Commercial Real Estate & Business News – April 18, 2014

Construction is under way on Hayden Ferry III, a 261,000 square foot, Class A development in the Tempe submarket of Phoenix. Hayden Ferry III will be the final phase in Parkway Property’s 780,000 square foot master planned office community. The 10-story property will be located along the south shore of Tempe Town Lake, offering waterfront views and accessibility to the Mill Avenue entertainment district and light rail system…Read more
The 17/Union Hills Business Center, a two-building, 113,880 SF industrial and showroom project is expected to break ground May 2014 at 2350-2400 West Union Hills Drive in Phoenix. The multi-tenant project consisting of 61,320 SF and 52,560 SF buildings will feature 24′ clear height, dock and grade level loading, ESFR fire protection and fenced truck courts. Space availabilities begin at 4,755 SF. Each suite will offer at least one dock door and one grade level door, with many of the suites offering multiple dock doors per bay… Read more
A venture formed by Trinsic Residential Group plans to develop a 220-unit apartment complex on a infill site in central Phoenix. The multi-family community is targeted for a 7-acre site that wraps the northwest corner of 20th Street and Indian School Road. The Trinsic venture is assembling the land from three sellers in deals that will total nearly $6 million… Read more
Arizona employers added 15,600 net jobs in March, but it wasn’t enough to budge the state’s 7.3 percent unemployment rate. The private sector added more than 17,000 jobs, but government losses again erased some of the gains. The flat unemployment rate mirrored the national pattern, where the jobless rate remained stuck at 6.7 percent. A year ago, Arizona’s unemployment rate stood at 8.0 percent… Read more
The fastest growing sector among real estate investors is the net lease market. Yes, good old boring single-tenant, investment-grade buildings. With the upside pretty much capped, it never garnered too much attention outside of 1031 exchange investors and stodgy institutions. However, that has changed dramatically. With bond yields at record lows over the past three years, net lease buildings have gained favor as alternatives to fixed-income investments by providing steady returns while maintaining low risk… Read more