Commercial Real Estate & Business News – May 15, 2017

Advancing three places from a year ago, Arizona was ranked as the No. 9 state for business in Chief Executive magazine’s 13th annual Best & Worst States for Business survey, which was released today. The Chief Executive rankings reflect CEO perceptions of best and worst states based on a range of key measures. Arizona benefited because CEOs rank it highly in several key industries, and for its favorable living environment…»

Sales volume for existing homes in the Valley is at its highest level since 2006 – before the last crash and recession – and is up 18 percent versus last year. For the first quarter sales volume for existing homes came in at $5.02 billion. That is up 18.1 percent over the first quarter 2016 and highest in more than a decade…»

In a land sale that could provide a glimpse into what lies ahead, DuPont Fabros Technology Inc. in Washington, D.C. (NYSE:DFT) has acquired 56.5 (gross) acres within the Elliot Road Technology Corridor in Mesa that is targeted for development as a 1 million-square-foot data center campus. The property, located north of Elliot Road and east of the Crimson Road alignment, is contiguous northwest of a $2 billion data center being developed by Apple Inc…»

The Phoenix City Council has approved a development deal this week for a $500 million expansion of IO Data Centers high-tech complex near Van Buren and 48th streets and the Loop 202 freeway. The council approved a development pact with IO for the city to spend $359,000 on infrastructure improvements on an 11-acre site IO bought for the expansion of it existing $200 million data center development…»

Bob Lynn has run by the corner of Campbell Avenue and 40th Street for years, but for a long time it was nothing much to look at. Just an old convenience store and a post office. “This corner was completely dilapidated,” said Lynn, CEO and founder of LGO Hospitality. “There were abandoned gas pumps in front of it, and the convenience store’s main business was selling pornography”…»