Commercial Real Estate & Business News – April 4, 2014

Store Rents Rise as Construction Slows

Owners of shopping centers and malls raised rents for the 12th consecutive quarter, a sign that retail landlords are getting a boost from the slowly improving economy and low level of commercial real-estate construction. Asking rents at strip centers rose 0.4% in the first quarter from 2013’s fourth quarter, to $19.42 per square foot, the highest level since late 2008… Read more

Phoenix Focuses on Job-Generating Redevelopment for Rio Salado

Across Rio Salado from I-17 to Broadway Road, Phoenix doesn’t have the sparkle or vitality expected for the west Sky Harbor gateway. With more than $30M being invested into Avenida Rio Salado, the blight scattered through the south-central area may get an economic boost. Tomorrow night the Phoenix City Council will consider taking the next major step necessary for creation of the Rio Salado Redevelopment Area… Read more

SubZero to Expand Operations

Prominent West Valley employer SubZero plans to expand operations with the addition of an 11.5-acre land parcel at PV303, the master-planned business park which sits at the confluence of Interstate 10 and Loop 303 in Goodyear. SubZero currently operates a 438,501-square-foot manufacturing and distribution facility… Read more

Phoenix Moves Closer To Developing Arizona Biomedical Corridor Near Mayo Clinic

The city of Phoenix is a step closer to developing the Arizona Biomedical Corridor near Mayo Clinic’s hospital in north Phoenix. Mayor Greg Stanton and the city council approved the Phoenix Industrial Development Authority to issue up to $180 million in revenue bonds to finance Mayo Clinic’s new proton beam radiation therapy center. The council also approved a two-year extension of its agreement with Mayo and Arizona State University… Read more

Commercial Property Deals Heading for 10-Year High

Commercial property transaction volume in 2016 will exceed 2006 levels, reaching $430 billion, according to a U.S. real estate forecast released Tuesday. The latest outlook from the Urban Land Institute and EY (Ernst & Young), covering 2014 through 2016, projects steady growth for the U.S. economy sustained strength from real estate capital markets and continued improvement in both commercial real estate fundamentals and… Read more