Commercial Real Estate & Business News October 21, 2019

Phoenix-Area Office Building Tops Off Ryan Cos. US and University Realty have topped off 777 Tower at Novus, a 160,000-square-foot office building under construction on the Arizona State University campus in Tempe, Ariz. The developers completed the building structure, concrete work and dry utilities, while the metal panel installation and interior lobby works are scheduled to begin next month. The development…»
Bridge Office Doubles Presence in Phoenix With $86 Million Office Purchase
A subsidiary of Bridge Investment Group has doubled its footprint in Phoenix, buying the Phoenix Gateway Center office complex from developer Lowe Enterprises for $85.8 million. Lowe sold the three-building, nearly 440,000-square-foot campus at 410-432 N. 44th St. in East Phoenix for about $198 per square foot, about average for the area over the past year, according…»
Investment Group Buys 196 Acres in West Valley
A group of investors bought 196 acres of commercial land near Interstate 10 and State Route 85 in Buckeye for $3.65 million. The buyer was a partnership formed between Carefree Buckeye 196 LLC and Boeing V LLC, an entity formed by real estate investors Tom Tait, Tom Tait Jr. and Will Tait, according to Arizona Corporation Commission…»
Home Sales Skyrocket in Greater Phoenix Area
As fall signals the end of the peak selling season, home sales across the U.S. continue to surge with the largest year-over-year gain since November 2016, according to the September RE/MAX National Housing Report. But what does that mean for Phoenix buyers? Phoenix residents are experiencing an increase in home sales. Here is a quick snapshot of…»
Housing Starts, Permits Drop in September
Housing starts in September were at a seasonally adjusted annual rate of 1,256,000, 9.4% below the revised August estimate of 1,386,000 but 1.6% above the September 2018 rate of 1,236,000. Single-family housing starts in September were at a rate of 918,000, 0.3% above the revised August figure of 915,000. The September rate for units in buildings with five units or…»