Commercial Real Estate & Business News – March 13, 2015

The apartment industry emerged as one of the strongest sectors coming out of the Great Recession, and a new study shows just how much the Phoenix economy benefited from the rental boom. In 2013 – the latest numbers available – apartment construction, operations and resident spending contributed $9.9 billion locally and supported 99,900 jobs in the metro area… Read more »
The P.B. Bell Companies, a leader in multifamily real estate development and management, has acquired The Boulevard, a 294-unit apartment community in north Phoenix. P.B. Bell purchased the luxury apartment community, located near Bell Road and 7th Street, from Franktown, Colorado-based Slavin Residential for $33.5 million… Read more »
The former Macy’s space at Fiesta Mall in Mesa will become an urban office space, officials announced today. The transformation of the space into the Fiesta Corporate Campus begins this fall with development by Verde Fiesta I LLC, a corporation represented by Scott Jackson and Steven Johnson. The pair has acquired the building in a deal with Macy’s… Read more »
The $1.9 billion South Mountain Freeway has polarized metro Phoenix for 30 years. Reactions were no differentWednesday when the federal government finally approved the 22-mile highway. Friday, the Federal Highway Administration will publish its formal decision to build the Loop 202 extension, which will join Interstate 10 near 59th Avenue in Laveen and at Pecos Road in Chandler… Read more »
Arizona’s 2.5 percent year-over-year job growth topped the U.S. job growth rate for the first time since the end of 2013. Arizona’s 64,000 new jobs in January 2015 when compared to January 2014 paints a couple of bright points on the economic development horizon… Read more »