Here are the news articles you might find interesting today for commercial real estate and business:
2013 ULI Trends Day Arizona Recap – Part 2 – Education Panel Following the Education Panel, was the Apartment Panel. Key characters from this group were: Tyler Anderson, CBRE; Chapin Bell, PB Bell; Eric Buchanan, Oliver McMillian Properties; Susan Eastridge, Concord Holdings. From the peanut gallery, it did not sound like much has changed in the apartment world. View article…
AMERICAN FURNITURE PAYS $15.8 MILLION FOR SITE IN GILBERT TO BUILD SHOWROOM-WAREHOUSE A Colorado-based furniture distributor plans to develop a 600,000+ square-foot showroom-warehouse project in Gilbert that will create 300 new jobs in the Valley. American Furniture Warehouse Co. in Englewood, Colo. (Jake Jabs, pres). paid $15.794+ million to purchase a 74.4-acre parcel located at the northwest corner of Power Road and the Loop 202. The sellers in cash transactions of $9.543+ million and $6.251+ million were eight different companies formed by members of the Cooley family in the southeast Valley. View article…
TUCSON DEVELOPER PLANNING 650 RENTAL UNITS IN CHANDLER AND GILBERT Aerie Development in Tucson (Roger Karber, principal) plans to construct 650 residential rental units in Chandler and Gilbert. Karber has formed a joint venture with investor G.F. Jaggi of Iridius Capital and contractorGarry Brav of Preferred Apartment Builders, both of Tucson, and will develop the residential housing communities. The venture is looking for three more sites in the Southeast Valley to develop another 393 units of the for rent product. The Karber/Jaggi/Brav company is also looking for parcels in the Tucson and Marana markets to build the rental complexes. View article…
Real Estate Entrepreneur Michael Pollack Opens Door for Multi-Family Housing on Alma School Road Corridor Pollack Real Estate Investments owner Michael Pollack knows a thing or two about retail space. After redeveloping more than 10-million-square-feet of retail space Pollack also knows when there’s too much of it. It’s the reason why Pollack just closed escrow for $2.4 million on the 9.61 acres at the northeast corner of Alma School and Pecos. Pollack worked with a buyer and the city of Chandler for the past 9 months to rezone the land from commercial to multi-family housing. View article…
Centrum Health Properties Completes $2.825 Million Purchase of Camelback Medical Plaza Cassidy Turley announced that it completed the sale of Camelback Medical Plaza, a 45,936-square-foot, Class B office medical building at 5040 N. 15th Ave. in Phoenix. CHP Camelback Medical LLC, a company formed by Centrum Health Properties (Englewood, CA), purchased the property for $2.825 million ($61.50 psf) from RJ Camelback Medical Plaza Investors LLC (Carlsbad, CA). View article…
Rossmar & Graham Announces Grand Opening of Desert Ridge Community Association Office Rossmar & Graham announces the opening of the new Desert Ridge Community Association office. The Rossmar-managed lifestyle community acquired the new office space to accommodate their expanding North Phoenix community. Located in CityCenter of CityNorth, the new office provides a central locale for full-time HOA staff and the community’s board of directors. View article…
CUSHMAN & WAKEFIELD REPRESENTS NORTHERN ARIZONA UNIVERSITY IN PHOENIX CAMPUS RELOCATION With a strong finish to 2012, Cushman & Wakefield of Arizona, Inc. completed lease negotiations relocating Northern Arizona University’s (NAU) Metro Phoenix campus. Located within the Arizona Business Park, NAU has leased 40,355 square feet of space at 15451 North 28th Avenue, a building owned by Crown West Realty of Spokane, WA. The park, which is situated along the Black Canyon Freeway (Interstate 17) and Thunderbird Road, contains a variety of office and flex facilities. NAU currently occupies another building within the Arizona Business Park. NAU will occupy approximately sixty percent (60%) of the new building for a period of 11 years beginning 1st quarter of 2014. View article…
Market Trend: Phoenix’s Industrial Vacancy Decreases to 12.4% The Phoenix Industrial market ended the fourth quarter 2012 with a vacancy rate of 12.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,156,589 square feet in the fourth quarter. That compares to positive 647,286 square feet in the third quarter 2012. Vacant sublease space decreased in the quarter, ending the quarter at 2,091,514 square feet. View article…