Commercial Real Estate & Business News – December 11, 2017

Total U.S. payroll employment rose by 228,000 in November, the Bureau of Labor Statistics reported on Friday. That's a bit less than in October, when the revised number of net new jobs was 244,000, but more than the monthly average for 2017 so far, which is 174,000 per month (and 2016, when the monthly average was 187,000)...»

Sources interviewed at the conference said they were optimistic about retail's reinvention in the year ahead, now that most "retail apocalypse" talk seems to be in the rearview mirror. In 2018, answering a community's needs will be the focus at both malls and strip centers nationally, as those landlords pursue re-tenanting and reinvesting...»
Boarded-up buildings and weed-filled vacant lots were the norm in metro Phoenix's oldest historic neighborhood not too long ago. Now, the 100-plus-year-old Roosevelt District in downtown Phoenix has evolved before our eyes into Roosevelt Row, one of the most popular neighborhoods in not only metro Phoenix but the U.S...»

The two-story building, constructed in 2003, contains three roll-up doors and sits just west of the 126-acre General Dynamics Mission Systems campus. Located one mile west of the Pima Freeway and two miles north of the Red Mountain Freeway, the property is served by three bus lines operated by Phoenix's Valley Metro system. A number of retail centers and restaurants are in the immediate area...»

The 22-mile South Mountain Freeway "will provide a direct link between the East Valley and West Valley and a much-needed alternative to Interstate 10 through downtown Phoenix," according to the department...»

Commercial Real Estate & Business News – December 8, 2017

IRVINE, CA-Even as commercial property pricing has ticked downward in recent months, transaction volume has been moving in the opposite direction. Ten-X Commercial said Wednesday that investment activity increased by 3.2% in the third quarter, marking the second consecutive three-month period of quarterly increases. Citing Real Capital Analytics data, Ten-X's Commercial Real Estate Volume & Pricing Trends report says that Q3 volume reached $109.5 billion...»
State Farm's Marina Heights development in Tempe is being sold for what could be a record price. Transwestern Investment Grop and JDM Partners LLC is buying the 2-million-square-foot Marina Heights development on Tempe Town Lake. State Farm Insurance has thousands of employees at the regional operations center. State Farm is one of the current owners of the development...»
(Bloomberg)-America's most affluent shoppers are capable of spending big this holiday season. They may just require a bit of coaxing. That's the view of Neiman Marcus Group Inc. Chief Executive Officer Karen Katz, whose typical customer is a well-heeled woman. "Her balance sheet is in very good shape," Katz told Emma Chandra on Bloomberg Television. It's "really a matter of how emotionally she feels about things...»
Former Tohono O'odham Chairman Ned Norris, Jr. "this day was a long time in coming." Opening of the interim facility which opened Dec. 20, 2015. To get to the groundbreaking day it took patience, persistence and perseverance by the tribe and its members. "We have come a long way," former Tohono O'odham Chairman Ned Norris, Jr. There were many to thank to get to this momentous day...»
Banner Health has been heavily investing in developing health centers throughout metro Phoenix in an effort to get basic health services closer to patients' homes. Plans call for opening a $10 million health clinic across from Desert Ridge Corporate Center in north Phoenix next month. The 30,000-square-foot facility will be Banner's second offering in the fast-growing north Phoenix/Scottsdale area...»


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Commercial Real Estate & Business News – December 7, 2017

The aging office park is getting a face-lift. Once a proud symbol of suburban working life now suffering from high vacancy rates in many parts of the country, corporate office parks are being reimagined as sports domes, upscale town houses, retail shops and green gathering spaces, among other possibilities. "It's an obsolete model for an office," said Robert Youngentob of the Maryland-based developer EYA...»
Free-range beef is coming to Phoenix. Arcadia Meat Market, an old-fashioned butchery, will set up shop at 3950 E. Indian School Road starting next month in the popular Phoenix neighborhood. The 1,200-square-foot shop will begin slicing up prime cuts Jan. 11 at the northwest corner of 40th Street and Indian School. The concept comes from Nick Addante, who has worked at Arizona's only certified grass-fed beef producer...»
A 10-year-old Phoenix-area apartment complex hitting the sales block comes with an attractive tax break and some potential upside for the next owner. Ten01 on the Lake in Tempe, AZ is a 523-unit, garden-style complex that is approximately 95% occupied. Local pros think bids will come in at about $220,000 per unit, or about $115 million. That price would translate into a capitalization rate of about 5.5%...»
Refinancing activity has typically been a steady source of business for mortgage lenders. But abundant debt capital in the marketplace, a thinning pipeline of maturing loans and a desire to stack loan portfolios with high quality deals heading into the latter stages of the cycle are just a few of the factors that are fueling a highly competitive lending market. Lenders are being aggressive on bids to win refinancing business...»
SCOTTSDALE, Arizona - ORION Investment Real Estate recently negotiated the owner/user office building sale, located at 8101 East McDowell Road in Scottsdale, for $2.2 million ($127 PSF). It consists of approximately 18,000-square-feet of office and warehouse space with three roll-up doors, situated in an excellent central location with easy access to the Loop-101, Loop-202, ScottsdaleRoad and Hayden Road...»
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