Commercial Real Estate & Business News – June 22, 2015

ASU To Break Ground On Facilities District Next Year

Groundbreaking on the first developments in the Arizona State University Athletic Facilities District could come as early as next year. The 330-acre urban community east of Sun Devil Stadium is ASU?s development endowment to continually raise funds for top-of-the-class athletic facilities at the school. The university is partnering with Catellus for a long-term development plan that is now being circulated to stakeholders…. Read more »

Investors Knock at Casa Grande?s Door

The 1.75 million-square-foot PhoenixMart project that broke ground last November in Casa Grande is attracting attention from opportunistic investors. Spurred by the area?s rising economy, Siegel Group Nevada Inc. acquired a 483-unit extended-stay property for $8.3 million. The PhoenixMart project is a global trade center designed to connect, facilitate and streamline manufacturing, retailing and wholesaling under the same roof… Read more »

At Last, Millennials Diving Into Home-buying Pool

Something, or actually a lot of someones, was missing from metro Phoenix’s housing market last year. A dearth of first-time buyers, mainly Millennials, was the main reason the Valley’s housing recovery stalled. But a growing number of these first-time buyers are no long avoiding commitment to a mortgage. As a result, bidding wars are erupting over affordable Valley houses, which has led to the 10-percent increase in home sales this year… Read more »

Not Everyone Wins a Trophy

There?s no space like trophy space. The premiere office towers that make up Phoenix?s skyline boast?by far?the most expensive office space to rent, garnering asking rents that are 33.5% higher than non-trophy space. Average Phoenix trophy rates in the first quarter of 2015 were $26.53 per square foot, compared to $19.87 per square foot in non-trophy buildings. This gap between local trophy and non-trophy space is approaching peak historical spreads: 10 years ago, the difference was 37.6%… Read more »

Majestic Tempe Project Wins Approval

The three-building, 173KSF Majestic Tempe project (6116 S Ash Ave.) is slowly moving forward after approval by the city?s Development Review Commission. Long a target for development, project owner The Edward P. Roski Trust and developer Majestic Realty Co., came to feel the timing and market conditions were right to move forward. Commerce Construction serves as design-build General Contractor for the development with the design being handled in-house… Read more »