Commercial Real Estate & Business News – April 25, 2014

Office Recovery Hits Halfway Point as Demand for Space Spreads Across More U.S. Markets

The U.S. office recovery continued to hum quietly along in the first quarter, absent any dramatic surges or spikes. As a result of the measured pace of increasing tenant demand, the national office vacancy rate remained unchanged from the previous quarter at 11.9%, according to CoStar’s First Quarter 2014 Office Review and Outlook… Read more

New Gilbert VA Clinic Delivered and Sold

Gilbert’s out-patient medical clinic for the Veteran Administration was sold to Dallas-based Fairway Equities for $29,500,000 or nearly $414 per square foot. The newly constructed property was sold by the developer- McShane Development. Located at 3285 S Val Vista Dr, just Northeast of the 202 & Val Vista Dr in Gilbert, the 2-story medical building totals 71,259 rentable square feet… Read more

Half-empty Downtown Phoenix High-rise Sells For $22 Million

A group involving Sunbelt Holdings’ John Graham and a wholly owned subsidiary of home builder Lennar Corp. paid $22 million last week to buy a half-empty, lender-owned office tower in the heart of Phoenix. The midcentury modern tower – dually known as One 11 Monroe and the First American Building… Read more

Booming Opportunity: Attracting Baby Boomers

Not all Baby Boomers are the same. Todd Harff, a Baby Boomer marketing expert, has worked with several apartment management companies to try and crack the code of how to attract the widely diverse group of renters. “There are more differences in their preferences at that age than any previous generation,” he says. “It can be that they are 55 or 60 years old and are becoming first time parents… Read more

Consumer Cellular Expanding Valley Operations…To Add 300 Employees

Consumer Cellular Inc. in Tigard, Ore. (John Marick, Greg Pryor, principals) plans to double its size in the Valley in a new call center the company is opening in Tempe. The cellular service provider will house the operation in a 85,245-square-foot back-office located within the Tempe Commerce Park at 7410 S. Roosevelt Street. The property is owned by a venture formed by Everest Holdings… Read more