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Commercial Real Estate & Business News – August 12, 2014

Art Nolte remembers when Thomas Road, one of south Scottsdale’s major east-west corridors, wasn’t even paved headed west to Phoenix. The 74-year-old has owned and operated Scottsdale Automotive Specialists, on Thomas, two blocks west of Scottsdale Road, for 46 years…. Read more »
Security Properties, along with an East Coast life insurance company, teamed up to acquire Sonora Canyon, a 388-unit apartment community in Mesa for $30 million. Security Properties had previously purchased the property in 2005, then known as University Green, for $22 million and sold it in 2007 for $33.3 million… Read more »
During the second quarter 2014, one office building totaling 100,622 square feet was completed in the Phoenix market area. There was 2,007,403 square feet of office space under construction at the end of the second quarter 2014. The top notable 2014 delivery includes: 1450 S Spectrum, Chandler, a 100,622-square-foot building that delivered in second quarter 2014…. Read more »
Infill is the word these days as another mixed-use apartment property is proposed for an undeveloped lot at the corner of McKinley and Fourth streets in Downtown Phoenix. Tilton Development Company, Scottsdale, working with Goodman Real Estate, Seattle, is planning a 118-unit mid-rise apartment with live-work units. The five-story multi-façade building will feature 10 ground floor… Read more »
Investment sales of retail properties showed remarkable momentum in the first half of the year, with volume rising 57 percent compared to the first half of 2013, to $36.9 billion, according to Real Capital Analytics. The figure represents the highest gain in volume among all the commercial property types… Read more »