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Commercial Real Estate & Business News – November 6, 2013

First Solar has sold its Mesa manufacturing facility to an entity reportedly formed by Apple for $113,576,875 or $84.66 per ft2. The property is located at 3740 S. Signal Butte Road on the southwest corner of Signal Butte & Elliot Roads in Mesa. The facility is part of DMB Associates, Inc.’s 3,154-acre Eastmark masterplan community. First Solar acquired the property as 133 acres of land July 15th, 2011 from DMB for $2 PSF, as their first phase manufacturing facility… Read more
Wal-Mart Stores Inc. will open a new Walmart Neighborhood Market in Chandler this week. The new store will open Nov. 6 at 1900 E. Chandler Blvd. It will be the second neighborhood market concept in Chandler. It will feature a full grocery department including organic and natural selections… Read more
Home prices climbed in metro Phoenix during September, and so did the number of houses on the market. The combination worked to curb sales. The median sales price reached $199,000 last month, up from $192,000 in August, according to Tuesday’s report from the W.P. Carey School of Business at Arizona State University. Price gains are expected to slow in the rest of 2013. Traditionally, fewer home sales are made in the last months of the year… Read more
The Phoenix retail market experienced a slight improvement in market conditions in the third quarter 2013. The vacancy rate went from 10.9% in the previous quarter to 10.5% in the current quarter. Net absorption was positive 1,313,970 square feet, and vacant sublease space decreased by 42,386 square feet. In second quarter 2013, net absorption was positive 1,069,408 square feet… Read more
Deco Communities has opened two properties in Arizona – one in Phoenix, the other in Tempe. They are the latest apartment communities that the company is branding Cabana Modern Apartment Homes; it has already opened two others in greater Phoenix and one in Las Vegas. Each is located in a pedestrian-friendly urban environment, where Deco hopes to attract Gen Y renters… Read more