The property market in the hospital and health care provider segment faces a series of changes that are designed to provide greater efficiency in delivery of healthcare services. These changes are significant in property terms because of the trend of consolidation. The already existing national trend of hospitals establishing off-campus outpatient facilities and specialty practices is dovetailing with the business plans and exit strategies of independent practices... Read more »
Continued apartment developments and a rebound in new home building are propelling growth in Arizona’s construction industry. But construction of new offices, warehouses and shopping centers are still lagging and down 4 percent compared to last year, according to the research firm Dodge Data & Analytics. The New York-based firm shows residential construction, including apartments and condos, make up more than 74 percent of the building activity in Maricopa and Pinal... Read more »
Paradise Valley Corporate Center, a 198,000-square-foot office building at 4835 East Cactus Rd. has been purchased by Buchanan Street Partners. The acquisition increases Buchanan Street’s real estate investment holdings in the Greater Phoenix area to more than 1.3 million square feet as the firm continues to expand its Arizona portfolio. Terms of the sale were not disclosed... Read more »
Kimco Realty Corp. (NYSE: KIM) has acquired the Christown Spectrum super regional shopping mall at 1703 W. Bethany Home Rd. in Phoenix, AZ from Coventry Real Estate Advisors for $115.25 million, or about $136 per square foot. The 850,000-square-foot destination power center was 94 percent occupied at the time of sale, anchored by a Wal-Mart Supercenter (ground lease), Costco, and Super Target - the only U.S. center to house all three... Read more »
The $9.4 million sale of an industrial building in Chandler last month went unnoticed by many, but the seemingly-mundane transaction signals a bigger shift in momentum for the East Valley's post-recession industrial landscape. Warehouses, distribution centers and factories in the East Valley have filled up faster than anywhere else across metro Phoenix this year, keeping vacancy rates down and bringing a diverse array of jobs to the region...Read more »
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