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Commercial Real Estate & Business News – March 19, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

To view the February/March issue of Chain Store Age, click here…

Papago Industrial Bldg Sells for $2.7M R&B Wholesale Distributors has paid $2.65 million, or about $55 per square foot, for the industrial building at 353 N. 44th Ave. in Phoenix, AZ that it acquired from the Johnson Living Trust. The 48,294-square-foot warehouse property was built in 2002 on three acres in the SW N of Buckeye Road Industrial submarket of Maricopa County, less than one mile from a full interchange at I-10. The building includes 5,000 square feet of built-out office space, 28-foot clear heights in the warehouse, a fenced lot, four loading docks and four drive-in doors. View article…

Air Transport Takes down 62,000 SF In an expansion and relocation move, Air Transport Components signed a 10-year lease for 62,412 square feet of space in a building that once belonged to the US Postal Service. In signing the lease, the Tempe, AZ-based company is consolidating two facilities totaling 53,000 square feet, while ensuring room for future expansion. View article…

Downtown Pedestrian Counts Released In the fall of 2012 the Downtown Phoenix Partnership Research Department began an effort to track mid-day pedestrian activity at major intersections throughout Downtown. The results were surprising and provide us with tangible evidence that the investments of the past decade are paying off. View article…

Downtown sandwich shop drawing the ‘in’ crowd Phoenix certainly is not Los Angeles, New York or Washington when it comes to having “it” restaurants where people go simply to be seen. Sure, we have Durant’s, and some high-end restaurants at Scottsdale and Paradise Valley resorts. View article…

Goodwill of Central Arizona opening new Phoenix career center Goodwill of Central Arizona plans to open another retail store and career center in Phoenix on March 29. The new career center, at 3130 E. Thomas Road in Phoenix, is Goodwill’s 15th in the region. View article…

Phoenix independent bookstore survives (for at least another month) Thanks to an extreme outpouring of literary love, independent bookstore Dog-Eared Pages will remain open in Phoenix at least for another month. Since sharing its story with the community last week, the Phoenix book shop drew enough bibliophiles and rang up enough sales to make its scheduled $5,000 payment this week. The store had been on the brink of closure. View article…

Arizona among leaders for new construction jobs Arizona kicked off 2013 with the seventh largest increase in construction employment in the nation, according to a Monday report from the Associated General Contractors of America. View article…

Affluence in America: What Gen Y Buys While members of generation Y – Americans born between 1978 and 1994 – have largely been set back by the economic downturn just as they entered the workforce, one report says a significant number are starting to spend big. “Affluence in America: The Next Generation” a report by advertising agency Digitas, finds 16.6 million gen-Y households with an annual income of $100,000 or more. View article…

HOUSING:
Survey: 1 in 5 U.S. Households Reside in a Multifamily Rental The Census Bureau and HUD released the results of its new 2012 Rental Housing Finance Survey, revealing that one in five American households live in multifamily rental buildings. The new survey builds on previously known information and collects data on property values and characteristics of residential structures as well as rental status, rental value, commercial use of space, an assessment of mortgage financing, and other aspects of multifamily housing. View article…

Industry Experts Predict Price Growth into 2017 If projections hold out, home values will rise 22 percent cumulatively by the end of 2017, according to Zillow’s first-quarter Home Price Expectations Survey. For its report, Zillow and Pulsenomics surveyed a nationwide panel of 118 economists, real estate experts, and investment and market strategists to get their thoughts on future home values and housing market policies. View article…

Blackstone Crowds Housing Market as Rental Gains Slowing Rents for single-family homes are rising slower than property prices as firms such as Blackstone Group LP (BX) flood the market with homes for lease, posing risks to investors betting billions on the burgeoning market. Monthly payments for properties in Phoenix rose 1.3 percent in February from a year earlier, compared with a 25 percent jump in for-sale asking prices, according to Trulia Inc. (TRLA), which operates an online listing service. View article…