Country Brook Apartments located in the highly sought after Southeast Valley of Great Phoenix was purchased by a California-based investor for $74,000,000. MG Properties Group of San Diego acquired the 396-unit community located at 4909 W. Joshua Blvd in Chandler. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the marketing and sale transaction.
Mayo Clinic is embarking on a $648 million expansion that will nearly double the size of its Phoenix campus — paving the way for 2,000 more high-paying health care jobs. The expansion project, dubbed the Arizona Forward Project, will add 1.4 million square feet of building space to the existing 1.7 million square feet at the hospital campus at 56th Street just south of Loop 101. Plans call for breaking ground within the next 10 to 12 months.
American Express soon will begin construction on a fourth building at its north Desert Ridge campus that will house 3,000 employees.
The more than 300,000-square-foot, four-story building will join three buildings existing on a 90-acre campus at 56th Street and Mayo Boulevard. The building will have four wings, an outdoor common area and a collaborative work environment. The new building will be on the campus’s north side closest to Mayo Boulevard.
The new office building and the second parking garage are scheduled for completion in late 2019.
Iron Mountain Inc. has begun construction on a $430 million, three-story data center in east Phoenix originally planned by IO Data Centers.
The new 48-megawatt, 550,000-square-foot data center will double the size of the flagship Phoenix campus with a 9-acre expansion to support customer demand, said Rick Crutchley, Iron Mountain’s vice president and general manager for the Western region. Crutchley was previously IO’s chief operating officer. “We’re really excited about this project. Iron Mountain has invested more than $2 billion in data centers all over the world.”
Arizona is poised to add 1 million new residents between now and 2026 as well as more than 500,000 jobs to continue growing the state’s economy.
The statistics, from the Arizona Office of Economic Opportunity, paint a picture of a state once waylaid by the Great Recession as it continues to find its economic footing, according to a report by the Arizona Republic.
Those numbers would see the biggest growth in Phoenix and Maricopa County, already the state’s most populous region. The population is expected to grow from about 4.9 million to 5.5 million in the metro area during the next eight years.
The state’s population likely would rise to 8.1 million by 2026.
The downtown Phoenix region is changing rapidly, thanks in large part to thousands of new apartments being built as well as scores of new tech jobs landing in the area. The downtown area is receiving a boost from 2,000 apartments that have been finished during the past two years and will get another 3,000 during the next few years.
Steak 44 in Phoenix undergoes renovations to expand its dining room and the December launch of Ocean 44 in Scottsdale fast approaches, to say the Mastros are repeating their previous success. Inside Scottsdale Fashion Square, the team is busy holding a job fair this week to hire 240 people at all levels to staff Ocean 44.
“Prices spike as newer projects command top dollar”. The Greater Phoenix multifamily market had a mixed second quarter, but the overall trajectory is favorable. Vacancy ticked up in the summer months, but absorption was positive, rents spiked, and the investment market was quite active.
View & download your copy HERE.
In the Phoenix Business Journal’s Largest Employers list, published Friday, the top 50 on the list currently account for 391,238 full-time jobs.
On a companywide basis, those firms and organizations provide 5.7 million full-time jobs.
The 10 largest employers on this year’s list included three health care specialists, two universities, two governmental organizations, one bank, one defense contractor and one retailer. Together they employ 202,964 full-time employees. For the first time in more than a decade, the state of Arizona was not the largest employer in the state. The state added 1,345 jobs to its 2017 total, while Banner Health added 9,110 jobs and went from second to first in the rankings.
“Tenants are looking for buildings with better functionality, taller clear heights, deeper loading courts and abundant power, these developments deliver that,” McClurg said in a statement. “And tenants are willing to pay higher rental rates for the new product as well, leaving the older, less functional product vacant.”
GET THE LATEST NEWS
- Arizona Market News
- Brad Cooke
- Casa Grande
- Cindy Cooke
- Colliers Cooke Team
- Colliers International
- Deer Valley
- East Valley
- Just Listed
- Knowledge Leader
- Las Vegas
- Market Report
- Metro Light Rail
- MF Pipeline
- Multifamily News
- New Developments
- North Phoenix
- Northern Arizona
- Pipeline Report
- Press Releases
- Queen Creek
- Real Estate Market
- SE Valley
- West Valley