Commercial Real Estate & Business News – January 19, 2015

Martin Luther King, Jr. in a speech titled “Beyond Vietnam,” delivered April 4, 1967, in New York, he showed he didn’t see anything through rose-colored glasses, and admitted that he wasn’t super hopeful about the US’s prospects in Southeast Asia:  “The world now demands a maturity of America that we may not be able to achieve.”


Developers are being sought for 200 acres earmarked for apartments, offices, retail and restaurants along Williams Field and Recker roads in Gilbert. The site is part of the 775-acre Cooley Station development, for which all of the home sites have been sold. Once Cooley Station is built out, an estimated 20,000 people will live within a mile of the intersection of Williams Field and Recker… Read more »
A tenant-in-common entity led by TM Equities Inc. in Salt Lake City, Utah (Roger Thompson, James Michie, partners) paid $42.5 million ($145,548 per unit) to buy the 292-unit Trillium Cave Creek apartments at 20050 N. Cave Creek Road in Phoenix. The seller was Cave Creek & Beardsley LLC, formed by Trillium Residential LLC in Phoenix (Jamie Dawson, Ken Losch, principals)… Read more »
The December jobs report capped a banner year for the US labor market. As compared to a year earlier, public and private employers added just short of 3 million net new jobs, the best showing since 1999. Private sector employment accounted for a disproportionate 97 percent of the net increase for the year and 95 percent of the increase over the last month… Read more »
The city of Tempe has terminated a development deal with a Chinese-backed Scottsdale company that wanted to build a $1 billion project on Tempe Town Lake. TrendEx Holdings LLC and Tempe entered into a development and land sale pact last year. The developer was supposed to buy 11 acres of city-owned land on the south side of Tempe Town Lake. TrendEx was to purchase the land for $17.6 million… Read more »
CBRE has negotiated the sale of Kierland II located at 16260 N 71st Street in Scottsdale, Ariz. The 237,875-square-foot office building commanded a sale price of $49.15 million. The property was approximately 80 percent leased at time of sale… Read more »