Commercial Real Estate & Business News – February 18, 2014

300K SF Agave Center Transacts in Tempe

In two separate purchases, nearly 300K SF of flex office sold in the “Agave Center” located at I-10 and Warner Road in Tempe.. Read more

Another 300KSF in Space Planned at $185M Odysea in the Desert

There’s Butterfly Wonderland drawing rave reviews from around the globe (AZBEX, Aug. 10, 2012). There are the planned bathrooms open to views of the shark tank at the soon-to-break-ground Odysea Aquarium (AZBEX, Feb. 4). Next on the docket for the Valley’s evolving theme park is more than 300KSF of additional destination development. When completed, Odysea in the Desert will be the largest entertainment complex in Arizona with more than 522KSF in its multiple buildings. The 25KSF Wonderland has been built and another 200KSF for the aquarium is soon to break ground… Read more

Market Trend: Phoenix’s Retail Deliveries, Construction and Inventory

During the fourth quarter 2013, 21 retail buildings totaling 336,821 square feet were completed in the Phoenix retail market. Over the past four quarters, a total of 1,607,271 square feet of retail space has been built in Phoenix. In addition to the current quarter, 12 buildings with 691,774 square feet were completed in third quarter 2013… Read more

REITs Finally Ramp Up Development Pipelines

Encouraged by low vacancy rates and steady demand for space across nearly all property types, public equity REITs have recently changed their tune and began reporting plans to ramp up development activity in their pipelines for the first time since the global financial crisis plunged the U.S. economy into recesssion… Read more

Whole Foods’ New Model for Retail Development Has Backing of Lenders

While traditional retail development continues to be rare, successful grocery chains like Whole Foods are driving a new development model, putting supermarkets on the ground floors of residential buildings in dense urban markets. That type of project has been around for a few years, but it’s becoming more of a trend, industry insiders say, and it’s getting some love from balance sheet lenders… Read more