Commercial Real Estate & Business News – December 7, 2015

The Metro Phoenix retail market posted its 16th consecutive quarter of declining vacancy. The vacancy rate declined to 11.1% at the end of the third quarter with neighborhood and community centers drawing the most leasing activity. Metro Phoenix recorded nearly 552,000 square feet of occupancy growth during the quarter, bringing the year-to-date total to 984,000 square feet. The Chandler/Gilbert, Scottsdale, Central Phoenix and Northwest Phoenix submarkets accounted for 83% of... Read more »
Turf Paradise horse racing track owner Jerry Sims has sold a prime property at Scottsdale and Camelback roads. Simms tells the Phoenix Business Journal he’s sold a commercial property at the southeast corner of the busy intersection across from Scottsdale Fashion Square. Stockdale Capital Partners is buying the property from Simms for $22.6 million... Read more »
A 42,281 SF industrial building at 2077 E. University Dr., in Tempe has sold for $3,600,000 ($85.14 per SF) and will house a service facility for Tesla Motors, the innovative maker of luxury, electric automobiles. This is the second location for a Tesla service center in the Valley. The other is located in the Scottsdale Airpark. In addition, there is a retail showroom at Scottsdale Fashion Square.... Read more »
LA Fitness announced several weeks ago that it would be acquiring all 24 Hour Fitness locations in Arizona. Of those 11 24 Hour Fitness centers, three are currently closing their doors. The decision came after LA Fitness executives evaluated club options in the Valley. When they saw that 24 Hour Fitness locations in Mesa, Glendale and Scottsdale were close to LA Fitness centers, they decided to close shop... Read more »
The Phoenix real estate market is on solid ground, an Arizona State University survey of commercial brokers said. Every participant in the Commercial Real Estate Broker Forum at ASU’s W.P. Carey School of Business believes the real estate market in Phoenix is moving up. “Ninety percent of the respondents say that we are in an expansion mode,” Mark Stapp, director of the Master of Real Estate Development Program at the W.P. Carey School...Read more »

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