Lee & Associates - Arizona | Week in Review | Friday, May 30, 2014
Lee in the News: Commercial Furniture Installer Takes 45,307 SF Warehouse for $2.98 Million
Precision Installation, Inc., a local commercial furniture and equipment installer, has purchased a 45,307 SF warehouse property at 8201 S. 48th St., Phoenix for $2.98M or $65.66 per SF. They will relocate their corporate headquarters from their current Mesa, Arizona location. AZ BIG MEDIA
Fenway Properties Acquires Alamos Court Offices for $8.73 Million
One of the most thinly traded office sub-markets in Greater Phoenix saw a major asset change hands when Fenway Properties acquired North Alamos Court I and North Alamos Court II in two separate transactions that closed on Friday. VIZZDA NEWS
$75 million luxury condo project planned for downtown Phoenix
Downtown Phoenix is about to get $75 million in new luxury condos as Habitat Metro announced it will begin construction on Phase 2 of its Portland Place condominium community later this year.
Phoenix ranks ninth on Forbes list of fastest growing information sectors
The Phoenix metro area ranks ninth on a new Forbes list of American cities with the fastest-growing information sectors. Close to 2 percent of the jobs in the Phoenix-Mesa-Glendale area are information jobs, according to the list. AZCENTRAL
Glendale furniture store, warehouse provide 300 jobs
American Furniture Warehouse, a discount furniture business based in suburban Denver, is staking a claim in Arizona, and doing it in part with a 600,000-square-foot warehouse and showroom in Glendale.
NATIONAL & INTERNATIONAL NEWS
Brookfield Makes a Play for Industrial Sector
Brookfield Property Partners, one of the world's largest real-estate investors, is setting the stage for a rapid expansion in the industrial-property sector. WALL ST. JOURNAL
Led By Multifamily, Improvement Seen in All Commercial Real Estate Sectors
The outlook for all of the major commercial real estate sectors is slightly improving despite disappointing economic growth during the first quarter of 2014, according to the National Association of Realtors® quarterly commercial real estate forecast. REALTOR NEWS
Experts Warn of Overbuilding Doom for Seniors Housing
As the economy surges and capital flows more freely, members of the seniors housing industry have been holding their collective breath to see how developers react to easier money: Basically, will overbuilding take hold? NATIONAL RE INVESTOR
Honolulu unlikely to see new office towers built anytime soon, expert says
The Honolulu market probably won’t see a new office tower built anytime soon, according to one local real estate expert, who noted that this will cause existing landlords to enjoy this next upswing in the market.
Housing Investors Settle Into a Holding Pattern
After a buying binge that helped drive the housing recovery, big investors are being forced to rethink the home-rental business. WALL STREET JOURNAL