Commercial Real Estate & Business News – February 17, 2014 – Happy President’s Day!

The 13-story Art Deco Professional Building at Central Avenue and Monroe Street in the heart of downtown Phoenix has been sold to CSM Corporation and will be converted into a premium select-service hotel. The building originally opened in 1932, housing the offices for Valley Bank and Trust and the Maricopa County Medical Society above. It is traditional Art Deco style with strong vertical lines, a central tower with setback wings and windows, and decorative grills above the main entrance. at Monroe Street and Central Avenue. The building was immortalized in Alfred Hitchcock’s iconic 1960 film, Psycho. In 1993, the Professional Building was included on the National Register of Historic Places and was vacated in 2000… Read more
Federal Express plans to house a new regional distribution facility in a 300,000-square-foot project being developed in Chandler through a build-to-suit agreement. Sources say SunCap Property Group in Charlotte, N.C. will serve as developer and is under contract to acquire a parcel located west of the northwest corner of Queen Creek and Gilbert roads… Read more
Trammell Crow Co. in Scottsdale plans to develop a 618,000-square-foot industrial park on a 48-acre site the company is buying along the south side of the San Tan Freeway (202 Loop) and east of Gilbert Road in Gilbert. The property is owned by Carlson Real Estate Co. of Minneapolis. Word on the street is that Trammell Crow will pay roughly $10.5 million ($5 per foot) to purchase the land in a deal scheduled to close in March… Read more
When it comes to home prices, supply and demand, the pendulum has been swinging from one extreme to the other in Phoenix since the housing boom of a decade ago. The metro Phoenix housing market went from a pre-recession sellers’ market to a buyers’ market amid the foreclosure crisis. Then it went back in the sellers’ favor again these past two years when inventory levels and interest rates were at all-time lows… Read more
Transwestern of Houston, Tex. plans to develop a 416-unit apartment complex located near the southwest corner of Osborn and Scottsdale roads in Scottsdale. The company is assembling the 5+ acre site from multiple sellers. Sources say Transwestern will spend $14+ million to buy the properties in sales contingent on zoning approval…Read more