Lee & Associates - Arizona | Week in Review | Friday, September 26, 2014
Investor purchases Gilbert site targeted for mixed-use business park
Galahad LLC in Phoenix (Steven Johnson, principal) paid just under $13.746 million ($3.50 per foot) to acquire a prime site along the 202 Loop in Gilbert that could eventually be developed as a business park of up to 1 million sq. ft. BREW
Is Mesa's Fiesta District the next development hotspot?
For those who have written off Mesa's Fiesta District after years of decline, the idea that the once-thriving commercial center could again become a major regional destination may seem absurd. AZCENTRAL
Intel planning future growth at Chandler campuses
Although Intel has not announced specific new plans at either of its two campuses in Chandler, its recent amendment to Chandler of its Ocotillo campus master plan hints at future growth. AZCENTRAL
Phoenix approves plans for condos, hotel next to Kierland
The Phoenix City Council approved plans this week for a 660-unit condominium development and 234-room hotel next to Kierland Commons. PHOENIX BUSINESS JOURNAL
GM hiring 1,000 after opening of Chandler tech center
The Detroit-based company formally announced Friday the opening of its fourth national IT center, which will employ 1,000 workers in the southeast Valley as the U.S. economy continues a shift toward knowledge-based jobs in science and engineering. AZCENTRAL
NATIONAL & INTERNATIONAL NEWS
Millennials Want Houses, Just Like Everybody Else
The proportion of homeownership among young adults has fallen from a third to a quarter over the past half-century. But the idea that today’s millennials are allergic to deeds and mortgages is a myth, says a report based on a survey of more than 1,000 Americans aged 18-29. BLOOMBERG
Cost for Seattle office high-rise site crosses the $1,000-square-foot mark
If you want to buy an office development site in downtown Seattle, prepare to open your wallet a little wider.PUGET SOUND BUSINESS JOURNAL
Believe the Hype: Crowdfunding Is Redefining Commercial Real Estate Investing
Is crowdfunding a fad or is this online investment model here to stay? According to experts who’ll be sharing insights on this burgeoning industry at the CCIM Thrive Conference Oct. 21-22 in Los Angeles, the answer is clear. CCIM INSTITUTE
Norway jumps to second-biggest foreign buyer of U.S. real estate
Norway has vaulted to the top ranks of foreign U.S. commercial real estate buyers as its $870 billion sovereign-wealth fund, the world’s largest, acquires buildings from New York to San Francisco.
FINANCE & COMMERCE
A Bigger Role For Banks In Commercial Real Estate Lending
U.S. banks are seeing some of the lowest loss rates of the past six years on commercial real estate and construction loans,boosting their case for increased lending activity in the sector.