Commercial Real Estate & Business News – December 9, 2015

Phoenix Children’s Hospital broke ground today on a $60 million project that will include a $40 million emergency department and a Level 1 pediatric trauma center. The center will accommodate 100,000 patients, up from PCH’s existing capacity of 22,000 patients. More than 83,000 patients walked through the doors in the last year, creating a need to get this project done quickly. It is scheduled to open in late 2017… Read more »
Insurer State Farm will be spreading some post-holiday cheer with plans to hire up to 1,000 people in the Phoenix metro area early next year. The company will hold a career fair Jan. 12 in Mesa to fill openings for its Valley expansion. State Farm plans to hire up to 1,000 employees over the first half of 2016, with additional hiring later in the year… Read more »
After a lull this summer, apartment investors returned to the table, closing a tremendous volume of deals in October alone. Apartment experts have worried for some time that the high prices investors pay for apartments and the large number of transactions are unsustainable. But new buyers continue to be drawn to the multifamily space, attracted by the fundamental strength of the apartment business and high yields, at least compared to other investment options… Read more »
Greenway Promenade, a 62,949 square foot retail center, sold for $8,300,000, or $131.85/SF. The shopping center is located on the northwest corner of two major arterial thoroughfares (Greenway Road and 59th Avenue) and is across the street from Thunderbird School of Global Management which is a part of Arizona State University. Built in 1988, and situated on 7.78 acres, the neighborhood center features ample parking and excellent street visibility… Read more »
BMO Harris Bank is planting its flag atop an iconic 24-story Central Avenue high rise. The Canadian-owned, Chicago-based bank is taking 20,000 square feet on the entire 15th floor in the newly named BMO Tower at Central Arts Plaza, 1850 N. Central Ave. The shift from One Camelback moves the bank’s regional headquarters into the heart of the midtown Phoenix renaissance that’s heading into higher gear each year… Read more »