Commercial Real Estate & Business News – September 9, 2014

Industrial Sector Suits Up

If Q1 reports are any indication, the Phoenix metro’s industrial sector is suiting up for an interesting year. Intel finished construction on its 2.2MSF manufacturing fab in Chandler, Ariz. It sits vacant with hopes for adaptations into a manufacturing facility for chips. The 700KSF Buckeye Business Center is under construction without any tenants… Read more »

New Scottsdale Multifamily Complex In Works

A parcel of vacant land in south Scottsdale originally slated to house an 18-unit condominium complex has now been targeted for a 30-unit multifamily complex. In addition, a 41-unit, “green” apartment complex will be under construction this fall on a nearby site… Read more »

Physicians’ Group Leases Top Floor At Scottsdale Quarter

Apogee Physicians has signed a deal to lease the top floor of the new Block M building in the 28-acre Scottsdale Quarter development. The company, which provides in-hospital care, is leasing 27,727 square feet of space in the six-story, 170,000-square-foot office and retail building in north Scottsdale… Read more »

William Lyon Gets Back On The Board…Plans 228-unit Community In Mesa

After sitting on the sidelines without purchasing land in the Valley in a number of months, William Lyons Homes Inc. in Scottsdale (Julie Collins, div. pres.) acquired 29.26 acres in Mesa to build a 228-lot community. The builder paid $4.275 million to purchase the land, which formerly was occupied by the Dreamland Villa golf course. The 9-hole course is at the southeast corner of 56th Street and University Drive… Read more »

More McAlister’s Delis to Open in Arizona

Fast-casual restaurant chain, McAlister’s Deli signed an agreement with a franchisee Monday, allowing it to open eight more locations in Arizona, starting in late 2015. Currently there is a McAlister’s in Scottsdale near Paradise Valley Mall and another one is scheduled to open in November in Peoria. The eight new locations will feature stores in… Read more »

Commercial Real Estate & Business News – September 8, 2014

The strong rebound in economic growth in the United States during the second quarter of this year and ongoing job creation are gradually improving the outlook for all of the major commercial real estate sectors, it is claimed.According to the latest commercial real estate quarterly forecast from the National Association of Realtors this gradual turnaround from being overly cautious to more optimistic… Read more »
The Arizona economy is plodding up the staircase, but bypassing the elevator used for the previous five post-recession recoveries. That’s the word to a packed room at the Greater Phoenix Chamber Economic Outlook 2015 from Phoenix economist Elliott Pollack, CEO of Elliott D. Pollack & Co. The annual event at the Arizona Biltmore featured Pollack and two other economists speaking on the global, national and local economies… Read more »
Optima, the multifamily developer whose Camelview and Sonoran Village projects in Scottsdale have won numerous awards, has chosen a site north of Kierland Commons just west of Scottsdale Road for its next project, which could include buildings as high as 12-stories… Read more »
The select top office lease signed during the second quarter of 2014 in the Phoenix market was at 1975 S. Price Rd. in the Chandler submarket. GM Financial renewed its 113,171-square-foot lease there. Lee & Associates represented the landlord. Amkor leased 110,000 square feet at 2150 E. Warner Rd. in the South Tempe / Ahwatukee submarket… Read more »
The Phoenix metro economy continues to outpace the nation in job growth, even though 2014 has taken on a slower pace than last year. Much of the 2013 job growth occurred in education, healthcare and financial services. The latter has been a particularly strong growth industry for Phoenix, with 7.2 percent job growth in 2013, versus overall job growth of 2.8 percent. Overall job growth for Phoenix is forecast to be 3.2 percent this year…Read more »

Commercial Real Estate & Business News – September 5, 2014

Foreign Capital Continues Mounting in US; More Money Moving into Secondary Markets and Product Types

An abundance of foreign private equity capital continues to stream into U.S. commercial real estate, both in top tier and secondary markets, with new funds and new purchases continuing to show up weekly. Late last monthj, LaSalle Investment Management, a leading global real estate investment manager, was awarded $1 billion of equity to invest in U.S. real estate by an unnamed large European institutional investor… Read more »

US Economy: Prettiest Pig in the Trough

The economy continues its slow, uneven climb to complete stabilization, and as it does jobs keep trickling back, a good thing for practitioners of commercial real estate. Dr. Mark Dotzour, chief economist at the Real Estate Center of Texas A&M, is confident about the outlook for both… Read more »

Reata Ranch Targeted For 326 Resort Style Homes In Land Locked Northeast Scottsdale

A venture formed by Valley investor Taber Anderson has completed the assemblage of one of the largest and most valuable tracts of land targeted for residential development in northeast Scottsdale. The high-end lifestyle community… Read more »

Dollar Store Cap Rates Take a Plunge

The economic recession brought big changes to American retail. It hit middle-market stores hard, but many outlets serving cost-cutting consumers thrived, and investors continue to buy up the growing number of dollar stores, according to a new research report… Read more »

Pending Homes Sales In The US Rebound With All Regions Seeing Gains

Pending home sales in the United States rebounded in July and have now risen in four of the last five months, according to the latest data from the National Association of Realtors. All major regions experienced healthy gains except for the Midwest, which saw a slight decline and overall the Pending Home Sales Index, a forward looking indicator based on contract signings, climbed… Read more »

Commercial Real Estate & Business News – September 4, 2014

AP Source: Tesla Selects Nevada For Battery Plant

Tesla Motors has chosen Nevada as the site for a massive, $5 billion factory that will pump out batteries for a new generation of electric cars, a person familiar with the company’s plans said Wednesday. The person, who spoke on condition of anonymity because no official announcement had been made, said work would soon resume at an industrial park outside Reno… Read more »

Child Services Agency Takes 67K SF in Valley

CBRE has completed two office leases totaling 67,335 square feet in Metropolitan Phoenix. The leases are representative of new office requirements by the state of Arizona for the newly created Child Safety and Family Services agency. A 26,265-square-foot, full-floor space in West 101 Corporate Center, which is owned by Los Angeles-based Regent Properties and located at 1860 N. 95th Lane in Phoenix, will service CSFS’s West Valley clients. The second location is a… Read more »

True Life and Renova Exercise Reata Ranch Option

Just days before it was set to expire, local developer Taber Anderson’s True Life Companies—with backing from Russian Conglomerate, Renova Group—has exercised its option to purchase more than 160 acres of vacant land previously platted for residential development in Scottsdale… Read more »

Beverly Hills Investment Firm Buys Chandler Building For $12.7m

A Beverly Hills investment firm has bought the Chandler building that houses Iridium Communications’ local operations for $12.7 million. Bradley Cohen’s Los Angeles-based real estate firm Cohen Asset Management, Inc. bought the 69,400-square-foot building from John Ferrari’s Scottsdale-based Abart Properties Corp… Read more »

CRE Lending by Banks Surpasses Pre-Recession Levels

U.S. bank lending on commercial real estate has now rebounded to levels not seen since before the Great Recession, but loans from those heady days of 2007 are still acting as a drag on bank coffers, though much less of one. The total volume of CRE loans made by banks as of June 30 is now 2% higher than it was going into the summer of 2007… Read more »

Commercial Real Estate & Business News – September 3, 2014

America’s 10 Fastest-Growing Retailers

After the recession, retailers are growing once again and, increasingly, moving online. In the first quarter of 2014, retail sales were 2.4% higher than the same time the year before, largely helped by a 15% jump in e-commerce sales. Online retail is increasingly accounting for more of America’s shopping. Yet not all retailers have adapted to a market where many Americans have less disposable income and are increasingly choosing to shop online. Other companies, in turn, have become enormously successful by embracing these changes… Read more »

Conduit Lenders Threaten Life Companies’ Love for CRE

Life insurance companies love commercial real estate—but competition from conduit lenders could cut into their lending volume. Some experts, like Fitch Ratings, are confident that life insurance companies can continue to grow their commercial real estate business. “Fitch expects new mortgages originated by life insurers in 2014 to exceed 2013 levels,” according to U.S. Life Insurers Mortgage Update, a recent report from Fitch… Read more »

Dollar General Pressures Family Dollar on Buyout

Following Family Dollar Stores’ turndown of its previous bid of $78.50 per share, Dollar General Corp. on Tuesday came back with an all-cash offer of $80 per share, or about $9.8 billion including the assumption of debt, and threatened to go hostile if the board rejected the new bid. The Goodlettsville, TN-based retailer, already the largest in the dollar-store segment, has also more than doubled the number of stores that it would be willing to divest to satisfy antitrust concerns… Read more »

List tabs Gilbert as No. 1; Chandler, Mesa in top 10 for working parents

A list compiled by a financial website and a business publication has listed three East Valley cities as among the nation’s best places for working families… Read more »

Mesa Envisions Bigger Jobs Hub at Falcon Field

Amid acres of orange groves and beneath an increasingly crowded sky, the area surrounding Falcon Field has steadily grown into one of the area’s primary employment centers, with nearly 19K jobs and major manufacturers like Boeing and MD Helicopters. Mesa officials now hope to awaken a greater potential within the 35-square-mile chunk of north Mesa with a new strategic plan focusing on business attraction, retention and marketing… Read more »

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