Commercial Real Estate & Business News – February 22, 2016

A developer will build a 340-unit apartment complex north of the Westgate Entertainment District, pending approval by the City of Glendale. The Glendale Planning Commission considered the proposal at their Feb. 4 meeting. According to the staff report, Fore Property Company wants to build the Zanjero Apartments on part of a 158-acre PAD approved in 2003 for mixed-use development, such as hotels, retail, restaurants and multifamily. Other developments already in place include… Read more »
Prices for wage earners in Phoenix rose 1.1 percent in 2015, almost on par with the U.S. average consumer price index increase of 1.2 percent for the year, according to the U.S. Bureau of Labor Statistics. In the west, prices rose more than the U.S. average, rising 1.6 percent, meaning Phoenix costs rose at a lower rate than most other western markets… Read more »
Carlisle Cos. signed a 46,503-square-foot lease to move its corporate headquarters to Kierland One at 16430 N. Scottsdale Road in Northeast Phoenix. The lease is with Hines along with joint venture equity partner PCCP LLC. Currently located in Charlotte, North Carolina, Carlisle manufactures a wide range of products that serve broad markets including commercial roofing, energy, agriculture, mining, construction, aerospace and defense electronics. Carlisle generated $3.5 billion in net sales in 2015… Read more »
Against a backdrop of global volatility, commercial real estate has offered a stable alternative for investors both domestic and offshore. Among the voices in support of continuing to see the sector as a bulwark is Marcus & Millichap’s Hessam Nadji, who told a Bloomberg Markets interviewer recently that CRE remains a compelling investment option. “You have to look at the fundamentals,”… Read more »
A new luxury condominium development with floor-to-ceiling glass windows is going up on a prime corner in Scottsdale’s popular Kierland area. Optima Kierland will have 12 stories, 220 condos and a large park. The project is under construction on almost 10 acres at Scottsdale Road and Kierland Boulevard. Anyone who follows metro Phoenix’s high-end condo market will recognize the name Optima… Read more »