Commercial Real Estate & Business News – July 29, 2013

Bascom Arizona Adds 226 Units to Expanding Portfolio

In its most recent regional buy, Bascom Arizona Ventures, a subsidiary of Bascom Group LLC, acquired the 226-unit Terraces at Glassford Hill in an off-market transaction. Bascom forked over $22.3 million to Aspen Square for the class A multifamily property… Read more

Glendale Warehouse Sold to Canadian Firm for $9.2 Million

Sprouts Farmers Market’s 105,848-square-foot distribution warehouse in Glendale has been sold to a Canadian real estate firm for $9.2 million. WAM Glendale L.P., an entity formed by WAM Development Group in Alberta, paid $86.90 per square foot for the cold-storage warehouse, which is located along 55th Avenue between Camelback and Bethany Home roads. That’s slightly higher than the Valleywide average sales price of $81.31 per square foot for industrial space as of June, according to LoopNet… Read more

Construction Companies Step Up for Chance at Building Loop 202 Extension

A consortium of construction companies wants to build the proposed Loop 202 South Mountain freeway, and the state said the unsolicited plan has cleared an initial review and could pave the way for a faster and less expensive model for road-building… Read more

Market Trend: Phoenix’s Office Vacancy Decreases to 19.4%

The vacancy rate was down over the previous quarter, with net absorption totaling positive 183,607 square feet in the second quarter. That compares to positive 227,364 square feet in the first quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 812,492 square feet… Read more

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 all three of the major dollar chains: Dollar General, Family Dollar and Dollar Tree… Read more