Commercial Real Estate & Business News – November 21, 2014

Arizona’s private sector added 28,500 jobs in October over September – nearly double the typical October over the last 10 years, and 62 percent more than the post-recession job gains for the month. The state’s unemployment rate dropped to 6.8 percent, down 1 percent from October 2013. Arizona still is a percentage point higher than the national unemployment rate of 5.8 percent… Read more »
Bloomberg also reported this week that Apple has told Mesa officials it will stick with its plan to bring manufacturing jobs to Arizona. “They’ve indicated their commitment to us: They want to repurpose that building and use it again,” Mesa City Manager Christopher Brady told Bloomberg… Read more »
First Industrial Realty Trust Inc. has almost doubled its holdings at the Mack Arrowhead industrial park in Peoria with the acquisition of another 220,324 sq. ft. of industrial space in the project. In February 2008, BREW reported the publicly-traded real estate investment trust buying 228,277 sq. ft. in two buildings at Mack Arrowhead. In the recent sale, First Industrial Acquisitions Inc. paid $18.275 million ($82.95 per foot) to acquire 220,324 sq. ft. in three buildings… Read more »
A joint venture formed by Jackson-Shaw Co. in Dallas and LaPour Partners in Las Vegas plans to develop 177,750 sq. ft. of industrial space in a spec project located just west of Phoenix Sky Harbor International Airport. The three-building development is targeted for an 11.5-acre parcel located at the northwest corner of 7th Avenue and Interstate 17… Read more »
The changes in the financial envionment today is nothing short of remarkable. With real estate now considered a prized asset class, commercial property owners enjoy unprecedented access to capital. An abundance of buyers eagerly bid up commercial real estate values and a superabundance of lenders line up to compete to finance their properties… Read more »