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Lee & Associates - Arizona | Week in Review | Friday, February 20, 2015

02/20/2015

LEE NEWS

 

Camelback Square Trades for $42M

Velocis announced the purchase of Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale. The asset was previously owned by Lincoln Property Company, along with a fund managed by Oaktree Capital Management, L.P. The asset sold for $42.35 million. GLOBE ST.

 

Two Sky Harbor Warehouses Sell For $6.3M to Phoenix Investment Group

Two industrial warehouse buildings totalling 95,094 SF at Broadway Crossing, 2950 E. Broadway Rd. in Phoenix, sold to a local investor for $6,302,500 or $66.28 per SF. PRLOG

 

Apple’s $2B command center part of Phoenix’s back-office economy

In the business world, large metros such as New York, San Francisco, Seattle and Chicago usually land the big corporate headquarters, international finance and business cachet.

PHOENIX BUSINESS JOURNAL

 

 

LOCAL NEWS

 

Arizona's economy poised to warm up in 2015, reports say

Arizona's economy, which grew in line with the nation last year, could perk up with a faster pace of expansion in 2015, according to new forecasts. AZ CENTRAL

 

Plans Revived for $1B Paradise Valley Ritz-Carlton Development

“There’s a lot of beautiful oceanfront property all over the world, but there’s only one Camel.” So says Jerry Ayoub, president of Scottsdale-based Five Star Development, which has revived long-delayed plans for a Ritz-Carlton resort in Paradise Valley at the foot of metro Phoenix’s most-recognized landmark, Camelback Mountain. AZBEX

 

Arizona ranked No. 10 in nationwide LEED ratings  

Arizona placed 10th when the U.S. Green Building Council released its annual ranking of the Top 10 States in the nation for LEED, the world’s most widely used and recognized green building rating system. ARIZONA.NEWSZAP

 

Phoenix home prices rose 5 percent in 2014

The final numbers are out for 2014, and the median single-family-home prices in the Phoenix area officially went up 5.4 percent. AZRE

 

 

NATIONAL & INTERNATIONAL NEWS

 

Two residential towers approved for Downtown Houston

Two new residential projects are planned for downtown and have been approved for the Downtown Living Initiative, which now has nearly reached its cap.

HOUSTON BUSINESS JOURNAL

 

Chinese Buyers Can’t Get Enough of U.S. Real Estate Assets

As expected, Chinese investors have been pouring money into U.S. properties in recent weeks. NATIONAL RE INVESTOR

 

Apartment Construction Boom Could Extend Well Into 2016

One of the most popular topics of discussion at commercial real estate conferences over the last few months is when will the current rush of U.S. apartment construction slow down -- and recent government numbers and commentary from CoStar economists suggest that the answer may not be any time soon. COSTAR

             

 

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02/20/2015 - 10:00

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