Gilbert, Chandler Earn Spots on ‘Thriving Cities’ List
Two East Valley municipalities each landed a spot on a list of 20 cities that continue to grow even in a slow economy. The list of Thriving Cities, compiled by the website the Daily Beast, rates the 100 largest municipalities on several economic factors encompassing population growth, an improved housing market, the residents’ level of education and bond rating… Read more
Hines, PCCP Acquire Kierland One
Hines of Houston has teamed with PCCP LLC to acquire Kierland One, a class A, 175-441-square-foot office building in the North Scottsdale Airpark submarket of Phoenix from Cornerstone Real Estate Advisors. The vacant building, situated on 11 acres within the Kierland master-planned development, offers plenty of upside for the new owners in that it is in a submarket recovering nicely from the financial downturn… Read more
Venture Pays $42.773 Million for Office Project at Camelback Road and 32nd Street
In a $42.773 million transaction, a joint venture formed by DPC Development Co. and Bridge Investment Group Partners acquired a 259,745-square-foot office building at the northeast corner of 32nd Street and Camelback Road in Phoenix. The seller was a venture formed by The Muller Co. The property, which was developed in 1985, was 74 percent occupied at closing. At year-end 2005, The Muller Co./BlackRock Realty company paid $58.8 million ($226.30 per foot) to acquire Biltmore Commerce Center… Read more
Positive Trend Continues for National Architecture Billings Index
Amid some cautionary reports of retail sales and a slowdown in CRE, the American Institute of Architects Architecture Billings Index (ABI) saw more than a full point jump in July over June. This can mean good news in the construction industry nine to 12 months down the road. However, the three month moving averages for the regions were all down… Read more
Arizona Home Values Not at Peak, but Approach Pre-2005 Levels
Congratulations. It likely is finally worth as much as you paid for it — if you don’t factor in inflation. New figures Thursday from the Federal Housing Finance Agency show home prices in Arizona ticked up by 5.1 percent between the first and second quarters of the year. That now translates to a boost of more than 18 percent from a year earlier… Read more