Commercial Real Estate & Business News – January 13, 2014

ORION Investment Real Estate announced the closing of Copper Point Business Park, a three-building, two-story, Class-A office/retail complex, located in the Gilbert, for $12.75M ($117 per SF) to West Coast Capital Partners…Read more
A brief tour of downtown and the Valley’s suburbs gives a semi-accurate snapshot of the strip mall vacancy scenario: there are vacancies aplenty, and it doesn’t look as though the outlook will be changing any time soon…Read more
As the Phoenix metropolitan area begins its economic revival from the Great Recession, business and political leaders say the central core of the city is looking more and more like a microcosm of the diversified global marketplace sought by both proprietors and policymakers… Read more
A new $80M dual-purpose hotel is slated to rise from the site of a two-story vacant building at Central Avenue and Madison Street in downtown Phoenix. Hansji Urban plans the capstone of its Luhrs Block development with a 320 room hotel. The new 240KSF, 19-story Luhrs City Center Marriott, according to its application with Phoenix, will be divided with around 120 rooms dedicated to a Courtyard by Marriott and about 200 rooms for a Residence Inn by Marriott… Read more
The rebound of the Phoenix-area housing market continued losing steam in November, which saw the weakest sales numbers in several years and the once-explosive price increases slow to a trickle… Read more