Phoenix Housing Market in a Slump

The Phoenix-area housing market is officially in a slump, according to a new report from the W. P. Carey School of Business at Arizona State University, which reveals the latest details on Maricopa and Pinal counties, as of June: • Though the median single-family home price went up 11 percent from last June, the forward…

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Cassidy Turley Purchase Black Canyon Business Park for $13.1M

Cassidy Turley announced that BKM Capital Partners (Irvine, Calif.) acquired Black Canyon Business Park, a ±219,090-square-foot business park at 8041 N. Black Canyon Freeway for $13.1 million. The seller was Business Properties (Irvine, Calif.). Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Vice President John Pompay…

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ABI Multifamily Facilitates Sale of Fully Renovated Luxury Community in the Heart of Central Scottsdale

ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of a premier luxury community in the heart of Central Scottsdale. This 151 Unit garden-style fully renovated multifamily community, located in an excellent in-fill area of Central Scottsdale – Miramonte Apartments – sold for $18,500,000, or approximately $122,500 per…

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Marcus & Millichap Sells 51-Unit Multifamily Asset in Phoenix for $5.6 Million

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 18 at Biltmore, a 51-unit apartment property located in the prestigious Biltmore neighborhood of Phoenix. Brian Tranetzki, Rich Butler, Cliff David and Steve Gebing, multifamily investment specialists in Marcus & Millichap’s Phoenix…

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Cushman & Wakefield Negotiates Black Canyon Location of Western Career Institute

Cushman & Wakefield of Arizona, Inc. negotiated a long-term lease bringing a new location of Western Career Institute to 7107 N. Black Canyon Highway. The educational institution has leased the entire 6,805-square-foot, freestanding building and plans to take occupancy at the end of this year. Western Career Institute of Tempe is among the leading teaching…

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Commercial Properties Inc. Announces Sale of 10,093 SF Industrial Warehouse Building In Mesa

Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, recently brokered a 10,093 SF industrial warehouse building located at 1929 N. Rosemont in Mesa. Andy Jaffe, SIOR, and Rex Griswold of CPI’s Tempe Office represented both the buyer and the seller in this transaction. The reinforced concrete building was built in 2000, and…

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Colliers’ Forecast: Growing Renter Pool Fueling Investment Activity

The Greater Phoenix multifamily market recorded mixed performance in the second quarter, but the short-term volatility should not mask the favorable long-term strengthening in local operating conditions. Since 2000, the Phoenix market has experienced one of the steepest declines in homeownership among major markets in the U.S., creating tens of thousands of additional renter households.…

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Kitchell Development Acquires Site Near Sky Harbor Airport in Bid to Expand Presence

Kitchell Development Company acquired nearly 20 acres at Interstate 10 and 28th Street, just south of Sky Harbor Airport in Phoenix for an industrial development. “Over the years we have developed several types of commercial projects including retail business parks, and multifamily, depending on the market climate,” says Senior Director of Development Ryan Cochran. “We’re…

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Construction Employment Increases in 215 Metro Areas Between June 2013 & June 2014

Construction employment expanded in 215 metro areas, declined in 80 and was stagnant in 44 between June 2013 and June 2014, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials noted that uncertainty about a range of federal infrastructure and construction programs could weigh…

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