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Lee & Associates - Arizona | Week in Review | Friday, June 26, 2015

06/26/2015



LEE NEWS

 

Tempe Distribution Building Sells for $2.15M in Investment Transaction A 25,570 SF industrial building at 1401 S. SIesta Lane in Tempe, sold for $2,150,000 or $84.08 per SF. COMMERCIAL EXECUTIVE

 

 

 

LOCAL NEWS

 

Development to Begin on Ritz Carlton of Paradise Valley After a legal dispute in February of 2013, Five Star Development is finally moving forward with the Ritz Carlton Paradise Valley, located at the southwest corner of Scottsdale and Lincoln Roads. VIZZDA

 

Study: Super Bowl, Pro Bowl infused over $700M into Arizona economy More than $700 million was pumped into the Arizona economy during Super Bowl XLIX and the Pro Bowl, played a week before, according to an economic-impact study announced Tuesday by the Arizona Super Bowl Host Committee. ESPN ASU still wants to bring hotel, conference center to failed USA Place site Development plans for the USA Place project in Tempe are dead, but Arizona State University still wants to bring a new hotel and conference center to its property near Mill Avenue and University Drive. PHOENIX BUSINESS JOURNAL
$20M Fiesta District Project Complete
One of the largest adaptive reuse projects in Arizona held its ribbon-cutting ceremony recently. Centrica, a $20 million project located at the northwest corner of Southern and Longmore in Mesa, promises strong demographics, walkable amenities, abundant transportation and a parking ratio rarely found in other parts of the valley. GLOBE ST.

 

State officials say Arizona economic development is on track Arizona gained commitments for more than 18,000 higher-paying jobs in the past 12 months and $1.5 billion in business spending, the state's business recruiting agency reported Monday.AZCENTRAL

 

 

 

Scottsdale seeing condo, apartment boom with more than 6,000 units under construction More than 6,000 apartments and condominiums are under construction, in the development pipeline or have recently hit the market in Scottsdale as the multifamily segment continues to be the Valley’s strongest real estate segment. NEWS FUNNEL

 

 

 

NATIONAL & INTERNATIONAL NEWS

 

 

 

15 U.S. Markets with Highest Office Occupancy Costs Office rents may be going up in many of the country’s primary markets, but the rents themselves make up only a portion of office occupiers’ total costs. NATIONAL RE INVESTOR

 

Consumer Spending in U.S. Rises by Most in Almost Six Years Household spending climbed in May by the most in almost six years, buoyed by gains in incomes as the U.S. job market strengthened. BLOOMBERG

 

Retailers, Developers Pursue Strategies to Increase Appeal to Ethnic Shoppers              As Buying Power of Hispanic, Asian and other Groups of Consumers Grows, New Breed of Developers Hopes to Build Mixed-Use, Ethnically Targeted Residential/Retail Projects. COSTAR            

 

High Net Worth Investors Hungry for Real Estate, Survey Finds Today’s high net worth investors are hungry for real estate properties, and they have a clear preference for properties in North America, reveals a survey produced by real estate services firm Savills and strategic advisory firm Weatherill Consulting. NATIONAL RE INVESTOR

 

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06/26/2015 - 09:00

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