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Commercial Real Estate & Business News – July 9, 2013

L.A.-Based Investor Pays $34.5 Million for Industrial Building and 100 Acres in Goodyear

A company formed by Cohen Asset Management Inc. in Los Angeles, Calif. (Brad Cohen, principal) paid $34.5 million to purchase a 150-acre property in Goodyear that once served as a manufacturing and distribution facility for Rubbermaid Inc. of Freeport, Ill. The acquisition included an industrial building of 752,000 sq. ft. that is located at 4320 E. Cotton Lane and roughly 100 acres of land targeted for another 1.7 million sq. ft. of industrial space… Read more

ASU: Phoenix-Area Home Prices Still Surging as Inventory Remains Low

Arizona State University’s monthly housing report for May showed two sides to a very complicated and rapidly changing Phoenix-area housing market. On the upside, home prices in metro Phoenix are still surging, albeit at a slightly slower annual pace of 26 percent. In addition, investors continue to lose interest and what was once ground-zero for the foreclosure crisis has returned to some degree of normalcy… Read more

Spring Training Museum, Transit in Possible $147.9M Mesa Bond Election

Mesa voters could have an opportunity to fund a multitude of city-related street, public safety and historical projects if the city council moves forward on what could be a $147.9 million bond election in November… Read more

Retailers Push for Online Sales Tax Collection

Known as the Marketplace Fairness Act, the legislation has been languishing in Washington, D.C., until this year. The ICSC, the National Retail Federation and the Institute of Real Estate Management, along with the National Governors Association and The United States Conference of Mayors, have all been lobbying for the legislation. With the Senate approving it in a 69-27 vote on May 6, it has the best chance in years of becoming a law that President Barack Obama can sign, according to several commercial real estate executives. While it had a fairly smooth ride in the Senate, where Majority Leader Harry Reid bypassed the Finance Committee and took it to the floor for a vote, getting it through the House of Representatives will be a much more difficult process, they admit. The bill will have to go through the House Judiciary Committee, and Chairman Bob Goodlatte has already raised several concerns about it… Read more

Monday Morning Quarterback

Total claims for Arizona unemployment insurance have stalled after significant reductions earlier in the spring. Nonetheless, the reductions from last year are noteworthy. As for unemployment rates, reductions continue in the state and in Greater Phoenix. This is due to some employment gains combined with declines in the labor force. Arizona and Greater Phoenix lodging performance continue to make modest gains due to increases in demand combined with virtually no new supply… Read more