Commercial Real Estate & Business News – November 21, 2016

In a continuing trend for well-located and well-constructed multi-family properties in the Phoenix area commanding hefty prices, three Valley apartment communities exchanged hands this week with an average price per unit of more than $200,000. In the highest priced sale of the three, DiNapoli Capital Partners paid $67.9 million ($229,392 per unit) to purchase the 296-unit Alta Tempe apartments located at 1260 E. University Drive in Tempe. The seller was a company formed by Wood Partners...»

The Cambria hotel & suites Chandler will be located in the heart of the Price Corridor in Chandler, Arizona. The hotel will be part of Chandler Viridian, a 25-acre mixed-use project, which also includes highly desirable office space called The Offices at Chandler Viridian, high-end apartments called Broadstone Fashion Center, sophisticated retail offerings called Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center. Also featured in the master plan is a dog park, ¾ mile jogging trail connecting all of the properties, and a large public plaza with high-speed Internet and Wi-Fi - all to enhance the pedestrian experience...»

Mark-Taylor Inc., which has been riding the wave of demand for multifamily housing to No. 1 rankings on combined commercial real estate development lists, was an easy No. 1 when the Phoenix Business Journal today published its inaugural Multifamily Commercial Real Estate Developers list. The list was ranked by number of units started or completed...»

Raytheon Company (NYSE: RTN) plans to expand its Southern Arizona operations by adding nearly 2,000 jobs at the Missile Systems business headquarters over a five year period. The company plans to hire workers at all skill levels with an emphasis on engineering and other higher-wage, technical positions. Job creation, facilities expansion and operational output is expected to result inbillions of dollars of economic impact for Arizona over 10 years...»

 

As the industry mulls "what inning we're in" one thing is sure: eventually every commercial real estate cycle winds down. Speakers at recent panels and seminars have warned that a recession is nigh, saying this cycle's lengthened recovery is historically unique...»

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