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Commercial Real Estate & Business News October 1, 2018

The Mesa City Council will weigh in on a proposed 16-acre redevelopment plan known as Fiesta Village at its Oct. 1 meeting. The site, at the northwest corner of Alma School Road and Southern Avenue, currently is a vacant retail center. Plans submitted to the city propose the site be redeveloped to include commercial and apartment uses…»
Downtown Phoenix was like many urban cores across the country during the Great Recession. Dilapidated buildings served as the backdrop to an area infested with drugs, crime and homelessness. Employees rushed home to their suburban oases after work, leaving a ghost town in their wake. Locals shuddered at the thought of residing in downtown…»
The City Council voted Wednesday to continue the original light-rail extension plan, despite fierce opposition from some south Phoenix residents and businesses. Before Wednesday’s council vote, dozens of local residents, community activists and business owners had the opportunity to express their position on the issue. Michael Kelly, who has lived in south Phoenix his whole life, supports…»
A distribution center fully leased by Amazon.com Inc. (Nasdaq: AMZN) in southwest Phoenix has sold for $98.3 million to a Massachusetts-based investment firm. The industrial facility, located at 6835 W. Buckeye Road, was originally built in 2007, with 604,678 square feet. The facility has since expanded to over 1 million square feet to accommodate Amazon’s growth…»
As U.S. economic growth begins to moderate following a long period of expansion, commercial real estate should continue to hold its own. This was one overarching theme in the Urban Land Institute’s (ULI) Real Estate Economic Forecast, a semi-annual survey of economists and analysts on the state of the real estate industry, which was released Wednesday during a webinar presentation…»