Here are the news articles you might find interesting today for commercial real estate and business:
450,000 SF Planned for Buckeye Thanks to assistance from the local town council, Sun State Builders has obtained permission to build a 450,000-square-foot speculative industrial building. According to a press release, the process was “fast tracked” in attempts to develop space that will meet growing demand in the West Valley. With this approval, the building at Apache and Yuma roads can be available for occupancy in six to eight months, which is six months ahead of a traditional schedule. View article…
Duke Pulls Half Interest in Chambers JV for $99M Locally based Duke Realty recently sold its interest in 17 properties in Ohio, Texas, Florida, Arizona, North Carolina and Minneapolis, part of a larger venture with Chambers Street Properties, to Chambers for about $99 million. Chambers, based in Princeton, N.J., now takes over 16 offices and one warehouse totaling about 1.8 million sq. ft. The properties include the two Landings buildings and McAuley Place in Cincinnati, Atrium I and Easton III in Columbus, Point West I in Dallas, Miramar I and II in Fort Lauderdale, Fla., 22535 Colonial Parkway in Houston, Celebration Office Center and Northpoint III in Orlando, Fla. and Goodyear Crossing, an 820,000 sq. ft. warehouse in Phoenix. View article…
Phoenix sees big jump in construction jobs Metro Phoenix managed to lure 6,000 new construction jobs in January from a year ago – the fourth biggest jump in the nation, according to a report Friday by the Associated General Contractors of America. The 6,000-job gain was a 7 percent rise year-over-year, bringing the Valley’s construction workforce to a total 88,500 in January, according to the report, which is comprised from data from the U.S. Bureau of Labor Statistics. View article…
CRE Loan Delinquencies Continue to Ebb Investors now have one less thing to worry about: despite warnings from experts, another wave of delinquencies, defaults and foreclosures did not strike commercial real estate in 2012. Instead, delinquency rates continue to slowly, steadily improve. “Every quarter, delinquency rates are ticking lower and lower,” says E. J. Burke, executive vice president and group head for KeyBank Real Estate Capital.”Our asset quality today is better than it has been since before the crisis.” View article…