Commercial Real Estate & Business News – October 16, 2015

The commercial real estate industry is increasingly focused on the needs of small firms employing fewer than 50 people, where job growth is outpacing larger firms by nearly five to one, according to Emerging Trends in Real Estate 2016, an annual real estate report co-published by PricewaterhouseCoopers (PwC US) and the Urban Land Institute (ULI)… Read more »
A Beverly Hills developer and Las Vegas architect are working both sides of Central Avenue to redevelop empty properties just south of Camelback Road. Los Angeles-based Omninet Group wants to build new apartment buildings on the east and west sides of Central and Pierson Street… Read more »
Infighting among property owners at Tempe’s undeveloped Southbank project on Tempe Town Lake has apparently sunk plans for more than 1,000 luxury apartments near Rio Salado Parkway and Rural Road. Texas-based JLB Partners was seeking City Council approval for two mid-rise apartment buildings on the south side of the lake, where plans for a dense, urban mixed-use center have stalled for years… Read more »
The final property to be sold from the PS Business Parks portfolio brings the total portfolio sale price to approximately $54.5 million. Singh Organic Soils purchased the final 23,952-square-foot building, McKellips Business Park, located at 1733 E. McKellips Rd. as an investment. The multi-tenant facility was constructed in 1980 and is 100% leased, with approximately 45% office space and 55% industrial use… Read more »
U.S. retail chains plan to open 42,506 stores over the next 12 months and 79,650 stores over the next 24 months, up 4% and 4.2%, respectively, year to date in 2015, according to the latest National Retailer Demand Monthly report from RBC Capital Markets. The uptick in planned store openeings reflects recent employment and retail sales growth, combined with higher consumer confidence… Read more »