Commercial Real Estate & Business News – March 22, 2016

The Metro’s returns are typically higher than competing markets in California, hence more demand from the California investor as they continue to chase yield. A number of service-oriented transactions involving tenants with triple-net leases have closed around the Metro. One such deal is a store fully leased to CVS Pharmacy. This CVS is ideally situated within a significant growth area—surrounded by rooftops and serving an expanding area of Mesa that continues to experience significant growth. It is situated at the intersection of Ellsworth and Broadway Roads, visible to 31,500 cars per day. The property is less than one half mile from AZ Loop 202 (serving 43,102 cars per day), a vital connector between Mesa, Phoenix, Tempe, Chandler and Gilbert, and also three miles from US Highway 60, which offers ease of access from surrounding areas... Read more »
Arizona was named one of the top states in the nation for promoting economic growth through innovation, according to a new report. The report, conducted by the Consumer Technology Association, put Arizona in the top 13 states, and declared Arizona an "innovative champion," according to The Arizona Republic... Read more »
Sky Harbor Towers, a former trio of office buildings on the northeast side of Interstate 10 and State Route 143, is being revamped into a 200,000-square-foot Class A collaborative office space in the remaining six- and four-story buildings... Read more »
If you Google “boutique hotel,” you’ll get, “a small stylish hotel, typically one situated in a fashionable urban location.” If you get in a car and drive around Metro Phoenix, you’ll find small stylish hotels in urban locations. Don’t let Google fool you, though:the face of boutique accommodations is changing. Chains and large properties are catching on to the needs of a new demographic of travelers. Welcome to Boutique 2.0 — hospitality that comes in all shapes and sizes, but is specifically designed for those seeking luxurious lobbies, technical functionality and impeccable service... Read more »
Consumer prices across Phoenix rose 1.1 percent over the past 12 months, which is higher than the national rate but still far less than other western markets. Metro Phoenix's increase compares with a 1 percent increase nationally and a jump of 3.1 percent among all western metropolitan areas with populations over 1.5 million, according to the U.S. Bureau of Labor Statistics... Read more »

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