Commercial Real Estate & Business News – December 11, 2014

Chicago Company Buys Scottsdale Four Seasons for $140M

Strategic Hotels paid $140 million for the 210-room, AAA Five diamond destination. The Four Seasons is on a 40-acre piece of land in north Scottsdale and has contractual access to the Troon North Golf Club, which is adjacent to the hotel… Read more »

North Phoenix Office Center Sells for $58.6 Million

A Los Angeles investor has paid $58.6 million for the Desert Ridge Corporate Center, near the Loop 101 and Tatum Boulevard in Phoenix. The office and retail development is 75 percent full, with tenants including Geico Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes and Summit Energy. The 1.2 million-square-foot Wells Fargo Bank is located near the office project… Read more »

Arizona Business Owners Optimistic for 2015

BMO Harris Bank released a study that found that business owners and executives in Arizona were optimistic about the prospects for the state’s economy in the coming year. Eighty-six percent of respondents feel Arizona’s economy will grow or stay at the same level in 2015 (39 percent say it will improve, 47 percent think it will remain the same). That outpaces their optimism in the national economy, where only 63 percent feel the U.S. economy will improve or stay the same next year. More than one-third (37 percent) of the respondents believe the U.S. economy will worsen in 2015. Arizona business owners’ local confidence is reflected in their positive attitude regarding growth in their own business, with more than half believing their business will grow next year… Read more »

How Arizona Has Become a Worldwide Leader in Bioscience

Every time I go to an event, I learn something I didn’t know. Lately, in Arizona it’s usually something about bioscience, because health care and bioscience are where the action is nationwide… Read more »

TriWest Healthcare Expands Phoenix HQ

TriWest Healthcare Alliance has leased the entire 119,131-square-foot office building at 16010 N. 28th Ave. to accommodate its expansion for its recently awarded contract with the Department of Veterans Affairs (VA.)… Read more »

Commercial Real Estate & Business News – December 10, 2014

Phoenix: A Sunny Outlook

Employment and real estate bounce back from the depths of the Great Recession: Phoenix stands as the exception to the still-dreary economic news coming out of Arizona. Unemployment has fallen to 6%, the real estate market has mostly rebounded… Read more »

Snoozing and Losing: Dearth of Shovel-Ready Development Hurts Phoenix Rebound, Business Attraction

The Phoenix market faces a number of challenges in the slow recovery of of its real estate and job markets. One of those is a lack of speculative and shovel-ready office and commercial development expanding and relocating businesses can move into right away… Read more »

Wood Partners to Develop 220-Unit Apartment Complex Downtown

A venture formed by Wood Partners plans to develop 220 apartments at the southeast corner of N. 7th Avenue and W. Fillmore Street in downtown Phoenix… Read more »

Two Initiatives Focusing on Drawing Restaurants to Mesa Downtown Area

Downtown Mesa restaurants, or the lack thereof, are becoming a focal point as a couple of initiatives are moving to attract new eateries to the area. Getting more choices for food along the new light rail corridor is a popular goal among those concerned about the economic good of the sector… Read more »

Raintree Project in Scottsdale Airpark Could Start in 2016

Construction on a $39M project to improve traffic flow in the Scottsdale Airpark could begin in 2016, two years later than earlier estimates. The Raintree Drive extension project will forge a better and more direct connection along Raintree between Scottsdale Road and Loop 101, project officials said. The improvements, which call for roundabouts at five intersections, would help relieve gridlock along busy Frank Lloyd Wright Boulevard and other congested areas of the Airpark… Read more »

Commercial Real Estate & Business News – December 9, 2014

Speculative Offices, Restaurants, Business Hotel Coming to $700M Development in Chandler

A San Diego developer is building speculative office, retail and restaurant space in Chandler along with a new 210-room hotel. The move is part of the build-out of a $700 million, 150-acre development near the junction of the Loops 101 and 202 in the East Valley… Read more »

Ground Breaks on Next Park Place Office Complex Phase

Douglas Allred Company has announced the immediate construction of three new projects in the Park Place office complex, a 150-acre mixed-use development located in the Price Road Corridor in Chandler, Ariz. These projects include a state-of-the-art business hotel, a retail/restaurant project and a 92KSF cutting-edge, class-A office building… Read more »

​Phoenix Looks to Develop Largest Vacant Downtown Parcel

The city of Phoenix and a regional economic financing authority are hoping to redevelop the largest vacant piece of land in downtown Phoenix. It could end up being a 900-unit apartment or townhome development… Read more »

Phoenix’s High Street Adds 11 More Tenants

The High Street mixed-use development is adding 11 new tenants in the first quarter of the new year. Heading the list is Sprouts Farmers Market’s corporate headquarters, which will take up three floors of office space. Among the other new retail, office, restaurant and service tenants are a Sprouts store, a barbershop, a vacation rental company and tea shop. Tenants are slated to open during the first quarter of 2015 at the development, which is at Loop 101 and Arizona 51 in northeast Phoenix… Read more »

Phoenix Named Hot Housing Market to Watch in 2015

Metro Phoenix is one of the U.S.’s “10 hottest housing markets to watch in 2015,” according to a new Realtor.com report… Read more »

Commercial Real Estate & Business News – December 8, 2014

Arizona to See Better Growth in 2015, Experts Say

Economists think 2015 will bring a better year for the state in job and population growth. The economic recovery will remain slow by Arizona’s historical standards, but an improved national economy is expected to help lift the state’s near-term fortunes, said Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W.P. Carey School of Business at Arizona State University… Read more »

San Francisco Investor Spends Nearly $100 Million on Phoenix Area Apartments

A San Francisco investment firm has recently spent $91 million to buy apartment complexes in Tempe and Avondale. Arms of Fowler Property Acquisitions LLC has bought the Mirabella Apartments in Avondale in two deals totaling $66.5 million. The Avondale complex is located near Indian School and El Mirage roads and has 715 units… Read more »

Farnham Pays $47.1 Million ($150,000 Per Door) for Gilbert Apartments Built by Alliance

A company formed by Farnham Realty Inc. in Phoenix paid $47.1 million to buy the 314-unit Broadstone at Twin Fields apartments in Gilbert. The high-end multi-family community is located east of the Loop 202 (San Tan Freeway) at 2505 E. Williams Field Road. The seller was a limited partnership formed by Alliance Residential Co. and Phoenix Capital Partners… Read more »

Oregon Investor Jumps Back in the Pool..Buys 251 Apartments in Second Valley Deal

After expanding into Arizona and making its first Valley real estate investment in August, Umbrella Properties Inc. took just four months to make its second apartment property acquisition in the Phoenix market. The Umbrella Properties entity paid $24 million ($95,618 per unit) to buy The Club at Coldwater Springs, a 251-unit apartment project at 105 N. Links Drive in Avondale. The seller was a company formed by PEM Investments Real Estate Group… Read more »

Urban Condos Going Up, Up, Up Again in Metro Phoenix

Million-dollar condominiums with their own elevators are underway in north Scottsdale. Four-story town houses with skylights are planned near Arizona State University in Tempe. And salesare about to start for lofts overlooking central Phoenix’s Margaret T. Hance Park… Read more »

Commercial Real Estate & Business News – December 5, 2014

Principal Real Estate Investors Releases 2015 U.S. Commercial Real Estate Outlook

One of the largest institutional real estate managers in the United States, released its annual strategy outlook for commercial real estate. The report details the key themes expected to drive the U.S. commercial real estate market in 2015, including stronger economic growth in the United States and continued accommodative monetary policy… Read more »

256 Apartments Planned for Land by Gilbert Town Hall

A project that includes apartments, offices and retail shops on vacant land northeast of Town Hall got the green light last month (AZBEX, Sept. 10). The Gilbert Town Council narrowly approved rezoning the land. The 4-3 vote came as some council members raised concerns that the apartments would be disconnected from the commercial development… Read more »

Nevins Adams Spends $33 Million To Acquire 280 Apartments In Mesa

A limited partnership formed by Nevins, Adams, Lewbel and Schell in Santa Barbara, Calif. (Henry Nevins, Mike Schell, principals) paid $33 million ($117,857 per unit) to purchase the 280-unit Waterford at Superstition Springs apartments located at 7311 E. Southern Avenue in Mesa. The seller was Waterford at Superstition Springs LLC, a company formed by California State Teachers’ Retirement System (CalSTRS)… Read more »

Retailers’ Store Opening Plans Reach New High in November

November marked this year’s new high for planned store openings in the U.S., according to the “National Retailer Demand Monthly” report from RBC Capital Markets. Retailers in the firm’s database indicated they will open 77,547 new locations over the following 24 months—an increase of 0.7 percent compared to the figures projected at year-end 2013… Read more »

Major Construction Set To Start On West Valley Casino Project

Major construction work is set to begin on a new $400 million resort and casino – the West Valley’s first such venture. Officials with the Tohono O’odham Gaming Enterprise announced Wednesday that preliminary site work is complete on the project’s first phase and that a team of contractors, led by Hunt Construction Group and PENTA Building Group… Read more »

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