Commercial Real Estate & Business News – February 27, 2015

Arizona Forecast To Generate Nearly 120,000 Jobs In Next Two Years

Arizona is expected to add around 120,000 jobs in 2015 and 2016, according to a new forecast from the Arizona Department of Administration. Tourism growth is expected to lead that job growth, according to the 2016 Employment Forecast from the ADOA, with 56,600 expected to be added this year with the other 63,100 to come in 2016. Jobs are expected to increase in all employment segments, even construction… Read more »

Woodbine/Westroc Completes Land Buy To Build Hotel And Condos At Mountain Shadows

Companies formed by Woodbine Development Corp. in Dallas, Tex. (John Scovell, CEO) and Scottsdale-based Westroc Hospitality (Scott Lyon, CEO) paid $10.5 million to buy sites within the Mountain Shadows Resort in Paradise Valley that are targeted for a boutique hotel and residential condominiums. The landmark Mountain Shadows property takes in 68 acres located along the south side of Lincoln Drive and both sides of 56th Street… Read more »

Health Care Tenants Prefer Small Spaces to Big Boxes

As health care becomes more patient-focused, many providers have moved into retail space to become more accessible and convenient. But property owners who expect to backfill empty massive big boxes with health care tenants will probably be disappointed, experts warn… Read more »

Irgens Announces 60,000 SF Build-to-Suit Medical Office Building for Cigna Medical Group

Irgens is proud to announce the development of a 60,000 square foot, two-story Class A medical office building for Cigna Medical Group in Peoria, Ariz. “We are excited to provide Cigna Medical Group with a state-of-the-art health center that will expand its urgent care, pharmacy, imaging, laboratory and specialty services to patients in Northwest Phoenix,” said Jason Meszaros, Vice President/Market Manager, Irgens… Read more »

OdySea will break ground March 5

McCarthy Building Companies will break ground at 5 p.m. March 5, 2015, on the OdySea Aquarium, which will be located adjacent to Butterfly Wonderland in Scottsdale. The groundbreaking celebration has been organized by OdySea founders Amram Knishinsky, Ph.D., and Martin Pollack and also involves the facility designer Deutsch Architecture Group… Read more »