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Commercial Real Estate & Business News – April 9, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

Mastro family plans Steak 44 in former Cork N Cleaver location The Mastros – the family behind the Mastro’s and Ocean Club restaurant concepts and Dominick’s Steakhouse at the Scottsdale Quarter – are at it again, this time with plans to open another upscale steakhouse this fall in the Camelback Village Center at 44th Street and Camelback Road in Phoenix. View article…

Despite Slow Q1, Phoenix Industrial Shows Improvement Lee & Associates’ Q1 Industrial Market Report shows what appears to be a recovering economy with vacancies dropping by 80 basis points to 11.9% and 5.7 million square feet under construction. The only potential flies in the ointment were sales volume (which dropped to just under 80 million square feet versus the more than 100 million square feet trading hands in the previous quarter) and absorption, which stood at 1.5 million square feet, which is down from the 1.9 million square feet reported during Q4 2012. View article…

Freight rail yard proposal raises debate Supporters of a large-scale freight rail switching yard between Casa Grande and Tucson are encouraging the state land department to auction off its farmland there to let the proposal happen, while a leading Arizona economist urged the state to proceed with caution. View article…

Report: New Construction Won’t Threaten Strong Apartment Market As new construction in the apartment sector takes form, occupancy remains high but rent growth is beginning to slow, according to the latest research from Carrolton, Texas-based RealPage, a software provider for apartment communities. However, RealPage does not see new construction as a threat to the strong rental market nationwide. View article…

Sky Train at Sky Harbor Airport makes its long-awaited debut Amid gusts of wind and great fanfare, PHX Sky Train, the $1.58 billion automated, interterminal train system at Phoenix Sky Harbor International Airport, opened Monday. The driverless train connects airport passengers for free between Terminal 4, the East Economy parking lot and the Metro light-rail station at 44th and Washington streets. View article…

Chandler hopes more businesses will land at Municipal Airport City officials are looking to boost activity at Chandler Municipal Airport but are less concerned with the number of airplanes than with the number of businesses around the runways. “The goal of the airport is to have an economic impact on the community,” said Lori Quan, a Chandler economic-development specialist stationed at the airport. View article…

Mesa unveils brand: It’s City Limitless’ Mesa will carry a new brand into the global marketplace in an effort to attract visitors and the dollars they bring. The theme “Mesa City Limitless” will be bolstered by artwork, logos and ads still under development, making its big debut at a major Las Vegas travel show in June. View article…