Commercial Real Estate & Business News – January 15, 2021

Store Closures Lift Phoenix’s Vacancy Rate, But Some Retailers Are Expanding
Phoenix’s retail leasing volume fell to a historic low last year, and numerous retailers shuttered their doors as they were unable to withstand the challenges created by the coronavirus pandemic. But not all segments of the retail market suffered, and its recovery depends on an improving health…»
Ascentris, Cypress Claim Novus Innovation Corridor Tower
Denver-based Ascentris, in partnership with San Diego-based Cypress Office Properties, LLC, acquired 777 Tower at Novus in Tempe. The six-story Class A office building totals 161,000 square feet and was sold by developer and builder, Ryan Companies, along with JV partner…»
Landsea Homes Acquires 1,067 Homesites in Goodyear and Mesa
Landsea Homes, a publicly traded residential homebuilder, announced today the acquisition of 1,067 finished single-family homesites at Eastmark in Mesa, AZ and El Cidro in Goodyear, AZ. “We continue to strategically expand in Arizona with the recent purchases…»
SunCap Property Group Sells Arizona Industrial Asset
SunCap Property Group has sold a 135,745-square-foot light industrial building forming part of its 63-acre Gilbert Spectrum Business Park in Gilbert, Ariz. Boston-based GID Industrial paid $23.2 million for the Class A asset which was fully leased at the time of close. Cushman…»
Master Developer Sought for 400 Acres Near Phoenix-Mesa Gateway Airport
The Phoenix-Mesa Gateway Airport Authority is seeking a master developer for 400 acres of land envisioned to be a mixed-use district featuring retail, industrial and office uses. The area, called GatewayEast, is located east of the airport along Ellsworth…»