Commercial Real Estate & Business News – November 5, 2013

Apple’s Mesa Facility to Create 2,000 Jobs

Apple Inc. confirmed today that is locating a domestic manufacturing plant in Mesa at the former First Solar facility. Arizona Gov. Jan Brewer and the Arizona Commerce Authority announced the site selection today. The site selection is a huge coup for Brewer, the ACA and the East Valley. Apple will bring in 700 permanent jobs and create another 1,300 construction jobs to finish the build-out of the empty First Solar plant. Construction costs were not immediately available… Read more

Metrocenter Mall Emerges From Troubled Times

PHOENIX-Metrocenter Mall, once a glittering, 1.3 million square-foot jewel with an indoor ice skating rink and five anchors of shopping space, declined in the decades since its 1973 grand opening. Rising crime and vacancy rates had customers running the other way. Anchor tenants such as JC Penney had left and their spots stayed empty for up to eight years, according to city of Phoenix redevelopment documents. Today, the mall enjoys 80%-plus occupancy rates, and its ownership expects to have a fully occupied food court within the next six months. Mentrocenter management says property crimes have dropped by 75%, and car thefts by 95%, making crime rates comparable to other area malls. Foot traffic has also increased by 10%… Read more

626 Apartment Units in Two Valley Projects Trade in Deals Totaling $83.9 Million

In two separate and unrelated deals that recorded Oct. 31, two Valley apartment projects comprised of 626 units have sold for a combined $83.9 million. In the larger of the sales, a limited partnership formed by CBRE Global Investors LLC paid $51 million ($151,335 per unit) to acquire the 337-unit Ninety Degrees apartments at 18440 N. 68th Street in Phoenix. In the other multi-family transaction, a company formed by Acacia Capital Corp. paid $32.9 million ($113,841 per unit) to buy the 289-unit Villa Mora apartments located at 2150 S. Arizona Avenue in Chandler… Read more

Tempe Ranks 43rd in List of Best Small Cities to Live in U.S.

Tempe ranks 43rd in the nation among the Top 100 Places to Live in the U.S. by, making it one of two Arizona cities featured in the list. The other is the city’s neighbor to the north with the ritzy image, Scottsdale, at No. 89. ranks the quality of life and travel amenities of America’s small and mid-size cities with populations of 20,000 to 350,000. Tempe scored well because of its educational opportunities and amenities, rating an 86 (out of 100) for both. The national averages were 40 and 46, respectively.//0 Read more

24th at Camelback Awarded LEED Platinum Certification

The Phoenix office of Hines, the international real estate firm, announced today that 24th at Camelback II has achieved platinum certification under the U.S. Green Building Council’s LEED for Existing Buildings (EB) Rating System. The property, owned by Hines and an East Coast pension fund advised by Invesco, is the first LEED EB Platinum, and most efficient, multi-tenant property in Arizona… Read more