Commercial Real Estate & Business News October 3, 2018

Renderings for the new development of 100 Mill, a Hines and Cousins joint venture, have been released. Hines, the international real estate firm, and Cousins Properties, an Atlanta-based REIT, are under contract to purchase land and develop 100 Mill Avenue. The 2.5-acre site will include a new 15-story modern office tower, and also a hotel or apartment complex on a mixed-use site…»
A 262-unit luxury apartment complex and a six-story, 162,000-square-foot office building are the latest developments planned for the Novus Innovation Corridor, one of Arizona State University’s “innovation zones” located on the north side of the university’s Tempe campus. The apartment complex will be six stories tall and include 27,000 square feet of ground…»
The medical office market in Phoenix closed a strong second quarter after an anemic start to the year. According to new research from Colliers International, the medical office vacancy rate in Phoenix dropped to a 10-year low in the second quarter at 14.2%, down 170 basis points from mid-2017. Off-campus medical office product fell even more, down 200 basis points in the last 12 months…»
The grand opening of the much anticipated centrally located Edison Midtown is scheduled for 4 – 7 p.m., Thursday, Oct. 4, on the southeast corner of Central Ave. and E. Monterey Way in revitalized midtown Phoenix. Guests will be among the first to walk through stunning models, partake in food and cocktails, and enjoy music by Valley favorite DJ, Mr. P-body. Gift certificates to popular eateries…»
Valley home prices continued their rise during the summer, easily outpacing national averages in August, according to the latest CoreLogic price report. The region saw a 7.43 percent price increase compared with August 2017, pushing the region into an “overvalued” ranking from CoreLogic. Despite the increasing prices, home values still are roughly 11 percent below the peak value in 2006, the report stated.…»