Commercial Real Estate & Business News – February 26, 2015

Northern Trust Bringing Regional Operations, 1,000 Jobs To Tempe

Chicago-based international bank Northern Trust, is building a 450,000-square-foot three-building regional operations center in Tempe. The Tempe City Council is getting ready to consider a package deal from Northern Trust that brings 1,000 jobs paying an average of $82,000 to the city’s Discovery Business Campus at Elliot Road and Loop 101. A formal announcement is scheduled for Friday morning… Read more »

Trammell Crow And Principal Financial Team Up For Another Deer Valley Project

In its second speculative industrial project planned in the Deer Valley area in the past eight months, Trammell Crow Co. in Phoenix (Jim Mahoney, Cathy Thuringer, principals) and Principal Financial Group in Des Moines, Iowa are teaming up to develop another 220,000 sq. ft. of space. The venture partners have not even completed 220,470 sq. ft. they are developing in a project called Park Ladera in the north Phoenix sub-market, and they have acquired land to build another industrial park of a similar size… Read more »

How Power Centers Have Been Redefined

No longer dominated by traditional big-box retailers, today?s power centers offer the needs-based stores and services to which consumers are drawn, Donahue Schriber Realty Group?s chairman and CEO Pat Donahue tells We spoke with Donahue after the recent announcement of the privately held REIT, which specializes in retail, receiving a $250-million equity investment from institutional investors advised by J.P. Morgan Asset Management and New York State Teachers? Retirement System… Read more »

With Capital Chasing Yield, Institutional Investors Spreading the Wealth to More Markets and Property Types

When it comes to commercial real estate, institutional investors are increasingly looking to spread their money around the country and acquire property in more non-core markets and property types again this year. After enjoying consistent double-digit returns on most CRE investments in the past couple of years, many are upping their spending allocations for real estate. One major pension fund, the Arizona State Retirement System is planning to increase its CRE investment by about a third… Read more »

PHX Establishes Strategic EDV Fund

Phoenix has had some notable success with adaptive reuse, such as The Newton, a mixed-use gem that rose on the site of the iconic, but long-shuttered Beef Eaters restaurant. Adaptive reuse has been hampered by aging infrastructure, which makes redevelopment cost prohibitive in many cases. It is hoped that Phoenix?s new Strategic Economic Development Fund will ease the infrastructure burden and spur new infill and adaptive reuse projects downtown… Read more »