Commercial Real Estate & Business News – September 27, 2013

Arizona, Texas Head List Of Best States For Expected Job Growth

The Great Recession had devastating effects across the U.S. and few places were as hard hit as Arizona. The state was booming on the strength of its tourism and real estate markets during the 2000s. Median home prices jumped 70% between 2003 and 2006 – only Nevada had bigger gains – fueling more building and construction jobs. Monthly unemployment was at 3.5% through much of 2007. But then the bottom fell out. Home prices plummeted more than 50% from their peak and 6% Arizona properties received foreclosure filings in 2009. Unemployment stubbornly remained in double-figures for most of 2009 and 2010 and only Nevada lost a higher percentage of jobs over the last five years. Household incomes declined at the fastest rate in the country since 2008… Read more

Economic Forecast Rosy, Analysts Tell Businesses

In Arizona, it’s starting to feel like 2005 in some ways, at least according to some economists. The state’s economy, along with the nation and the world, appear to have settled some of the thorniest problems that have pulled down the economy in years past, a trio of economists told nearly 1,000 business leaders gathered Friday for the annual outlook breakfast held by the Greater Phoenix Chamber of Commerce… Read more

It’s East Valley Dj Vu – Surprise Development Could Mimic Loop 202 Impact on Gilbert and Mesa

The expanded Loop 303will not be finished for another year, but the section in Surprise is days from completion. When work crews lay down the final stretch of rubberized asphalt on Loop 303’s new northbound lanes between Peoria and Grand avenues this weekend, the project will mark a major milestone. It will not be until fall 2014 when new development is expected to begin to get rolling along that corridor in Surprise. That is how long the Arizona Department of Transportation expects it to take for crews to finish the new highway to Interstate 10 in Goodyear, wrapping up transformation of a two-lane local road into a six-lane, freeway linking interstates 10 and 17, and bringing more nonlocal traffic through the center of Surprise… Read more

Mountain View Medical Center in Mesa Sold for $112m in Portfolio Sale

Tennessee-based IASIS Healthcare sold the 178-bed hospital at 1301 S. Crismon Rd to Medical Properties Trust (MPT) for $112,047,210. The purchase is part of three-property portfolio totaling $283.3… Read more

Mall Still a Game Changer for Chandler in 11th Year, Leadership Tells Chamber Audience

Black Friday will officially start very early again at the Chandler Fashion Center this year. Christina Lanoue, CSM Senior Manager of Property Management at the mall, told a Chandler Chamber of Commerce Economic Update audience Wednesday that Macy’s will be opening at 8 p.m. on Thanksgiving Day to kick off Black Friday. Sears opened at that time last year and reportedly had good success. Lanoue said she expects she will hear very soon whether other anchor stores in the mall will also open earlier than midnight… Read more