Lee & Associates - Arizona | Week in Review | Friday, June 6, 2014
LEE IN THE NEWS
Value-Add Opportunity for Self-Storage
A 120,000-square-foot portion of Premier Storage, a 218,748-square-foot self-storage condominium development located at 22230 N. Black Canyon Highway, has been sold for $6 million.
Trade show company signs 75,660 SF 7-year lease
Conference Services International (CSI), a national trade show and exposition contractor, signed a 7-year lease for 75,660 SF at 4802 W. Van Buren St. in Phoenix. Move-in is expected on Sept. 1.
Arizona Banks Leading Resurgence in CRE Lending, Multifamily Lending Up 15% Nationally
The amount of commercial real estate loans on U.S. bank books has swelled by $93.4 billion in the past year, a 6% increase and now totals $1.6 trillion. COSTAR
Orsett Properties Breaks Ground on New Building at The Reserve at San Tan
Orsett Properties celebrated the start of construction on Building No. 4 at The Reserve at San Tan located in Gilbert. COMMERCIAL EXECUTIVE
Chandler eyesore may be redeveloped
A new development has been proposed to replace a six-story eyesore near Chandler Fashion Center. PHOENIX BUSINESS JOURNAL
Gilbert may get 50-acre industrial park
A 50-acre industrial park proposed near Gilbert and Germann roads could bring more office and warehouse space and new employment opportunities to Gilbert's developing central business corridor. AZCENTRAL
The cost of construction: Surprise sets new impact fee schedule, ordinance
With updated development impact fees in place, the Surprise City Council will consider a new ordinance to regulate them. ARIZONA.NEWSZAP.COM
NATIONAL & INTERNATIONAL NEWS
US employers add 217K jobs; rate stays at 6.3 pct
U.S. employers added 217,000 jobs in May, a substantial gain for a fourth straight month, fueling hopes that the economy will accelerate after a grim start to the year. AZCENTRAL
Secondary Markets to Experience Accelerated Rent Growth in 2014
Apartment rents will grow faster in many secondary markets than in the top primary markets like New York City and Los Angeles, according to 2014 projections from data firms Reis Inc. and Pierce Eislen.
Global Investors Looking for Real Estate Bargains Flock to Spain
As one of the most moribund housing markets in Europe, Spain has become a magnet for global bargain hunters. NEW YORK TIMES