Commercial Real Estate & Business News – June 5, 2014

The Phoenix suburb of Surprise could be a serious contender to land Tesla Motors Inc.’s coveted $5 billion electric battery factory. The Surprise City Council was set to meet in a private executive session to discuss a possible new business operating at the Southwest Railplex development.An official with knowledge of the Tesla site selection says the Surprise council will discuss a possible $50 million incentive package aimed at bringing the 6,500-worker factory to the West Valley… Read more
Vivint Solar, the second largest solar installer in the country, has moved into Arizona with two new offices and plans to hire up to 100 employees. The Provo, Utah-based company has wanted to move into Arizona for a while since the state is the second largest in the country with solar installations, behind California, said Chance Allred, Vivint’s vice president of sales… Read more
A company formed by RK Properties paid $21.2 million ($50,476 per unit) to acquire the 420-unit Northern Greens apartments located at 8150 N. 61st Avenue in Glendale. The seller was a company formed by Principle Real Estate Investors LLC. The Principal Real Estate Investors entity took title to Northern Greens through a deed-in-lieu of foreclosure from the previous owner… Read more
Orsett Properties celebrated the start of construction on Building No. 4 at The Reserve at San Tan located in Gilbert, AZ. A ground breaking ceremony was held on May 30, 2014, for the new 104,000-square-foot project located at 339 East Germann Road (southeast of the corner of Gilbert Road and Germann Road). Willmeng Construction, Inc. is serving as general contractor on the concrete tilt office building. The new building (4th in the office park) will include CMU accents and steel entry canopy/trellis, and can deliver up to a 10/1,000 parking ratio. Designed by project architect Butler Design Group, the 104,000-square-foot building will be mezzanine ready for up to 168,000 square-feet total… Read more
The search for yield is pulling more investors toward the retail real estate sector and this has led to a pop in values. According to the CoStar Commercial Repeat Sales Index (CCRSI), retail asset values appreciated more than those of any other property type in 2013, with prices rising 15 percent. Growth in office building values was far lower at almost 9 percent, and apartment growth the weakest, at 6 percent… Read more