, New York-based firm recently released its 2015 edition of the Phoenix Global Wealth Monitor, which tracks the well-heeled across the country. Here's where they live across the state... Read more »
A south Phoenix light-rail line is on the fast track to construction, under a plan to accelerate the city’s long-delayed expansion of the transit system. The roughly 5-mile extension along Central Avenue — from downtown to Baseline Road — likely will be the first to get a major boost from Transportation 2050, the $31.5 billion transportation plan passed by Phoenix voters last summer. Residents started paying a higher sales tax this year to fund bus, street and light-rail improvements through 2050... Read more »
The Town of Gilbert’s Design Review Board will consider a proposal by Embry Partners to create a 320-unit multifamily development at the northwest corner of Santan Village Parkway and Boston Street as part of a greater mixed-use project planned for the area... Read more »
Two firms are opening offices in Phoenix, and will be hiring 850 employees between both firms. Michigan-based Peckham Inc., and Georgia-based HealthPort Technologies are leasing space at the Metro North Corporate Park near Thunderbird Road and 30th Avenue... Read more »
Among states with state income taxes, Arizona has the third lowest rate for high-income earners. Arizona’s top 4.54 percent tax rate kicking in for taxable earnings over $300,000 annually is lower than 46 other states, according to the nonprofit Tax Foundation... Read more »

FOR SALE: Office Property Phoenix Arizona

2711 N 24th Street

2711 N 24th Street

 

Highlights

  • Excellent Central Location within the Phoenix Metropolitan
  • Property Signage with High Visibility off of 24th Street
  • Estimated $450,000 Invested in Expansion/ Renovation over the past Decade
  • Secure Facility with Extensive Fire Alarm System
  • Web Hosting Hub with Fiber Optics (200 Mbps, expandable to 1GB)
  • Toshiba Digital Phone System with Voicemail Included for up to 300 Stations
  • 50 kw Backup Generator, Transfer Switch and UPS Available at an Additional Cost

Description

This freestanding, two-story office building, spanning approximately 8,356 square feet, boasts security, a great location, and a plethora of valued features. Since 2006, the property has been upgraded and expanded with an estimated $450,000 invested into it. The property has great visibility along 24th Street, which sees an estimated 22,242 vehicles per day. The location at 24th Street and Thomas Road is just a short distance from the exclusive Biltmore Area, in closeness to all of the amenities Central Phoenix has to offer. Sky Harbor Airport, the Loop 202 and SR-511 are all in proximity for easy access to one of the most popular business districts in Phoenix.

The property is located along 24th Street in Phoenix.

PRICE:
$626,700
BUILDING SIZE:
8,356 SF
PROPERTY TYPE:
Office
LOT SIZE:
0.56 acres

For more information, click here: 2711 N 24th Street - Sale Brochure

Commercial Real Estate & Business News – February 9, 2016

Arizona has a unique — and somewhat successful — technology and startup scene. Scottsdale was named in December as one of the best cities to launch a startup, outside of Silicon Valley and New York, by DataFox, a San Francisco-based deal-sourcing and research platform. Companies such as GoDaddy Inc., LifeLock Inc., Limelight Networks Inc., Insight Enterprises Inc. and others have blossomed in the region from startups into publicly traded companies... Read more »
Arizona consumers remained relatively upbeat about the economy in January, though they remained skeptical about the job market in the months ahead, a new poll has found. The latest quarterly consumer confidence index, as measured in the by the Behavior Research Center's newest Rocky Mountain Poll, came in at 81.6, which was slightly higher than the 81.2 reading in October. The U.S. Consumer Confidence Index, as measured in January by the Conference Board, stood at 98.1... Read more »
According to the report, after experiencing a dip in late 2014, the Phoenix construction market rebounded in 2015. The report also cites that local, non-residential construction employment continued to show positive growth in 2015, according to data from the Bureau of Labor Statistics... Read more »
Nationwide Realty Investors — an arm of Nationwide Insurance — plans on building a third commercial building at its Rivulon development in Gilbert. The planned $750 million development sits on 250 acres at Gilbert Road and Loop 202 in the East Valley... Read more »
Scottsdale's resorts have been getting multimillion dollar facelifts in the last few months, with hotels like The Hotel Valley Ho, the Fairmont Scottsdale Princess, the Chaparral Suites, the Scottsdale Resort at McCormick Ranch and the Hilton Scottsdale Resort and Villas all going through major renovations. It doesn't look like the trend is going to slow down anytime soon, now that Classic Hotels & Resorts have acquired the FireSky Resort & Spa...Read more »

Commercial Real Estate & Business News – February 8, 2016

Higher rents are leading more people into the housing market, according to a Redfin survey reported by the company’s data analyst Taylor Marr. In November, 21% of respondents cited high rent as their top reason for house hunting, which is up from 13% in July... Read more »
Total U.S. employment rose by 151,000 from December to 143 million in January, according to the U.S. Department of Labor. The year-over-year gain shows nearly 5 million new jobs were created in the last year. The vast majority of new jobs are in the service sector, up 4 million workers since January 2015. The largest gains were in retail trade, professional and technical services, health care, and construction. Almost two-thirds percent of the new jobs created since last January were divided between these sectors. Read more »
The city of Mesa wants to bring a new apartment development to its downtown area. The city has issued a request for proposals for a new multifamily development at First Avenue and MacDonald Street. Bids are due Feb. 18. The property up for development is owned by the city. Metro light rail riders board trains at new stations on the expanded line along Main Street in Mesa. The property was previously slated to house a Barry Goldwater library archive. That project never got off the ground in Mesa and now the city is looking at the site for a new multifamily development with some ground-floor retail or restaurants... Read more »
Farmers Insurance, one of the largest multiline insurer groups in the country, plans to significantly expand its operations in Phoenix which could eventually raise its employee base from approximately 500 full-time employees to more than 1,500 employees... Read more »
Arizona gained traction with exports finishing 2015 with $22.6 billion in products shipped outside the state according to the latest data from U.S. Trade.gov, the government’s export data tracking site. That’s the highest year on record, and a 6.4 percent increase from 2014, more than twice the state’s over increase in gross domestic product... Read more »

Commercial Real Estate & Business News – February 5, 2016

Mesa Mayor John Giles formally announced ASU's plans to open a satellite campus downtown, plus four other big developments during his State of the City address Thursday. "(ASU and Mesa) are two things that were made for each other," Giles said at his packed 2016 State of the City address, held at the Mesa Convention Center. "When ASU comes to downtown, we’re going to have 24/7 activity... which is exactly what we need."... Read more »
Dave & Buster's at Westgate, which opened several months ago, will have a little West Valley competition since Main Event Entertainment has announced it will opening in Avondale. The family entertainment center, which is based in Dallas (same as Dave & Buster's), will open its second Arizona location in Avondale at 10315 W. McDowell Road on Feb. 8... Read more »
Phoenix has announced the $17 million acquisition of an office project at 501 N. 44th St. The four-story building is located south of the Loop 202 and just off State Route 143 near Sky Harbor International Airport. 501 Gateway features 102,302 square feet of prime office space. Current tenants include Maricopa County and RSM International, the world’s 7th largest accountancy professional services network in the world... Read more »
The holiday shopping period of 2015 ended with same-store sales that ticked up 3.3 percent, according to the SpendTrend report from First Data, a firm that provides technology solutions for commerce transactions, and while an increase is still a win, the season could have been a lot more jolly for retailers. It came as no surprise, then, when about 30 retail chains, including Office Depot/Office Max (400), Walmart (154) and Macy’s (36) announced a total of 2,282 store closings for 2016 and beyond... Read more »
Scottsdale hotels seem to be going through a renaissance of sorts with the number of resorts investing in multimillion dollar renovations. The Hotel Valley Ho is going through a $4 million renovation, the Fairmont Scottsdale Princess has spent $60 million on upgrades; the Chaparral Suites in Scottsdale will have the largest hotel renovation in the city, with $22 million spent on transforming the space into an Embassy Suites by Hilton; and The Scottsdale Resort at McCormick Ranch has completed a $10 million renovation... Read more »
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