Commercial Real Estate & Business News – July 15, 2015

Best Buy / Dick’s Sporting Goods Anchor Transacts at Fiesta Mall

The 95,000 square foot Best Buy / Dick?s Sporting Goods anchor at Fiesta Mall in Mesa sold Wednesday for a price of $5.9 million, or $62 per square foot. Macerich previously purchased this property for $16.05 million in early 2007. The prior sale included a former anchor building which was demolished to make way for present improvements. The new owner of the property is valley investor Ernest C Garcia II, owner of Drivetime Automotive Group… Read more »

U.S. Commercial Sectors Enjoy Continued Momentum in Q2

According to CBRE, the U.S. commercial real estate market continued to exhibit strong momentum across all property types in the second quarter of 2015. The office vacancy rate dropped 40 basis points (bps) to 13.5%, now at lowest point since Q3 2008 (13.2%). In Q2 2015, the industrial availability rate dropped 30 bps to 9.8%–matching the cyclical low achieved in Q4 2007… Read more »

Construction Begins on Enclave at Borgata Luxury Condos

Visitors to the corner of N. Scottsdale Road and E. Lincoln Drive might notice a little extra noise in the shopping and dining district this summer. That’s because construction has officially begun on the Enclave at Borgata, a luxury condominium complex that will replace the Borgata of Scottsdale mall after its 2013 demolition. What’s now a pile of dirt will give way to a three-building, 86-unit, resort-style complex, catering to wealthy empty nesters and frequent visitors to Scottsdale… Read more »

Portico Place II Secures Hanjin Shipping As Anchor Tenant

Portico Place II, a 48,173-square-foot Class A multi-tenant office building in Chandler, Az. has secured its first tenant, Hanjin Shipping, a transportation logistics firm that will occupy 37,669 square feet. Hanjin Shipping will take up 78 percent of the building?s overall space, occupying the entire second floor and half of the first floor. Portico Place II officially opened in April and is located at 2195 W. Chandler Boulevard… Read more »

Lux Air Jet Centers Breaks Ground at Phoenix-Goodyear Airport

Lux Air Jet Centers, the Phoenix-Goodyear Airport Fixed Base Operator (FBO) since 2007, was joined by Goodyear Mayor Georgia Lord, City of Phoenix Aviation Department officials and Washington Federal on Friday, July 10 to break ground on its planned Corporate Hangar and FBO Facility at the Phoenix-Goodyear Airport. The nearly $10 million project, slated to be completed in Spring 2016, will include:… Read more »