Commercial Real Estate & Business News – September 15, 2015

Solar power is becoming a much better investment for owners and developers of apartment properties. The price to buy solar panels has dropped significantly, and today’s photovoltaic panels are much more efficient than just a few years ago. Prices are now so low that a set of rooftop solar panels sometimes makes sense purely as an investment, without any extra cash from subsidy programs or tax credits… Read more »
The anchor building at 4519 E Cactus Road, just across from Paradise Valley Mall, sold Thursday for $10.4 million, or $153 per square foot. Scottsdale investor Pavo Milicevic is the new owner of the property, of which a portion is currently net leased to home furnishings retailer “Homegoods”. The other 34,408 square feet is currently vacant… Read more »
ORION Investment Real Estate is proud to announce the sale of three separate apartment communities located in the emerging North Phoenix/19th Avenue Corridor. All properties are in close proximity to the Light Rail and are near major shopping anchors, as well as new, ground-up infill developments. Located off of Glendale Avenue and 19th Avenue, Villa Ventura sold for $3,197,500 ($63,950/unit). Located off of Morten Avenue and 19th Avenue, Morten Apartments sold for $1,060,000 ($53,000/unit). The Franciscan sold for… Read more »
Despite some hiccups in the industrial market earlier in the year — due in part to labor disputes at key California ports — the sector is back on track and moving full steam ahead. Continued improvement in the economy has lifted all property types, and industrial is no exception. The industrial recovery continues to expand across multiple industries, geographic markets, and property types. “It is a very broad-based recovery,”… Read more »
Total traffic at Sky Harbor airport was up 6.3% vs. a year ago in July. Enplanements were up 6.6% and deplanements were up 6.0% over a year ago. Total listings in Greater Phoenix were 22,554 in August. That’s down 13.7% from a year ago. Months supply of homes on the market were 3.2, down from 4.1 a year ago but up from 2.9 in July. Total homes sold in Greater Phoenix were 7,023 in August, up 9.2%… Read more »