Commercial Real Estate & Business News – March 20, 2014

Pennsylvania Firm Makes Second Valley Industrial Purchase With $13.2 Million Deal

It took more than a year to add to its industrial real estate holdings in the Phoenix market, but Exeter Property Group in Plymouth Meeting, PA has now invested $30.7 million in acquiring 500,000 + sq. ft. of distribution space in the Valley. In a sale completed this week, Exeter 2225 South 43rd LLC paid $13.2 million ($52.63 per foot) to acquire a 250,796-square-foot distribution-warehouse facility located at 2225 S. 43rd Avenue in Phoenix… Read more

150,000SF Building to Break Ground

Phase III of Scottsdale Quarter will break ground this summer. Phase I and II of the mixed-use center, which sits on 28 acres at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, includes 370,000 square feet of upscale retail, restaurant and entertainment options and 203,000 square feet of class A office space… Read more

Development at Eastmark: From Homes to Major Employment Centers and Everything in Between (Part 1 of 2)

Eastmark has been making news since DMB Associates bought 3,200-acres in East Mesa over seven years ago, site of the former GM Proving Grounds. DMB doesn’t do anything small, with successful communities such as DC Ranch in Scottsdale and Marley Park in Surprise under their belt. One of the most well-known developers in the Valley, they continue to build communities that enhance the quality of life for residents while providing a catalyst to the economy of the cities where they are built… Read more

Arizona Lawmakers Court $5 Billion Tesla Plant

Arizona?s congressional delegation has penned a letter to Tesla Motors CEO Elon Musk touting the state as a location for a $5 billion electric battery plant. Valley mayors have already penned a similar courtship letter to Musk… Read more

Commercial Construction Indicator Nudges Up In February

CRE Design Activity, Multifamily Building Boom Fuel Construction Growth: Billings for work on the books by architecture firms increased slightly in February despite the idling of business and construction activity by bad weather in many areas, according to the Architecture Billings Index… Read more