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Lee & Associates - Arizona | Week in Review | Friday, August 28, 2015

08/28/2015


LEE NEWS             
                          
                          
Two San Fernando Valley Apartment Properties Sell for $11 Million           
Two Valley multifamily complexes located within a mile of each other have sold for a total of $11.2 million. The two buildings, at 6115 Whitsett Ave. in North Hollywood and 13019 Oxnard St. in Van Nuys comprise 62 total units. SAN FERNANDO BUSINESS JOURNAL        
   
LOCAL NEWS            

U.S. stocks jump again, fueled by strong economic news and rallies abroad
            
Stocks in the U.S. rose sharply Thursday for the second consecutive day as a market that has whipsawed investors all month took its cues from surprisingly strong economic news as well as earlier rallies in Chinese and European shares. LOS ANGELES TIMES                          

Arizona Economic Growth Ahead of National Average: BMO Economics
The Arizona economy is poised to accelerate again in 2015, with real GDP expected to grow 2.8 percent,” according to the bi-annual U.S. State Monitor Report from BMO Economics.             
             
Ak-Chin Casino Plans $100M Expansion
The Ak-Chin Indian Community has announced plans for a $100M+ expansion for the Harrah’s Ak-Chin Casino. The project will include a spa, conference center with ballroom space, a parking garage and more than 200 new rooms on the Maricopa site. AZBEX           
                          
                          
Arizona’s private sector posts strong July job growth            
Arizona’s private sector added jobs in July, a break from customary losses in recent years and potentially a sign of an improving labor market.            
AZ CENTRAL            
             
259,000 Square Foot North Loop 101 Business Center Sells for $41.75 Million            
Los Angeles-based Regent Properties is the new owner of the North Loop 101 Business Center located at the southwest corner of 7th Avenue and the 101 Freeway. The 259,142 square foot office sold for a price of $41.75 million or $161 per square foot, and was funded by a $29.5 million loan with Compass Bank. VIZZDA NEWS       

     
              NATIONAL & INTERNATIONAL NEWS

           
10 Most Popular States for Private Commercial Real Estate Offerings            
The world of private commercial real estate investment, where the goings on are more under the radar. But the private markets can be a good indicator of industry trends.  NATIONAL RE INVESTOR    
        
Where Is the Demand for Office?           
The national office vacancy rate remained unchanged from the first to the second quarter, mired at 16.6 percent and moving down just 30 basis points over the past 12 months. Monthly job growth has been choppy as of late, though recent months have been more heartening. NATIONAL RE INVESTOR  
           
Tucson Market Continues Retail Rebound            
Tucson’s retail market continued an even pace in the second quarter of 2015 ending mid-year at 6.7% vacancy. Average asking rents were $14.27/sf, essentially unchanged since 2011. AZBEX

           
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08/28/2015 - 09:00

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