Commercial Real Estate & Business News – July 12, 2016

After leasing a class-A distribution facility in the heart of Phoenix’s Southeast Valley industrial market for three years, global supply chain leader XPO Supply Chain Inc. has opted to purchase the building. The company formerly known as Menlo Worldwide originally occupied the Lincoln Property Company building in 2013, bringing with it a wide variety of Internet fulfillment-related jobs. XPO executed its option to purchase the building located at 7037 W. Van Buren St. for $30.378 million.…»
The Phoenix City Council at its July 1 meeting adopted a rezoning application from a developer seeking to redevelop the site of a vacant furniture store to build a five-story mid-rise luxury multifamily for people “active adults.” Developer and builder Greystar will construct Kierland Overture on 2.45 acres at the NEC of 71st Street and Tierra Buena Lane in Phoenix, which will include 171 age-restricted multifamily units to be marketed to residents 55 years of age and older…»

Developers Steven Shores and Marc Pollack found a way to stand out from the crowd rushing to build apartments in Atlanta’s ritziest neighborhood: they’re putting their 315-unit project in Buckhead on hold. “We found ourselves wondering if it makes sense now to move forward on a project when four or five others are on the exact same schedule,”…»

Arizona Commerce Authority is ahead of the curve in meeting its five-year goals as it enters the last year of the five-year objectives. In the fiscal year ending June 30, ACA collected commitments for 17,629 new direct jobs. These are new jobs into Arizona that companies commit to hire over the first three years facilities are open in the state. This brings the total job commitments since fiscal 2013 to 112,905

After the second quarter came to a close, median retail cap rates held steady at 6.18 percent, as property owners and investors engaged in tougher negotiations over final pricing before closing sales, according to the latest net lease market report from The Boulder Group. Auto parts retailers were best-positioned as tenants in the quarter.…»