Commercial Real Estate & Business News – December 23, 2014

At the center of the McDowell corridor revitalization is the newest high-end rental community in south Scottsdale, San Travesia. San Travesia – adapted from the Spanish word “Travesia” meaning “crossroads” – offers all the advantages of Mark-Taylor’s “Next Generation” living in the largest low-density luxury apartment community in the area… Read more »
Paradise Valley Mall once was a favorite among Phoenix-area shoppers. But sales fell during the Great Recession and have not bounced back. In March 2013, mall owner Macerich placed the 35-year-old center on its list of properties in redevelopment… Read more »
Construction and conversion has begun for The Circuit Tempe, a 190KSF high density class-A office project at 615 S. River Dr. Jabil Circuit building before the conversion. Jabil Circuit building before the conversion. Formerly an industrial manufacturing facility for Jabil Circuit, the sizable building has been dramatically re-designed to serve as the Valley’s first speculative large-scale, millennial focused office property. Situated on the Loop 101 and University Drive, the 16.5-acre property rests in the heart of a booming Tempe office market. The Southeast Valley has recently attracted substantial interest from tech companies and large office users who are committed to attracting and retaining a young, educated workforce… Read more »
A company formed by Weingarten Realty Inc. paid $42.65 million ($275.58 per foot) to acquire a 154,766-square-foot neighborhood shopping center located at the southwest corner of Frank Lloyd Wright Boulevard and Thompson Peak Parkway in Scottsdale… Read more »
“[We have] seen more industrial activity in the last few months than in the past six years. “Activity is good. We’ve increased asking rents once if not twice. We’re not approaching the rents we had in 2007, but we’ll get there”…Read more »