Commercial Real Estate & Business News – July 28, 2015

Phoenix metro shopping center is no longer a cringe-worthy phrase that one is afraid to utter in the real estate world. In fact, after a 6-year period of bumping along the bottom after a freefall never experienced before in our market, Phoenix metro retail has roared back to an “en vogue” status receiving local, national and even international attention. The last few quarters in 2014 and 2015 in the Phoenix metro retail sector is producing a dollar volume not seen since its peak in Q1 2007. The trailing 12 months dollar volume ending Q2 2015 totaled nearly $900 million overall; tenfold the volume compared to 2009 and 2010. Although sales volume stands 30% to 40% off peak compared to 2005, the Phoenix metro retail market is progressing steadily… Read more »
Two Las Vegas developers have bought 11.8 acres of land including a 67,000-square-foot office condominium building in the Troon North area of Scottsdale. Remington Nevada and InterCapital Development bought The Villages at Troon North Phase II office condos and adjacent land for a residential condo development from an entity called FNBN Troon LLC. The sale was structured with the Federal Deposit Insurance Corporation. The office condo building has been empty and not developed beyond shell condition since 2009 during the height of the recession… Read more »
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 and the rest of the Valley, said John Waldron of Williams Waldron, the communications firm involved with the project. Phoenix-based developer Antera will work with Wespac Communities to build the complex over the next 18 months… Read more »
The Heard Building near Central Avenue and Adams Street is getting a new glass facade and its office floors a more modern and open build out. The seven-story downtown building is made of concrete. It was built that way in 1919 after a fire destroyed the wooden Adams Hotel across the street… Read more »
Three potential routes remain under study for extending Valley Metro’s light-rail line from west Phoenix into downtown Glendale by the year 2026. Adding rapid-transit bus service along those same routes is an alternative being explored as well… Read more »