Commercial Real Estate & Business News – October 19, 2015

The Papago Plaza shopping center at McDowell and Scottsdale roads in Scottsdale has finally sold. A sale of the well-known and in-need-of-reboot shopping plaza has been in the work for a while. Pivot Development bought Papago from Bert B. Malouf LLC and William B. Malouf LLC for $12.5 million... Read more »
Tempe Mayor Mark Mitchell and Tempe city council members joined representatives of owner Parkway Properties, Inc., developer Ryan Companies, architect DAVIS, and other community leaders to celebrate the grand opening of Hayden Ferry Lakeside III (HFL III) on the northeast corner of Mill Avenue and Rio Salado Parkway. HFL III, a Class A, 265,000 square foot, 10-story office tower, is the last of three office towers at the Hayden Ferry Lakeside Development on Tempe Town Lake... Read more »
Most Americans may not think about Canada much, but this week NAIOP went north to Toronto for its fall conference and helped emphasize the country's growing importance to the world of commercial real estate. It is the first time the organization has held the conference here since the 1990s, and the biggest change since then has been the emergence of Canada as a crucial supplier of capital to the American market. In a Wednesdaymorning session, the organization brought together a panel of several key players in Canadian real estate to get their take on why so much money has flowed south in recent years. And all agreed the onset of the financial crisis was the key event... Read more »
A sluggish economic recovery will prevent sales from rising more than 2.8% this holiday season, according to analytics firm RetailNext. Last week, the National Retail Federation estimated a 3.7% increase in holiday sales, slightly less than last year. Deloitte also called for a 3.5% to 4% increase. This week the International Council of Shopping Centers predicted a 3.3% increase... Read more »
The office tenant base is growing faster than new development can keep up with, forcing the national office vacancy down in the third quarter to its lowest point since the recession and pushing up rental rates...Read more »

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