Lee & Associates - Arizona | Week in Review | Friday, June 27, 2014
LEE IN THE NEWS
Shopping Center Trades for All Cash Deal
The South Mountain Crossing shopping center at 3636 W. Southern Ave. in Phoenix, sold for nearly $11.2M ($84 per square foot) in an all cash, value add investment sale. The sale closed on June 20. GLOBE ST.
Vehicle Accessory Center leases 15KSF in Phoenix
Vehicle Accessory Center, an exclusive distributor of General Motors, leased 15,717 SF at Lincoln Commerce Park in Phoenix. AZ BIG MEDIA
Bob Parsons lends $55M to Paradise Valley Ritz-Carlton project that has developer, town at odds
The on-again, off-again proposed Ritz-Carlton Hotel development in Paradise Valley has another hiccup, and former GoDaddy chairman Bob Parsons has been confirmed as a lender to the project.
Construction Job Loss Slows in May; Unemployment Steady
The construction sector lost only 200 jobs in May, compared to the 1,100 lost in April. This marks the third month in row the sector shed jobs during the normally busiest time of the year. AZBEX
Metrocenter brings in Walmart as part of turnaround effort
Walmart Stores Inc. plans to open a Supercenter store to imbue some new life into one of Phoenix’s aging malls. PHOENIX BUSINESS JOURNAL
Northbank building sold for $5.2 million
Northbank office building sells for $5.2 million to Development Services of America of Scottsdale.
NATIONAL & INTERNATIONAL NEWS
Inland Empire economy projected to be among fastest-growing in U.S.
The Inland Empire east of Los Angeles is projected to be one of the fastest-growing large metropolitan area economies in the country over the next six years, according to a forecast released Friday at the United States Conference of Mayors. LOS ANGELES TIMES
PwC Investor Survey Highlights Positive Growth Outlook in Real Estate
Investors expect positive trends to continue in the commercial real estate industry for the rest of 2014 despite anticipating rising interest rates, according to consulting firm PwC. REIT.COM NEWS
Axiometrics Says National Occupancy Rate Hits 95 Percent
The predictions of rental softening may be premature. After a strong first quarter from the REITs, Axiometrics reported that apartment occupancy hit 95 percent for first time since the Dallas-based research firm backing tracking the market six years ago. MULTIFAMILY EXECUTIVE
China Builds Its Own Manhattan -- Except It's a Ghost Town
China’s project to build a replica Manhattan is taking shape against a backdrop of vacant office towers and unfinished hotels, underscoring the risks to a slowing economy from the nation’s unprecedented investment boom. BLOOMBERG