Commercial Real Estate & Business News November 9, 2018

With Black Friday and the holiday shopping season just around the corner, it’s crunch time for many retailers and mall operators. The season is critical for retailers because it can account for as much as 30 percent of annual sales. And shoppers come out in mass. The National Retail Federation estimated that 174 million people shopped in stores and online during last year’s five-day…»
Tempe is one of the top tech markets for office rent growth. According to CBRE’s Tech 30 report, Tempe office rents increased by 15.8% in the last two years-from quarter two 2016 to quarter two 2018-thanks to tech tenant activity. Phoenix’s tech industry hub, Tempe is ranked fifth in the country for tech market office rent growth, behind Cambridge, Midtown Atlanta, South Orange…»
PHOENIX, ARIZ. November 7, 2018. Velocity Retail Group recently finalized the first two ground leases for Valvoline Instant Oil Change™ as part of their new market expansion into the Phoenix metroplex and the State of Arizona. The company is the second largest quick lube chain in the U.S. with currently 1,150+ locations in 46 states. Velocity Retail Group is representing…»
Majestic Realty Co. has begun construction on a two-building industrial complex in Tolleson and has plans to build in Phoenix and Mesa. The Tolleson complex, called the Majestic Tolleson Center, will be built on 19 acres west of 83rd Avenue south of Van Buren Street. The first building will total 103,108 square feet and will be divisible to 30,000 square feet. The second building…»
The Corte Bella apartments in California’s Orange County is at ground zero of a phenomenon sweeping U.S. apartment sales. While the sale last month of the 251-unit Corte Bella to a joint venture of TruAmerica and ASB Real Estate Investments was one of more than 4,500 multifamily deals valued at more than $85 million since 2015, the transaction highlights…»