Commercial Real Estate & Business News – August 18, 2016

Just two years into a concerted effort to shift the entire greater Phoenix economy from consumption jobs to production jobs is showing double-digit results in several advanced industries. “It’s an enormous effort to pivot an economy, and the data show Phoenix is starting to turn,” …»
Consumer-products manufacturer Conair Corp. has broken ground on the design-build construction of a new $40 million plus facility adjacent to their existing campus in the Glen Harbor Business Park. This pushes the total Conair campus square footage in Glendale to 2.3 million sq.-ft. …»

A new study by the NAIOP Research Foundation offers insight into the development and growth of innovation districts. These districts are economic development tools based on the notion that entrepreneurship and innovation can be stimulated in environments that satisfy space needs…»

New CMBS risk retention rules set to go into effect December 24th have been stirring concerns across the capital markets for months. Some of that anxiety has been put to rest with a warm reception from investors on the first conduit CMBS risk retention transaction to test the waters. …»
Irvine, California-based Passco Cos. LLC has bought a 389-unit, Class A apartment complex in the East Valley from Scottsdale’s P.B. Bell Cos. for $80 million. The Almeria Ocotillo development is located in Chandler near Price, Dobson and Queen Creek roads. …»