Commercial Real Estate & Business News – January 16, 2017

Phoenix-based Vereit Inc. recently turned a corner on its road to recovery, posting a rare if modest quarterly profit. But that achievement, symbolic as it might be, wasn’t something Glenn Rufrano highlighted in a recent meeting. Rather, the relatively new chief executive officer of Arizona’s most valuable public real estate corporation cited a list of accomplishments that he considers more significant…»
The amount of empty industrial, manufacturing and warehouse space is at its lowest level since 2007 when the last recession began. That is according to year-end Phoenix industrial real estate numbers from JLL. JLL has the 2016 year-end regional industrial vacancy rate at 9 percent – the lowest since the end of 2007.…»

It happened just two months before Christmas, a telling sign of the times for Mesa’s Fiesta Mall. That’s when national electronics big-box retailer Best Buy shuttered its store at the mall. The two-story anchor building was constructed in 2007 for the store, which relocated from across the street. Dick’s Sporting Goods occupied…»

An investment firm plans to develop a high-rise apartment project at one of the two plots of land it purchased near Mill Avenue. Core Campus Investment Partners LLC purchased .75 acres at the southeast corner of Seventh Street and Mill Avenue in Tempe, along with the southwest corner of Seventh Street and Myrtle Avenue, for $8.4 million.…»
Real estate developers, brokers and commercial tenants are turning to renovations and rehabilitation projects in desired submarkets such as downtown Phoenix, Tempe, Scottsdale and south of Phoenix Sky Harbor International Airport. New construction isn’t as easy in those areas because of a lack of available land and prices for land have increased. There is more…»