Commercial Real Estate & Business News – August 26, 2015

8 Phoenix-Area Cities Hit Top 50 Healthiest US Housing Markets

Eight Arizona cities are rising in the ranks of healthiest housing markets in the U.S., according to a WalletHub study. They all landed in the top 50 healthiest U.S. housing markets for comparably sized cities based on population… Read more »

Norterra West Breaks Ground in Phoenix

USAA Real Estate Company of San Antonio, Texas, in association with Tempe, Arizona-based Metro Commercial Properties, has broken ground on a speculative office development in the I-17 / Deer Valley submarket in Phoenix. The development, named Norterra West, will include two (2), three-story Class-A office buildings approaching 300,000 square feet, and will capitalize on the pent-up demand for large blocks of quality, contiguous space from users looking to enter or expand into the economically attractive Phoenix labor market… Read more »

7 Arizona Hotels Sell as Part of ZMC / Hall Equities Portfolio

California investment company Hall Equities Group purchased a total of 7 Arizona hotels on Friday, totaling 715 rooms with a salesprice of just over $53 million, or $74,162 per room. The hotels are located in Scottsdale, Peoria, and Anthem, and have hotel flags of “Hampton Inn”, “Days Inn”, “Sleep Inn”, and “Holiday Inn”… Read more »

Sprouts, New Restaurants Slated for New Queen Creek Development

Construction of a new 20-acre town center development has started in Queen Creek. The QC District development will include a Sprouts Farmers Market, Starbucks, Red Robin, HomeGoods and Orangetheory Fitness… Read more »

Tucson Market Continues Retail Rebound

Tucson?s retail market continued an even pace in the second quarter of 2015 ending mid-year at 6.7% vacancy. Average asking rents were $14.27/sf, essentially unchanged since 2011. Thanks to achieving the one-million population milestone, interest from retailers was not lacking. In addition to Broadway at Kolb, Natural Grocers will open two additional Tucson locations by year end at Broadway & Country Club and Orange Grove & Oracle. The stores will average 12KSF… Read more »