Commercial Real Estate & Business News – August 4, 2015

A company formed by Cohen Asset Management Inc. paid $20.32 million ($64.80 per foot) to acquire a 313,600-square-foot industrial project located at 4550 W. Watkins Street in Phoenix. The seller was Kansas City Life Insurance Co. The 19.7-acre manufacturing facility, which was developed in 2013, is occupied by OMCO Solar. The project serves as the company’s corporate headquarters. With the acquisition, the privately-held Cohen Asset Management owns 2.615 million sq. ft. of industrial space in 14 properties in the Phoenix area… Read more »
A company formed by CIRE Partners LLC paid $20.2 million ($138.14 per foot) to acquire a 146,226-square-foot retail center at the northeast corner of McClintock Drive and Southern Avenue in Tempe. The seller was Weingarten… Read more »
There are fewer empty stores and big boxes around Phoenix but rental rates are flat. The retail vacancy rate for Phoenix is 9 percent. That is down from 9.8 percent in 2Q 2014. A big part of that is the empty big-box stores are getting filled up more. For the second quarter, there were 116 big-box spaces vacant comprising 4.3 million square feet across metro Phoenix. That compares to 171 empty big boxes encompassing 6.9 million square feet back in the third quarter of 2011… Read more »
There are 11 regions in the United States currently defined as megapolitan. The Arizona Sun Corridor, stretching from Phoenix to Nogales, is one of these geographical behemoths and it’s said to be lacking the infrastructure to accommodate all of its economic potential. Population in the Sun Corridor is projected to grow by 82.5 percent in the 30 years ending in 2030, which is well over double the national rate. People are flowing in, but infrastructure has not been keeping pace… Read more »
Phoenix landed at No. 21 and Mesa No. 13 on the U.S. large city livability rankings from WalletHub. However, add education, health and local economic recovery to the ranking and both slip into the middle of the pack in the “List of Best and Worst Large Cities to Live In.” The data, compiled from multiple WalletHub data compilations, compared the 62 largest U.S. cities. Mesa’s composite score put it at 35th and Phoenix landed at 39th. The only other Arizona city in the top 62 most populous is Tucson, which ranked No. 46… Read more »