Here are the news articles you might find interesting today for commercial real estate and business:
Union Bank selects Tempe for expansion Union Bank, N.A., a full-service commercial bank headquartered in San Francisco, today announced it is expanding into Arizona with a new mortgage operations center in Tempe, which will ultimately employ approximately 250 mortgage professionals, including application processors, underwriters, and other operations support and management positions. Union Bank Executive Vice President Jim Francis made the announcement this afternoon with Governor Jan Brewer, Tempe Mayor Mark Mitchell, the Arizona Commerce Authority (ACA) and the Greater Phoenix Economic Council (GPEC). View article…
Macy’s putting $35 million into Goodyear center, to hire 125 Macy’s Inc. announced a $35 million expansion of its online fulfillment center in Goodyear today. The move is in response to sales growth for the national luxury retailer. Macy’s will add 360,000 square feet to its fulfillment center, making it nearly 1 million square feet. View article…
APARTMENT DEVELOPER CLOSES ON PRIME SITE AT CAMELBACK ROAD AND 44TH STREET A company formed by JLB Partners L.P. in Irving, Tex. (James Bosler, chairman) plans to develop 312 apartments near the southwest corner of 44th Street and Camelback Road in Phoenix. Records show JLB Camelback LLC paid $11.8 million to buy the 6.8-acre (gross) site. The seller was PB and J XVI LLC, a company formed by Parkway Bank & Trust Co. in Chicago, Ill. The buyer acquired the property with a $9 million loan from Parkway Bank & Trust. View article…
Cassidy Turley Secures Lease for Southwest Service Administrators Cassidy Turley has renewed a 18,922-square-foot office lease for Southwest Service Administrators at The Crescent Corporate Center, 2400 W Dunlap Road. The building has remained the home of Southwest Service Administrators for over 10 years. Executive Vice President, Mark Seale with Cassidy Turley Arizona’s Tenant Representative Group represented the tenant. Brandon Muller of The Muller Company represented himself as the building owner. View article…
Apartment, condo complexes, Fry’s revamp get Scottsdale council OK An apartment complex that will replace Rural/Metro’s Corp’s billing and call center was approved by the Scottsdale City Council on Tuesday. The council also gave the go-ahead for an eight-story condominium complex in downtown’s entertainment district and a face lift for an aging Fry’s shopping center. Wood Partners, a developer of multifamily residences, plans to build a four-story, 218-unit apartment complex at the northeastern corner of Indian School and Granite Reef roads. The site has been home to the Rural/Metro center, which is closing. View article…
First Down syndrome clinic opens in Arizona The first Down syndrome-specific clinic in Arizona opened Thursday in Phoenix. “The goal of the clinic is to provide multi-disciplinary evaluations and interventions for children with Down Syndrome from birth to 18 years within one center, so families spend less time pursuing services through multiple agencies and professionals. View article…
Walmart brings new checkout system to Valley Walmart is bringing to the Valley what might be the future of how customers checkout in stores. The world’s largest retailer introduced a program called “Scan & Go” last year to about 70 stores in Atlanta and Arkansas, where the company is headquartered. View article…
Phoenix Sky Harbor announces Sky Train opening Travelers will soon have a new way to access Sky Harbor Airport. The airport announced Thursday that its Sky Train, which provides access to Terminal Four from the light rail, is scheduled to open at noon on April 8. “This is an exciting day for the city of Phoenix and Phoenix Sky Harbor International Airport,” said Phoenix Mayor Greg Stanton in a release. View article…
Shadow Tenancy Driving Distressed Deals Real estate gurus frequently talk about “shadow inventory” in the residential markets. But there’s a similar phenomenon occurring in the commercial real estate markets that should be encouraging for nearly every commercial real estate investor, especially ones involved in distressed deals. View article…
Federal Reserve sees slow recovery for years to come The Federal Reserve trimmed its forecast for economic growth in 2013, but said Wednesday that it’s a bit more optimistic that the unemployment rate will decline. The Fed expects the U.S. economy to grow between 2.3% and 2.8% this year, slightly weaker than its prior estimate. View article…