Commercial Real Estate & Business News – August 26, 2016

LGE Corp. in Phoenix (Dave Sellers, pres.) has filed for Development Review Board approval in Scottsdale to develop a roughly 50,000-square-foot commercial project at the southeast corner of Scottsdale Road and Chauncey Lane in Scottsdale...»
The City of Tempe has moved forward with seeking the development of the city's first biomedical and technology campus on 18 acres of Tempe land west of the Tempe Center for the Arts...»
Located on 23 acres in Paradise Valley, less than two miles north of Old Town Scottsdale, Scottsdale Fashion Square shopping and renowned Scottsdale dining and entertainment, the resort will feature a unique combination of majestic 50- foot pine trees with giant saguaros and desert wildflowers in a true, "oasis" setting. Featuring incomparable views of nearby Camelback Mountain, Andaz Scottsdale Resort & Spa will offer guests a place to inhabit, explore and create...»
Smith's Smithfield Properties was picked by the city of Phoenix to develop the tower at the downtown light rail and bus station at Van Buren Street and Central Avenue...»
The Arizona Attorney General's Office on Wednesday intervened in a months-long battle between Valley business owners and disability-rights advocates, filing a motion to have 1,000-plus Americans With Disabilities Act-compliance cases dismissed...»

Commercial Real Estate & Business News – August 25, 2016

For the past year, signs having been pointing towards decelerating price appreciation. The Moody's/RCA CPPI was relatively flat between August 2015 and April 2016, rising just 1.0 percent over that eight-month period. That halt in upward trajectory was not entirely unexpected given that the composite index had been enjoying robust growth of more than 1.0 percent per month for the prior three years...»

In addition to the low cost of living, some of the most frequent reasons that the Inc. 5000 entrepreneurs gave as to why Phoenix was a great place for startups included proximity to the Bay Area and the Western United States (it's a 90-minute flight from San Francisco), the supportive environment of the entrepreneurial community, and the work-life balance...»

Arizona's economy is shedding its underperforming label and will start to push above the national average, according to a new report. Robert Kavcic, senior economist at BMO Capital Markets in Toronto, expects the state's economy to grow by 2.1 percent this year and 2.4 percent next year, following subpar strength over the past five years...»
The city of Phoenix on Tuesday listed Trammell's bid as the preferred one for the Fillmore property. The parcel totals 7.6 acres and includes property previously occupied by the Thomas J. Pappas School for homeless children...» 
The Commerce Department said on Tuesday new home sales surged 12.4 percent to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007. June's sales pace was revised down to 582,000 units from the previously reported 592,000 units. July's increase, however, likely exaggerates housing market strength as it has not been matched by robust housing starts...»

FOR SALE: Sunrise Plaza | Bell Road Retail Corridor | Phoenix, AZ

Sunrise Plaza

Sunrise Plaza

LIST PRICE: $1,650,000
CAP RATE: 7.5%
BUILDING SIZE: 9,447 SF
PROPERTY TYPE: Retail
LOT SIZE: 1.03 Acres
YEAR BUILT: 2007

Highlights
Anchored by Sunrise Preschool (NAP)
Fully Occupied Retail Center
Long Term Lease with Increases with IntelliSchool
Built in 2007
Located Along Bell Road (38,509 VPD)

Description
Sunrise Plaza is a four-tenant retail center anchored by Sunrise Preschool and IntelliSchool. Fully occupied by IntelliSchool, Chiropractor, and CrossFit BCR, the property for sale includes units 101, 102/103, and 104 only.

The sale does not include Sunrise Preschool, which occupies the western-most portion of the building.

The property is located on Bell Road, just west of 16th Street. With easy access to SR 51, Loop 101, and Interstate 17, Sunrise Plaza is in an ideal Phoenix location.

For more information, click here: Sunrise Plaza - Sale Brochure

Commercial Real Estate & Business News – August 24, 2016

The city of Tempe is moving forward with agreement negotiations for the development of the city's first biomedical and technology campus on 18 acres of land west of the Tempe Center for the Arts. The property is located on Rio Salado Parkway, on a site that will require environmental remediation. ...»
Arizona's economy is shedding its underperforming label and will start to push above the national average, according to a new report. Robert Kavcic, senior economist at BMO Capital Markets in Toronto, expects the state's economy to grow by 2.1 percent this year and 2.4 percent next year...»

A Mesa native is continuing his efforts to help lure restaurants to Mesa's Main Street. Two years ago, Kelly Smith and some of his friends tackled a project they named Project Downtown Mesa. It came about after Smith, his wife and two other Mesa couples headed out for dinner one evening. They ended up in downtown Gilbert....»

The recent controversy surrounding Valley businesses, a recently formed nonprofit and a number of lawsuits is seeing no signs of slowing. Several businesses in metro Phoenix - including mom-and-pop shops, Paradise Valley Mall and CVS Pharmacy - have found lawsuit notices...»
Scottsdale developers Richard Felker and Rich Zacher have started construction on a new 44-home gated, semi-custom home development at 40th Street and Osborn Road in Phoenix. The Villas at Baker Park are being built on what used to be the Baker Nursery property....»
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