The Phoenix area has 10,500 apartment units under construction to the tune of nearly $1.4 billion, according to a report being released today by Colliers International.
The market continues to record vacancy declines, even as new units are delivered, said Pete O’Neil, research director for Colliers International in Phoenix.
Wan Hai Lines Ltd. — a global shipping company — has bought the Perimeter Center building in Scottsdale for $10.35 million.
It serves as the Taiwan-based shipping company’s U.S. headquarters.
Real estate development and investment firm Irgens was the seller.
Irgens bought the Perimeter Center at 17200 N. Perimeter Drive in Scottsdale in 2015 and renovated the Class A office building.
Irgens still owns 2.4 acres at the same development and has plans to develop a 50,000-square-foot property there this year.
“Wan Hai Lines operates two offices in the United States, one of which is here in Metro Phoenix,” says Jason Meszaros, senior vice president and regional managing director of Irgens. “This building provides an appealing opportunity for the company to own its facility and have Class A office space in the prestigious Perimeter Center community. We are excited to have Wan Hai Lines adjacent to our future building.”
For the third year in a row, Arizona State University tops the list of “most innovative schools” in the nation, recognizing the university’s groundbreaking initiatives, partnerships, programs and research.
U.S. News and World Report has named ASU as the most innovative university all three years it has had the category. The widely touted set of annual rankings by the news magazine, which compares more than 1,500 institutions on a variety of metrics.
Business, civic, and education leaders alike are collaborating to help turn Phoenix into a leading market not just for large corporations, but also tech companies. Driving across the region you can see signs for other major tech companies from Silicon Valley, including Weebly, Uber, Shutterfly, Prosper Marketplace, BoomTown, Gainsight, and DoubleDutch. These companies, and others like them, saw reprieve from the exorbitant costs of doing business in the Bay Area and the spiking labor competition, but were also drawn in by the value of running their expansion offices in Greater Phoenix.
Construction is expected to begin this fall on a 43-acre, mixed-use campus at Loop 101 and 90th Street in Scottsdale.
Phase I of the project will include luxury assisted living, skilled nursing, medical office, retail, hotel and parking — and cost about $125 million to develop.
The first phase will encompass about 300,000 square feet and will include:
• 71,000-square-foot, 120-bed behavioral health hospital
• 125,000-square-foot, 118-unit luxury assisted living and memory care community
• 120-room hotel
• 90,000-square-foot multi-specialty office building
• 50,000-square-foot skilled nursing facility
• 2,500-square-foot national quick service restaurant
• 6,000-square-foot national convenience store
The campus will serve as a new home to Archway Scottsdale and an athletic field and amenities for Scottsdale Preparatory.
When completed the campus will span 16 acres. Phase I of the new campus will be open for the 2018-19 school year, with open enrollment to begin Nov. 13.
The new Archway campus will serve students in grades K-5 and will add another 500 seats for students when it reaches full capacity. It will include upgraded classrooms, labs, library, art studios, music and drama rooms and a full-size gymnasium.
The sports complex will include a football field and soccer field.
The charter school operator serves more than 15,000 students at 28 schools in the Phoenix metro area and in San Antonio and Irvine, Texas.
(Source: Phoenix Business Journal)
Gilbert ranked as the 52nd fastest growing U.S. city, and Tempe ranked as 85th fastest growing out of 515 US cities assessed in a study by WalletHub.
WalletHub’s study, 2017’s Fastest-Growing Cities in America, observed the growth and decline of 515 cities of varying sizes throughout a seven-year period.
Tempe ranked 55th for socio-demographics — which were defined by population growth, working-age population growth and college-educated population growth.
Scottsdale ranked 106th fastest growing US city but 47th for sociodemographics.
Phoenix was the 19th fastest growth large city out of the 64 large cities assessed. Mesa ranked 23rd out of the 64.
The study was based on socio-demographic standards and statistics pertaining to jobs and the economy.
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