Commercial Real Estate & Business News – July 13, 2016

Construction on the 630,000-square-foot Medline medical facility distribution center in Phoenix is set for its scheduled completion in September 2006, according to Milt Elmer, vice president of McShane Construction Company’s Southwest Region, the contractor for the project. The new facility will allow Medline to consolidate its existing operations into one fully-equipped space at 87th Avenue and Buckeye Road in Phoenix.…»

San Diego-based Sunrise Management has begun the nearly $1 million renovation of Park Tower and will assume day-to-day management of the 10.73 acre property. The comprehensive renovation will include extensive interior and exterior upgrades.…»

Two Scottsdale-based apartment developers have traded a 432-unit complex in Mesa for $34.4 million. P.B. Bell Cos. has sold the Whispering Meadows development in the East Valley to MC Cos. The property is located near Fiesta Mall in Mesa. MC Cos. is rebranding the complex as The Place at El Prado. MC’s other complexes also all have The Place branding.…»

Cullum Homes’ new mansions at the redevelopment of the Mountain Shadows golf course in Paradise Valley features homes ranging between $2.3 million and just under $4 million. Cullum is out with the first of its model homes for its super expensive Village at Mountain Shadows subdivision.…»
Demand for rental apartments roared back this spring, filling empty units and making up for a weak start to the year. “Apartment demand surged in second quarter,” says Greg Willett, chief economist for MPF Research, a division of Real Page Inc. “Strong demand pushed occupancy back to the post-recession peak.”…»