Commercial Real Estate & Business News – February 9, 2015

Phoenix Construction Costs Expected to Rise

On February 5, Mortenson released its quarterly Construction Cost Index report for Phoenix along with five other metropolitan areas in the U.S. According to the report, non-residential construction labor, material and equipment costs in the greater Phoenix area are forecasted to increase 3% in 2015.While costs fell in the latest quarter and there was 6% decline in local, non-residential construction employment last year according to data from the Bureau of Labor Statistics, Phoenix is expected to experience labor shortages due to the effects of healthy construction activity in California, Utah and Colorado… Read more »

Light Rail Brings High Hopes for Downtown Mesa

When construction began on Mesa’s $99 million arts complex in 2002, a seed of belief was planted deep in the heart of the city’s historical downtown ? a belief that the quiet district could eventually grow into something greater… Read more »

374-Unit Multifamily Project on Horizon for South Scottsdale

Dallas-based JLB Partners is proposing to build a more than $65M project of 374 multifamily housing units south of the southwest corner of Scottsdale and Osborn roads on the site of the vacant Red Lobster, which would be demolished… Read more »

Mulberry Marketplace Shopping Center Announced Fry?s Food & Drug to Anchor

Retail developer Brown Group closed on a vacant piece of land at the northwest corner of Guadalupe Road and Signal Butte Road in Mesa, Ariz., with plans to build Mulberry Marketplace, to be anchored by Fry?s Food & Drug. In total, 17.70 acres of land was purchased, with Brown Group partners Gary Brown and Todd Kjar buying 5.30 acres and Fry?s 12.40 acres, in a deal that has been in the works for some 17 months. Mulberry Marketplace will be the third Fry?s-anchored center Brown Group has developed in the last five years. The other two being Fortuna Commons shopping center in Yuma, Ariz., and Sundome Crossing in Sun City West, Ariz… Read more »

RadioShack to Shutter 17 Stores Across Arizona

In case you haven’t heard, that store your engineering grandfather likely visited when he was younger ? RadioShack ? has filed for Chapter 11 bankruptcy and is poised to pass from this world into wherever old, tired brands go after they die… Read more »