Commercial Real Estate & Business News – July 23, 2013

Top 10 Most Rapidly Expanding Retailers

You can tell a lot about consumer sentiment by analyzing what kinds of stores are in expansion mode. Judging by the most recent report from RBC Capital Markets, U.S. shoppers still place an emphasis on value. On the list of 10 retailers that plan to open the greatest number of stores over the next two years are… Read more

Arizona’s Construction Workforce Among Fastest Growing in U.S.

Arizona’s construction workforce was 11,100 jobs stronger last month than a year earlier, marking a nearly 10 percent yearly gain that tied with Louisiana for the second-largest percentage uptick in the nation, according to a report Friday by the Associated General Contractors of America… Read more

Land Planned for 307 Multifamily Units Purchased in Gilbert

A parcel of land planned for Residences at Gilbert Town Square has been purchased at $4 per square foot by an entity formed by Mr. Paul Stark of Stark Builders Inc. Located within the Gilbert Town Square project South of the Southwest Corner of Warner and Gilbert Roads, the two parcels total 14.36 acres… Read more

ORION Assists Long-Term Phoenix Multi-family Investor Sell Villa Contenta Apartments

The ORION Multifamily Group of Orion Investment Real Estate announced the closing of the 62-unit, Villa Contenta Apartments for $2.7M ($43,548 per unit). Centercrest III Condos, L.P. originally purchased the property in 1998 for $1,5M ($24,194 per unit). John Kobierowski and Alon Shnitzer with the Orion Multifamily Group led their team in this transaction… Read more

Texas Investor Buys Parkway Fountains for $9.3M

Parkway Fountains LLC sold the Parkway Fountains office building at 1702 E. Highland Ave. in Phoenix, AZ to Griffin Partners, Inc. for $9.3 million, or approximately $115 per square foot. Built in 1987 on a 1.5-acre parcel, the 80,465-square-foot, multi-tenant building was approximately 81 percent leased at close of escrow… Read more