Lee & Associates - Arizona | Week in Review | Friday, August 8, 2014
LEE IN THE NEWS
EXCLUSIVE: Scottsdale’s Lincoln Plaza Sells for $25M
Lincoln Plaza Shopping Center, located on the southwest corner of Scottsdale Road and Lincoln Drive in Scottsdale, was sold to an investment group for $25 million in an all cash deal. AJ’s Fine Foods supermarket anchors the retail center. GLOBE ST.
Nationwide Industrial Vacancy Falls Nearly 2%
The national industrial market is continuing to expand, according to the 2Q14 Lee & Associates National Industrial Report, which GlobeSt.com has exclusively. Compared to the same time in 2012, vacancy rates have fallen to 7.8%, from 9.4%, as net absorption and gross absorption have been trending up for the past two years. GLOBE ST.
Apple plant in Mesa nears completion
Apple Inc.'s Mesa plant is nearly complete and ready for full volume production levels.
Canadian homebuyers buoy Arizona real estate
Much ado has been made of the real estate market in Arizona over the last decade. From good times and “McMansions” to a terrible rock-bottom scenario after the real estate bubble disaster, it has been a long ride. EAST VALLEY TRIBUNE
Lubert-Adler Buys Cottonwoods, Plans Redevelopment
The Scottsdale Cottonwoods Resort and Suites has a new owner this week and plans have been approved by the Town of Paradise Valley to overhaul the thirty-four year old resort near Scottsdale Road and Lincoln Drive. VIZZDA
Six new tenants coming to Westgate Entertainment District
Six new businesses will call Westgate Entertainment District home when they open at the booming Glendale center over the next several weeks including As You Wish, Fresh Healthy Café, OPA Life Greek Café, Crave Gourmet Waffle Sandwiches, Proliant and American Basketball Association.
NATIONAL & INTERNATIONAL NEWS
Businesses Interested in Buying Own Building Face Limited Financing Availability
Companies interested in buying buildings their businesses occupy are finding a divided market for owner-occupied commercial real estate financing. COSTAR
Where's construction headed? 5 insights from economists
What’s the outlook for the construction market for the rest of the year? Economists from trade associations representing home builders, construction companies and architects provided their answers in a webinar Monday. PHOENIX BUSINESS JOURNAL
$4B Brings Griffin-American Healthcare II to NorthStar
NorthStar Realty Finance Corp. is stepping up its game in the healthcare real estate arena by acquiring Griffin-American Healthcare REIT II. The two companies announced Tuesday morning that their boards had approved the $4-bilion stock-and-cash acquisition, which includes the assumption of $600 million in debt. GLOBE ST.
Crowdfunding emerging in commercial real estate transactions
Crowdfunding, already used to start business ventures from breweries to music recordings, is now getting used in commercial real estate. SACRAMENTO BUSINESS JOURNAL