Commercial Real Estate & Business News – June 4, 2014

Arizona scored double-digit increases in construction spending in January 2014 over the previous year. Nationally, April construction volume was up 8.6 percent compared to the previous year. January is the latest data available for Arizona. The U.S. Census Bureau data is generated more quickly… Read more
Sure, Phoenix is hot in the summer and crowded with snowbirds in the winter, but if you are a new college graduate, it is the place to be. The 8th best, that is, according to Kiplinger, which ranked Phoenix just below Washington and slightly above San Francisco on its annual list of 10 Best Cities for New Grads… Read more
Emma Capital Inc. in Toronto, Ontario, Canada paid $15 million ($52,083 per unit) to purchase the 288-unit Sendero Ridge apartments located at 945 W. Broadway Road in Mesa. The seller was Pimal Property Inc. in Scottsdale. Maricopa County records show the buyer acquired the multi-family project with a $11.25 million loan from New York Community Bank… Read more
David Sellers of LGE Design/Build and Michael J Anderson of Anderson Auto Group have completed the sale of two office properties – 900 N Fiesta Boulevard and 1620 W Sunrise Boulevard – in Gilbert for a combined $13,483,900 or $100.82 per ft2. The buyers were Frank and Marjorie Rhodes as members of Rhodes Development, a private Newport Beach, CA-based real estate developer, who paid cash for the properties…Read more
There is an increasing popularity of infill development, and one place you can see that is high above Hance Park in Phoenix. You can faintly hear traffic on I-10 from the roof of Portland Place, a 54-unit condo building at 3rd Avenue and Portland. “A lot of activity that had started and was moving along prior to the recession coming into play. What’s happened is that the people have come back, looked at downtown, and said, Let’s pick up from where we stopped,'” said Tim Sprague, a principal in the development company Habitat Metro, which focuses on infill projects. It’s the firm behind Portland Place, and the second phase of that project, which is slated to start construction right next door later this year… Read more