Commercial Real Estate & Business News November 1, 2018

After topping the list for rent growth last year, Tempe continues to be a top submarket for tech companies, according to a report this week from CBRE. Between the second quarter of 2016 and the same time in 2018, Tempe experienced a 15.8 percent increase in asking office rents…»
Banner Health recently invested more than $1 billion into academic medicine construction projects in Arizona and the biggest of those undertakings – a 16-story hospital tower in Phoenix – opens Tuesday. The 372,476 square-foot tower is part of a $417.9 million upgrade at Banner-University Medical Center Phoenix…»
The city of Glendale is looking to sell an 18-acre site near Raymond S. Kellis High School, which the city hopes will be developed into a mixed-use project. City spokesman Jay Crandall said the city’s proactive approach to rezoning the land and then putting it up for sale is part of a strategic planning process to boost development…»
Carvana, a rapidly expanding online used car sales company, is in the midst of a frenetic building and real estate buying binge as it ramps up its bid to become nationwide player and challenge the granddaddy of the industry, CarMax. The Tempe, Arizona-based upstart with former Vice President Dan Quayle on its board has posted triple-digit growth in revenue…»
Six parcels totaling about 81 acres of State Trust Land will be auctioned by the Arizona State Land Department in November, Arizona State Land Commissioner Lisa A. Atkins said today. If all six are successfully auctioned, the appraised value of at least $14.26 million would be invested in the State’s Permanent Land Endowment Fund for the benefit of K-12 public education…»