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Commercial Real Estate & Business News – January 21, 2013

Make sure you sign up for the CCIM/IREM 2013 Economic Forecast. It is this week (Thursday, January 24th, 2013) at the Tempe Center for the Arts. There is a great line up of speakers. For more info and to sign up, click here…

Here are the news articles you might find interesting today for commercial real estate and business:

2012 Retail Property Recap by Nick Miner, CCIM 2012 ended up with more than 100 properties trading hands. That is down a little from 2011. Prices are still below peak prices from 2008 ($240/SF) to just under $96/SF in 2012. That is still about a 60% price adjustment from peak. View article…

Phoenix Premium Outlets sets opening date The Phoenix area soon will be home to yet another outlet mall. Phoenix Premium Outlets will open April 4, off Interstate 10 adjacent to the Wild Horse Pass Hotel & Casino in Chandler. Roseland, N.J.-based Premium Outlets is a brand of Indianapolis-based Simon Property Group Inc. It operates 72 malls around the globe, including 62 in the United States. View article…

 

Primestor Looks to Expand in Phoenix After buying and developing in California for the past 20 years, Primestor Development Inc. (the administrative/development arm of Primestor Properties) is starting to push east. Specifically, on the local front, the Los Angeles-based company, which specializes in urban and Hispanic markets, recently acquired the 99,678-square-foot El Monte Plaza from Michael A. Pollack Real Estate Investments for just under $10 million. View article…

Fresh & Easy’s future in Arizona still iffy The future of the Fresh & Easy Neighborhood Markets in Arizona is still uncertain as its United Kingdom-based owner reviews options for the grocery chain that has produced disappointing returns. In December, parent company Tesco announced that it planned to do a “strategic review” of Fresh & Easy. The review could end with Tesco leaving the U.S. market, either by selling the chain or just closing up shop. View article…

Cigna opens downtown Phoenix urgent care center Cigna Medical Group has opened a 95,000-square-foot clinic and urgent care center in downtown Phoenix. CMG invested $15 million into the facility at 3003 N. Third St., which runs on solar power and has a system in place to limit water and energy usage, making it a candidate for Leadership in Energy and Environmental Design certification. View article…

CoStar Sounds Early Warning On Multifamily Development The real estate analysts at the CoStar Group worry that the growth in multifamily development may be too much of a good thing. “Apartment construction has been on a tear in certain markets,” CoStar says. “With the inventory growing at more than four or five times the national rate, vacancies will most likely increase.” View article…

Arizona near top for construction job gains in 2012 Arizona posted the fourth-largest leap in construction employment in the nation last year, according to a new report by the Associated General Contractors of America. The Grand Canyon State reported a total workforce of 119,800 in December last year versus 112,800 in December 2011, said the report, which is based on the latest figures from the U.S. Bureau of Labor Statistics. View article…

HOUSING:
Developer is asking Florence for water rights A housing developer is asking the town of Florence to relinquish its right to provide water and sewer service in the southern, unserved part of the community and give that right to him. George Johnson says he would then be able to develop Florence Ranch. That’s a planned community of 6,000 homes, a dude ranch and destination boutique spa on more than 1,100 acres. View article…