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Commercial Real Estate & Business News October 12, 2018

When experts think of cities to watch for overall real estate prospects next year, Phoenix falls right in the middle of the pack. A study and survey done by PricewaterhouseCoopers and the Urban Land Institute ranked Phoenix 29th in overall real estate prospects in 2019 out of 69 cities listed, a slight improvement over the city’s 34th ranking in last year’s Emerging Trends in Real Estate…»
A solution appears to be in sight for the skeletal remains of what was meant to be Peoria’s first hospital, but instead became a partially built eyesore. ADB Investments, with an office in Scottsdale, bid $3 million for the property at a bankruptcy auction in September, according to U.S. Bankruptcy Court documents. “The goal is to build a medical-related building,” said Francis Marotta, a…»
Now that the first portion of the revamped Park Central Mall is set to open in January, the shopping center’s owners have closed on the second phase of the mall. Holualoa Cos. and Plaza Cos. paid $28 million to purchase 21 acres for phase two, which will include redeveloping portions of the mall not included in the first phase, as well as building on the surface parking lot.…»
A new report by CBRE suggests that parking ratios in both downtown and suburban office markets around the U.S. and Canada are unlikely to see a significant change in the next five years, despite increases in ride sharing and the anticipation of autonomous vehicles. CBRE surveyed a mix of office leasing professionals and office investors, 75 percent of whom…»
McCarthy Building Cos. was selected to build a $175 million research facility for Arizona State University. Estimated at 260,000 square feet, the structure is being built at the southwest corner of University Drive and Rural Road – the former site of a car wash. The architect team consists of Phoenix-based Architecton and New York-based Grimshaw.…»