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Commercial Real Estate & Business News May 11, 2018

The $928 million sale of Marina Heights was a herculean effort involving a leaseback, a development agreement involving a property tax abatement, at least two partnership agreements, and, of course, “a typical real estate purchase deal.”  Transwestern Investment Group and JDM Partners purchased the 2 million-square-foot mixed-use development from State Farm in a sale leaseback at the end of 2017…»
Could apartments be coming to Arizona’s tallest building? That’s a possibility for the nearly 40-story Chase Tower in downtown Phoenix following a recent $79 million sale, a source told the Phoenix Business Journal this past week. Of course, it could just as well remain an office building. The new owners have said they plan to renovate the tower in some fashion but have been mum on details thus far…»
Orbital ATK last month broke ground for its new 617,000-square-foot campus along Chandler’s Price Road Corridor, with company officials stating the Park Place location will help it become strategically positioned to continue to provide programs critical to the nation’s defense and future. “The launch vehicles we design and manufacture here are instrumental in providing cargo to the crews on the International Space Station, launching satellites for space and earth science, and in defending the nation…»
Waymo’s self driving cars have been zipping around Chandler since 2016. Last fall, Google’s autonomous car project took humans out of the driver’s seat. As the technology advances, the city is considering a change to its rules to prepare for a future of autonomous vehicles. The city reports it would be the first in the country to adopt such regulations. City Principal Planner David De La Torre said experts predict self driving cars will reduce the need for parking spaces…»
Metrostudy has released the results of their 1Q18 survey of the Phoenix housing market, and it shows the best start to a new year for housing since the banner years of the early 2000’s. “The slight drop in the number of closings compared to the previous quarter is not necessarily surprising given the very strong second quarter of 2017 that saw the highest amount of new home starts in a decade, with the resultant lag causing many of those homes to close in 4Q17,”…»