Commercial Real Estate & Business News – December 20, 2013

They are our sales representatives, those intrepid souls knocking on doors in California, China, Germany and New York. They are the smiling faces standing behind CEOs, mayors and the governor when a new business arrival is announced. They are the economic development organizations of Arizona. It’s an alphabet soup of agencies, but they are working for one goal – if it’s good for one location in Arizona, it’s good for all of Arizona. Cities are not competing with each other, they are now a state competing against 49 others… Read more
The announcement of the state’s largest office development in Tempe, a reborn master-planned community in Mesa and a messy corporate takeover in Phoenix were the three biggest real estate stories I chased in 2013. Let’s take a closer look… Read more
An aging single story building on First Avenue in downtown Scottsdale will be scraped and replaced with a five-story mixed use day spa, retail space and wellness center. The new structure will spread the commercial uses over its first two floors and tops the building with a trio of residential apartments, one per floor… Read more
Westwood Financial Corp. purchased 38,200 square feet of retail space of 8987 and 9069 W. Olive Ave. in Peoria, AZ for $6.2 million, or approximately $162 per square foot, from Aqua Fria Plaza LP. The 105,900-square-foot Aqua Fria Plaza is anchored by Fry’s Supermarket, and was built in 1998 at the southeast corner of N. 91st Ave. in the Glendale Retail submarket of Maricopa County. The two retail strips that traded were the 24,760-square-foot Shops 113-134 and the 13,440-square-foot Shops 101-112… Read more
Arizona’s unemployment dropped by four-tenths of a percentage point to 7.8 percent in November as the state’s economy recorded job gains. Arizona Department of Administration economists say the state’s economy added 25,900 nonfarm jobs in November, with the vast majority added in the private sector… Read more