Commercial Real Estate & Business News – November 18, 2013

Lowe Enterprises Teaming Up with JP Morgan Entity to Buy Valley Office Projects

A joint venture formed by Lowe Enterprises in Los Angeles and J.P. Morgan Asset Management has agreed to pay $50+ million to buy 325,824 sq. ft. of office space in two projects in Phoenix and Scottsdale. The properties are owned by CJK Investments in Newport Beach, California. Sources say the Lowe/JP Morgan venture will complete the purchases in two transactions set to close by year-end. Lowe/JP Morgan is expected to pay roughly $24.5 million to acquire a 150,638-square-foot building at 7272 E. Indian School Road in Scottsdale and $26+ million to purchase a 175,186-square-foot office building at 5090 N. 40th Street in Phoenix… Read more

New Transit-Oriented Development Gets Green Light from Phoenix Planning Commission

The light-rail corridor in central Phoenix may soon see new construction as the Phoenix Planning Commission recently approved a Planned Unit Development (PUD) rezoning case for a proposed transit-oriented, multi-family development. The unique infill project known as Broadstone Central will replace an under-utilized parking lot at the northwest corner of Osborn Road and Central Avenue with a four-story luxury apartment complex and an adjacent parking structure; totaling some 4.09 acres of the entire 9.66 acre PUD site… Read more

Fulton Homes Buys Land Next to Cardinals’ Stadium for $39 Million

Tempe-based Fulton Homes is about to close escrow on a large swath of land next to University of Phoenix Stadium in Glendale for roughly $38.94 million, according to a company statement this week. The parcel – 354 acres on the southeast corner of Bethany Home Road and 91st Avenue – is where the homebuilder has blueprints for more than 1,000 homes, marking Fulton’s return to the West Valley after completing its last community five years ago… Read more

Uneven Recovery Causes Commercial Frustrations

“Commercial real estate was not the cause of the downturn,” Yun told attendees of the Commercial Economic Issues and Real Estate Trends Forum. “But it is commercial real estate that is suffering the collateral damage.” Yun said most commercial sectors are recovering sluggishly, along with the overall economy. “The pace of expansion has been extremely frustrating,” he said. “We’ve created 7 million jobs in the past four years, but this is in the aftermath of 8 million job losses, so we are still in a hole”… Read more

Market Trend: Phoenix’s Office Deliveries, Construction and Inventory

During the third quarter 2013, one office building totaling 68,867 square feet were completed in the Phoenix market area. This compares to two buildings totaling 157,424 square feet that were completed in the second quarter 2013, nothing completed in the first quarter 2013, and 247,142 square feet in six buildings completed in the fourth quarter 2012… Read more