Commercial Real Estate & Business News December 21, 2018

Here’s Why the ‘Retail Apocalypse’ Won’t Happen
It might seem obvious to some, but stores still need to exist in retail because shoppers value being able to see and touch an item before they purchase it, one Wall Street firm is telling its clients. As more consumers turn to their laptops and smartphones to buy things online, some people have started to write off stores in malls and shopping centers. But UBS is saying the “death of stores” narrative is far from true. In fact, it’s predicting sales that take place…»
10 Years and $2B Later, What is the Future of Light Rail in Metro Phoenix?
Ten years ago, on an unusually frosty Phoenix morning, the Valley’s most important dignitaries unveiled one of the most expensive and controversial taxpayer-funded projects in Arizona history. Silver train cars dotted 20 miles of light-rail tracks across Phoenix, Tempe and Mesa – an unnatural sight in a sprawling, car-dependent, Western metro area like Phoenix. Valley Metro Rail, with a $1.4 billion…»
Contractor Chosen to Build Southwest Airlines’ $310M Sky Harbor Addition
The city of Phoenix has picked a contractor to build the newest concourse at Phoenix Sky Harbor International Airport, which will be used by Southwest Airlines Co. (NYSE: LUV). Earlier this month, Phoenix City Council named St. Louis, Missouri-based McCarthy Building Cos. Inc. as general contractor for the addition of the eighth and final concourse at Terminal 4 in Sky Harbor. The project is valued at…»
Los Angeles Firm Snaps Up 129,000-SF Flex Building Near Phoenix
Held Properties, a privately-held, full service investment firm, purchased a 129,187-square-foot flex building in Chandler, Arizona, from ViaWest Properties. San Tan Tech Center sold for $22.75 million, or about $176 per square foot. The single-story structure at 145 S. 79th St. comprises eight loading docks, one drive-in bay and a 17-foot clear ceiling height. Major tenants at the 4-Star building include…»
ORION Negotiates 3.25-acre Site in Scottsdale for $2.5 Million
Scottsdale, Ariz. – ORION Investment Real Estate is pleased to announce the sale of the approximate 3.25-acre site located at 2240 North Hayden Road in Scottsdale. It sold for $2.5 million to Rob Lyles of Deco Communities. Larry Kush, Senior Vice President of ORION, said, “I am honored that I was able to help the Arizona Christian Ministries achieve their goal of expanding…»