Commercial Real Estate & Business News – April 21, 2014

Arizona’s Construction Sector Shows Modest Job Gains In March

Arizona construction industry employment ticked up by 2.5 percent year-over-year in March, accounting for 3,100 jobs gained during the period, according to a Associated General Contractors of America report released today. Arizona ranked just 26th in the nation for construction sector job growth… Read more

GE Capital Sells One 11 Monroe

Rialto Capital Management – a wholly owned subsidiary of Lennar Homes – has acquired One 11 Monroe, the lender-owned office tower at the southwest corner of Monroe Street and 1st Avenue in Phoenix, for $22m or $86.11 per rentable square foot. Rialto paid $2m in cash for the property and secured an additional $20m in new debt with Jeffries LoanCore… Read more

Elevation Chandler Skeleton to Become 390KSF, 335-Unit, $150M Mixed Use Showcase

When the ten story skeleton of concrete and steel is hauled away, the Great Recession icon at Loops 101 and 202 and Chandler will be gone. Its demolition and scrapped remains could be the symbol that the economic downtown is over in the Valley of the Sun. That project was once called Elevation Chandler, not to be confused with Elevation, the luxury apartments going up east of Loop 101, announced about a year ago… Read more

Gateway Poised for Growth

Thanks to a unique outreach effort led by Phoenix-Mesa Gateway Airport Authority, Able Aerospace Services and SRP, aerospace leaders attending MRO Americas convention in Phoenix gained a birds-eye view of the Valley’s many expansion and relocation opportunities – courtesy of a VIP aerial helicopter tour and visit to Able Aerospace Services, a $20 million build-to-suit success story at Phoenix-Mesa Gateway Airport… Read more

Market Trend: Phoenix Industrial Vacancy Rises to 13.1%

The Phoenix Industrial market ended the first quarter 2014 with a vacancy rate of 13.1%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 597,026 square feet in the first quarter. That compares to positive 2,677,479 square feet in the fourth quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 2,026,589 square feet… Read more