Commercial Real Estate & Business News – November 25, 2013

Washington State Firm Spends $39.65 Million for Avondale Industrial Project

A company formed by Lake Washington Partnerspaid $39.65 million ($65.66 per foot) to acquire a 603,863-square-foot distribution facility in Avondale that will be partly occupied by an affiliate of the buyer. The seller in the cash transaction was a venture formed by Trammell Crow Co. in Phoenix and Clarion Partners LLC in New York City... Read more

Hotel, Office and Retail Complete 1.4MSF Scottsdale Quarter

The capstone of Scottsdale Quarter is a planned 90-foot tall, 120 room hotel with 153KSF of retail on ground and lower levels. The mid-block structure on 73rd Street opens to the Quarter with a courtyard extending the pedestrian landscape into the hotel and retail complex. The building - although elevations are not part of this application - is expected to continue the urban modern style generated from the Quarter's first phases along Scottsdale Road... Read more

JV Seeks Out Likely Infill Sites

New Leaf Communities - headed up by Steven Pritulsky and Paul Timm - has collaborated with Southern California-based builder Watt Communities to seek out, and develop, townhomes on infill sites. So far, the partners, operating under the name Watt Communities of Arizona, have closed on two infill sites, one in the Biltmore area and the other in Tempe, AZ, with plans to break ground on both projects during Q1 2014... Read more

Arizona Sees Steepest Construction Jobs Losses in US

October usually isn't a strong month for the construction sector in Arizona, and this year the state saw the worst industry job loss in the nation. The Grand Canyon state purged 2.7 percent of its construction workforce between September and October, landing it the No. 51 spot, according to a new report today by the Associated General Contractors of America... Read more

Net Lease Supply Limited, Demand High

Due to limited supply and very high demand, net lease brokers plan to remaining bullish through 2014, according to speakers on the finance and investment panel at the Net Lease West 2013 conference this week... Read more

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