Commercial Real Estate & Business News – May 17, 2023

Construction Starts on Two-Building Logistics Park As Phoenix Industrial Market Stays Hot

Developers broke ground on two logistics buildings in the Phoenix suburb of Surprise as tenant demand for industrial properties keeps driving speculative development across the region. Mohr Capital and its financial partner Rosewood Property Co., both based in Dallas, expect to the…»

HonorHealth Breaks Ground on $60M Project in Scottsdale

HonorHealth has broken ground on a $60 million project on its campus in north Scottsdale. The expansion project at HonorHealth Scottsdale Shea Medical Center, at 9003 E. Shea Blvd., is for a new Cardiovascular Center of Excellence. Gilbane Building Co. is the general contractor and Cunningham…»

NRF: Core Retail Sales Inch up in April as Consumers Remain ‘Engaged’

Retail sales rebounded in April after falling in March not all sectors enjoyed gains. Retail sales in April rose 0.6% from March, according to the National Retail Federation, whose calculation excludes automobile dealers, gasoline stations and restaurants to…»

$32 Million Campus Portfolio Trades Hands

PHOENIX, AZ (May 16, 2023) – Nick Miner, CCIM of ORION Investment Real Estate, reports selling a six-property, five-state portfolio of retail properties. The properties were all located next to major universities throughout the United States. Each of the six properties consisted of…»

Mesa Mega-Park Owners File for Bankruptcy

The owner of Mesa’s financially troubled Legacy Park, formerly known as Bell Bank Park, last week filed a petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court of Arizona. Chapter 11 provides temporary protections from creditors while an entity attempts…»