Lee & Associates - Arizona | Week in Review | Friday, April 3, 2015
South Phoenix Distribution Facility With Refrigerated Space Sells for $5.1M
A 94,885 SF South Phoenix distribution building at 2021 E. Jones Ave. in Phoenix, sold for $5,125,000 or $54.01 per SF. The seller also negotiated a sale/leaseback term to occupy the facility for 16 months. REAL ESTATE RAMA
Metro Phoenix needs more affordable housing
Finding a house or apartment to rent in metro Phoenix has been getting harder for years, but low-income families are being squeezed out of the market the hardest. AZ CENTRAL
Phoenix tops West and Mountain regions for economic development projects, beats San Francisco, Seattle
Site Selecton magazine gave the Phoenix market the top regional position in both the Mountain and Pacific regions. PHOENIX BUSINESS JOURNAL
Papago Park Center to be Legacy Project
The 350-acre Papago Park Center enters the final phase of development: The Grand at Papago Park Center has announced Lincoln Property Company has been selected to develop the Class A and mixed-use office space. AZBEX
Chandler airport flying high with more than 1.8M square feet under development
Chandler is well-known for the technology-driven Price Corridor and the massive back-office centers in the Ocotillo area, but its airport has been quietly developing.
PHOENIX BUSINESS JOURNAL
NATIONAL & INTERNATIONAL NEWS
Declining Geographic Mobility Means Lower Turnover for U.S. Multifamily
Multifamily managers are saving a little money on paint these days, thanks to low turnover. Apartment renters are becoming more likely to renew their leases, and less likely to move out—partly because people in the U.S. are less mobile than in previous years.
NATIONAL RE INVESTOR
Pending Home Sales Rise in February Behind Solid Gains in Midwest, West
Pending home sales in February increased to their highest level since June 2013 as sizeable gains in the Midwest and West offset smaller declines in the Northeast and South, according to the National Association of Realtors. NATIONAL ASSOC. REALTORS
Hong Kong Real Estate: Is The Lack Of Land A Myth?
Ronnie Chan, the chairman of Hung Lung Group, compared himself to Brad Pitt during a real estate conference in Hong Kong in December. “I am a man. Brad Pitt is a man. We aren’t exactly fungible assets. In the case of commercial real estate, I am Brad Pitt,” he eclared. FORBES
Southern Shift in U.S. Biggest Cities
Half a century ago, the biggest metropolitan areas in U.S. were found in the Northeast and Midwest. While that's still mostly true today, there's been a decided shift to the south and west, as old Rust Belt cities declined and Sun Belt exploded. BLOOMBERG BUSINESS