Commercial Real Estate & Business News – December 5, 2013

With Demand Increasing, Developers Warming Up to Spec Warehouse

Speculative warehouse development is coming back into vogue across more markets as the remaining blocks of modern industrial space continue leasing up at an accelerating rate in the recovering economy – though not quite at the level of the Great Warehouse Boom years of the 1990s and early 2000s, before coming to a near standstill in late 2009 during the Great Recession… Read more

Wells Fargo to Break Ground on $125 million Expansion in Chandler

Wells Fargo & Co. is set to break ground next week on the $125 million expansion project of its regional campus in Chandler. The project, which I previously reported on in September, calls for two four-story buildings totaling 410,000 square feet of office space, a meeting and event center plus a caf. It will double the campus space and employee capacity, which is about 2,500 now… Read more

Whitestone REIT Commences New 43,619-SF Lease with Walmart Neighborhood Market

Whitestone REIT, a fully integrated real estate company that owns, re-develops, leases, manages, and operates Community Centered Properties(TM) , announced that the Company and Walmart Neighborhood Market have commenced a new lease at Whitestone’s Marketplace at Central property in Phoenix, Arizona. Whitestone has turned the space over to Walmart Neighborhood Market… Read more

$13M Family Fun Center in The Works Near Butterfly Wonderland

Two real estate brokers are planning to develop a $13 million indoor family entertainment center in Scottsdale. The Cove Family Fun Center will take up 67,000 square feet on six acres at the northeast corner of Via de Ventura and Loop 101 and will include all the newest rides, games and attractions. It also will include 19-themed birthday party rooms and a 7,000-square-foot mezzanine that can be used for corporate parties… Read more

Arcadia Gateway Center Changes Hands

MIG Real Estate, which is headquartered in Newport Beach, CA, has acquired the Arcadia Gateway Center office building here. No purchase price was released in the deal that now adds the 89,835-square-foot Class A office building to MIG’s portfolio. The four-story office building at 4222 East Thomas Road is currently 93% leased and includes a three-story, detached parking structure… Read more