CONSTRUCTION MATERIAL COSTS IN MARCH OUTPACE CONTRACTORS’ PRICING; INDUSTRY ASSOCIATION WARNS AGAINST POLICIES THAT WOULD ADD TO SQUEEZE

Double-digit price increases for key construction materials pushed up construction costs in March, while the prices charged by contractors remained moderate, according to a new analysis of federal producer price data released today by the Associated General Contractors of America. Association officials urged policy makers to avoid adopting restrictions on international trade that would add…

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LGE Design Build Set to Break Ground on New 20,000 SF Facility for Milam Glass in Surprise

Milam Glass is breaking ground. The family-owned-and-operated business has long been the Valley’s go-to provider of premium-quality commercial glass, and they’ve teamed up with LGE Design Build to break ground on an expansive, 20,129 square-foot part-production facility, part- “forever home.”   The official groundbreaking for the building set to undergo construction at 132nd Ave &…

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Scottsdale, Deer Valley Submarkets Prevail in JLL Q1 Phoenix Industrial Report

Asking rents surge 25 – 30 percent in these top-performing markets Growth among traditional and non-traditional industrial users continues to push the Phoenix industrial market forward. This is particularly true in Scottsdale and Deer Valley, where asking rents surged as much as 30 percent in the first quarter of the year as demand surpassed new product…

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DOWNFALL OF SUBURBAN OFFICE SECTOR HIGHLY EXAGGERATED, ACCORDING TO CBRE REPORT

With the migration of many millennials to urban environments, some commercial real estate industry observers are less than bullish when it comes to suburban office product. However, the so-called “downfall of the suburban office sector” may be highly exaggerated, according to a new report from CBRE Group, Inc. that shows the U.S. suburban vacancy rate…

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$55.2 Million Luxury Multifamily Community Sale Brokered by IPA

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Indigo Creek, a 408-unit multifamily community in Glendale, Arizona. The $55.2 million sales price represents more than $135,000 per unit. “Indigo Creek is a vibrant, luxury multifamily asset…

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Montecito Medical Purchases Successful Best of NAIOP Sun City Medical Office Building

Thunderbird Square Medical I, a fully-leased medical office building at 13640 N. 99th Ave. in Sun City, has been sold to Montecito Medical of Tennessee. Awarded the Best of NAIOP Medical Office Building of the Year in 2012, this national medical office investment fund was attracted to the property’s quality, location and outstanding mix of…

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Cushman & Wakefield Reps $9 Million Apartment Sale in Tempe

Cushman & Wakefield announced the $9 million sale of Parkside Apartments, located at 1801 South Cutler Drive in Tempe. The 100-unit apartment community was purchased by California-based Devistar II Properties, LLC for $90,800 per unit. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky…

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Wentworth Storage Company Acquires 11.08 Acres in North Scottsdale

Wentworth Storage Company, LLC purchased 11.08-acres east of the Loop 101 Freeway at 91st Street and Pima Road in North Scottsdale to develop a new ±120,000-square foot self-storage facility, Pima 101. The Arizona-based developer and their development partner, Crow Holdings, purchased the land for $4.35 million from SWVP DC Ranch, LLC. The property address is…

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CBRE Completes $4.26 Million Sale of Arizona Business Park Property in I-17 Corridor

CBRE Group, Inc., has completed the sale of a 39,950-square-foot office space located at 15601 North 28th Ave. in Phoenix. The property, which is located in the Arizona Business Park in the I-17 Corridor, commanded a sale price of $4.26 million. Ashley Brooks of CBRE’s Phoenix office represented the seller, Arizona-based Paramount Partners LLC. Beth…

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