Commercial Real Estate & Business News – July 25, 2016

In what is the highest price sale of an industrial building in the Valley in four years, a venture formed The Koll Co. in Newport Beach, Calif. (Ray Wirta, CEO) paid $74.75 million ($74.06 per foot) to buy a 1 + million-square-foot distribution center located at 6835 W. Buckeye Road in Phoenix…»
Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. However, Metrocenter was challenged in recent years by competing regional malls, changing shopping patterns and the Great Recession…»
A New York-based developer submitted a Planned Unit Development zoning request to the City of Phoenix to construct a 28-unit condominium development with 4,080 SF of ground floor neighborhood servicing retail space to be located at the SWC of West Sherman Street and South Second Avenue…»
The two organizations with more than 40,000 employees working in the state of Arizona, the state itself and hospital operator Banner Health, finished 1-2 when the Phoenix Business Journal today published its annual Largest Employers list…»
Global investors look to stability of U.S. commercial real estate market as safe haven As the fallout from Brexit continues to stir market volatility, many international investors are seeking the security and economic stability of the U.S. commercial real estate market. Coupled with low interest rates for loans, brokers who belong to CCIM Institute…»