Commercial Real Estate & Business News – February 11, 2016

Already one of the nation's largest and most-profitable shopping malls, Scottsdale Fashion Square could evolve into an urban center with high-rise apartments, offices and hotels, according to plans recently announced by mall owner Macerich. The Santa Monica, Calif.-based company, which owns 13 shopping centers in Arizona and dozens more nationwide, is seeking Scottsdale's approval for a redevelopment plan that includes multiple towers up to 150 feet tall at the luxury mall near Scottsdale and Camelback roads. That could translate to about 10 to 15 stories per building — similar to other tall buildings in the area, including Scottsdale Waterfront Residences and the AmTrust office tower... Read more »
The $47 million ENVY Residences condominium tower in Old Town Scottsdale, near Scottsdale and Camelback Roads is on track to open in late spring. Developed by Deco Communities, the residential project will bring 89 high-end residences to the heart of Scottsdale’s arts, entertainment and nightlife mecca. The building will celebrate its grand opening and welcome the first residents in late May 2016... Read more »
CNL Healthcare Properties, Inc. purchased the Cobalt Rehabilitation Hospital at 13060 Bell Rd. in Surprise, AZ from Cobalt Medical Development for $23.66 million, or about $592,000 per bed / $430 per square foot...Read more »
A host of cities — including Phoenix, Glendale, Scottsdale, Tempe and Chandler — impose taxes on apartment and other residential rentals. In Maricopa County, they are often 2 percent. Mitchell says the rental taxes hurt those with lower incomes... Read more »
Maracay Homes announced the opening of two new neighborhoods, Marquis and Artisan, situated within the Warner Groves community of Morrison Ranch in Gilbert. Drawing upon the area’s rural ranch character, Morrison Ranch features groves of trees, wide grass-covered setbacks, white rail fences and a series of interconnected, pedestrian-friendly greenbelts that connect residents to employment centers, shopping, dining and entertainment...Read more »

Commercial Real Estate & Business News – February 10, 2016

Arizona saw its share of millionaires climb by almost 5,000, according to Phoenix Marketing International. The Rhineback, New York-based firm recently released its 2015 edition of the Phoenix Global Wealth Monitor, which tracks the well-heeled across the country. Here's where they live across the state... Read more »
A south Phoenix light-rail line is on the fast track to construction, under a plan to accelerate the city’s long-delayed expansion of the transit system. The roughly 5-mile extension along Central Avenue — from downtown to Baseline Road — likely will be the first to get a major boost from Transportation 2050, the $31.5 billion transportation plan passed by Phoenix voters last summer. Residents started paying a higher sales tax this year to fund bus, street and light-rail improvements through 2050... Read more »
The Town of Gilbert’s Design Review Board will consider a proposal by Embry Partners to create a 320-unit multifamily development at the northwest corner of Santan Village Parkway and Boston Street as part of a greater mixed-use project planned for the area... Read more »
Two firms are opening offices in Phoenix, and will be hiring 850 employees between both firms. Michigan-based Peckham Inc., and Georgia-based HealthPort Technologies are leasing space at the Metro North Corporate Park near Thunderbird Road and 30th Avenue... Read more »
Among states with state income taxes, Arizona has the third lowest rate for high-income earners. Arizona’s top 4.54 percent tax rate kicking in for taxable earnings over $300,000 annually is lower than 46 other states, according to the nonprofit Tax Foundation... Read more »

FOR SALE: Office Property Phoenix Arizona

2711 N 24th Street

2711 N 24th Street

 

Highlights

  • Excellent Central Location within the Phoenix Metropolitan
  • Property Signage with High Visibility off of 24th Street
  • Estimated $450,000 Invested in Expansion/ Renovation over the past Decade
  • Secure Facility with Extensive Fire Alarm System
  • Web Hosting Hub with Fiber Optics (200 Mbps, expandable to 1GB)
  • Toshiba Digital Phone System with Voicemail Included for up to 300 Stations
  • 50 kw Backup Generator, Transfer Switch and UPS Available at an Additional Cost

Description

This freestanding, two-story office building, spanning approximately 8,356 square feet, boasts security, a great location, and a plethora of valued features. Since 2006, the property has been upgraded and expanded with an estimated $450,000 invested into it. The property has great visibility along 24th Street, which sees an estimated 22,242 vehicles per day. The location at 24th Street and Thomas Road is just a short distance from the exclusive Biltmore Area, in closeness to all of the amenities Central Phoenix has to offer. Sky Harbor Airport, the Loop 202 and SR-511 are all in proximity for easy access to one of the most popular business districts in Phoenix.

The property is located along 24th Street in Phoenix.

PRICE:
$626,700
BUILDING SIZE:
8,356 SF
PROPERTY TYPE:
Office
LOT SIZE:
0.56 acres

For more information, click here: 2711 N 24th Street - Sale Brochure

Commercial Real Estate & Business News – February 9, 2016

Arizona has a unique — and somewhat successful — technology and startup scene. Scottsdale was named in December as one of the best cities to launch a startup, outside of Silicon Valley and New York, by DataFox, a San Francisco-based deal-sourcing and research platform. Companies such as GoDaddy Inc., LifeLock Inc., Limelight Networks Inc., Insight Enterprises Inc. and others have blossomed in the region from startups into publicly traded companies... Read more »
Arizona consumers remained relatively upbeat about the economy in January, though they remained skeptical about the job market in the months ahead, a new poll has found. The latest quarterly consumer confidence index, as measured in the by the Behavior Research Center's newest Rocky Mountain Poll, came in at 81.6, which was slightly higher than the 81.2 reading in October. The U.S. Consumer Confidence Index, as measured in January by the Conference Board, stood at 98.1... Read more »
According to the report, after experiencing a dip in late 2014, the Phoenix construction market rebounded in 2015. The report also cites that local, non-residential construction employment continued to show positive growth in 2015, according to data from the Bureau of Labor Statistics... Read more »
Nationwide Realty Investors — an arm of Nationwide Insurance — plans on building a third commercial building at its Rivulon development in Gilbert. The planned $750 million development sits on 250 acres at Gilbert Road and Loop 202 in the East Valley... Read more »
Scottsdale's resorts have been getting multimillion dollar facelifts in the last few months, with hotels like The Hotel Valley Ho, the Fairmont Scottsdale Princess, the Chaparral Suites, the Scottsdale Resort at McCormick Ranch and the Hilton Scottsdale Resort and Villas all going through major renovations. It doesn't look like the trend is going to slow down anytime soon, now that Classic Hotels & Resorts have acquired the FireSky Resort & Spa...Read more »
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