Commercial Real Estate & Business News – May 4, 2016

Supply and demand metrics for Phoenix have been steadily improving. This market ought to see good performance in its industrial sector, which contributed 19 percent of total employment numbers for Phoenix recently. Vacancy is slowly dropping and is projected to reach 10.1 percent for 2016... Read more »
Caterpillar Inc. is bringing hundreds of six-figure jobs to Arizona. The Peoria, Illinois-based mining and construction equipment manufacturer will open a regional headquarters in downtown Tucson and hire 600 for the new facility. Those jobs will include positions in executive management, engineering, product development and support positions. They are expected to be high-wage, six-figure jobs. The new regional headquarters is expected to have a $600 million impact on Southern Arizona... Read more »
The Glendale City Council has approved rezoning for what is being described as the Valley’s first new master-planned residential developments in years – the first since the recession of 2008-09 – in a project that reflects the continued growth in the southern and western portions of Glendale. LVA Urban Design Studio, on behalf of John F. Long Properties’ StoneHaven, will offer 1,161 single-family units of varying sizes and price ranges within a 382-acre parcel of farmland roughly between Camelback and Bethany Home roads, and 83rd and 91st avenues. The project will include 10 subdivisions; meaning as many as 10 different homebuilders could be involved. However, the figure has not been determined... Read more »
The Glendale City Council has approved rezoning for what is being described as the Valley’s first new master-planned residential developments in years – the first since the recession of 2008-09 – in a project that reflects the continued growth in the southern and western portions of Glendale. LVA Urban Design Studio, on behalf of John F. Long Properties’ StoneHaven, will offer 1,161 single-family units of varying sizes and price ranges within a 382-acre parcel of farmland roughly between Camelback and Bethany Home roads, and 83rd and 91st avenues. The project will include 10 subdivisions; meaning as many as 10 different homebuilders could be involved. However, the figure has not been determined... Read more »
A developer wants to tear down an old car dealership to build a walkable residential community in downtown Scottsdale, arguably one of the Valley’s most pedestrian-friendly locales. The partially abandoned former Luxor Auto Group dealership building, along with an auto repair and body shop, will be razed to make way for the multifamily project. According to a preliminary application submitted to the Development Review Board, Wood Partners would construct Alta Osborn, a 277-unit apartment complex located at 3220 N. Scottsdale Road, just north of the NWC of Scottsdale and Earll Drive. The complex will consist of 172 one-bedroom units, 92 two-bedroom units, and 13 three-bedroom units, with a 440-car parking garage... Read more »
Westridge Professional Plaza, consisting of two retail/medical office buildings on the Desert Sky Regional Mall campus, trades for $4,600,000 or $130/SF. The transaction was negotiated by Ari Spiro and Sean Stutzman of ORION Investment Real Estate. Westridge Professional Plaza is a retail and medical office mixed use property totaling 35,500 SF that was built in 1987. Prior to close of escrow, Gary Maitha also of ORION completed a new 3,040 SF lease to Correctional Healthcare Companies, Inc. which brought the total occupancy near 80%. Spiro noted, “this was a great case study for ORION’s coordinated efforts between our leasing and investment sales team in creating value for our client by leasing additional space in the pre-marketing period. The additional tenant and income increased the value of this asset to deliver a great price for our out-of-town owner”... Read more »

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