Commercial Real Estate & Business News – November 22, 2013

Turnaround Towns: How Orlando and Phoenix are Making a Comeback

For a long time the sunny weather in Phoenix and Orlando was matched by their economic climates, as both enjoyed soaring housing prices and prosperity in the early 2000s. Then the Great Recession jolted the cities like a roller coaster at one of Orlando’s theme parks, taking them on a hair-raising ride that catapulted them from the tippy-top of the track straight down to the very bottom, with nary a loop or a roll in between. Like some battered American cities, they could have languished there. Instead, they not only climbed back but used the downturn as an opportunity to strengthen the resilience of their economies and promote future growth… Read more

Arizona Adds 14,000 Jobs in October, but Losses Seen in Construction, Manufacturing

Arizona’s economy added 14,200 jobs in October with more than 11,000 generated in the Phoenix area, according to the state employment data. Those gains are off from recent years’ job gains for the month of October, according to Arizona Department of Administration. That displays some of the continued hesitancy and uncertainty in the job market… Read more

JLB Partners Plans 367-Unit Apartment Community Near Rural and Baseline in Tempe

JLB Partners L.P. plans to develop a 367-unit apartment complex just east of the northeast corner of Rural and Baseline roads in Tempe. The 14.7-acre property is owned by LCV Property Inc. Sources say JLB Partners has agreed to buy the Tempe parcel in a $10+ million deal that is set to close by second quarter 2014… Read more

TA Associates Spends $14.485 Million for 265,000 Square Foot Industrial Building

A company formed by TA Associates Realty LLC in Newport Beach, California paid $14.485 million ($54.66 per foot) to acquire a 264,981-square-foot distribution building at 844 N. 47th Avenue in Phoenix… Read more

Wells Fargo, Talking Stick Resort Looking to Hire Hundreds

Both Wells Fargo Bank and Talking Stick Resort are planning significant hiring blitzes in the Phoenix area. Nearly 300 positions need to be filled in Arizona, including 160 tellers and personal bankers at Wells Fargo and another 100 at Talking Stick Resort… Read more