TEMPE, AZ-Design Securities is packing up and relocating its Tempe operation to the Airport Business Center in an industrial and office area of the city. The move delivers expansion space to the security monitoring business.
CHANDLER, AZ-The Gila River Indian Tribe is sowing seeds for a refurbishment of Memorial Airport, a World War II facility developed by the Army Air Corps. Tribal leaders OK $250,000 to start the work and start talks to extend the land lease.
PHOENIX-The Biltmore Commerce Center in the Camelback Corridor has snagged a new tenant, signing Oracle Corp. to 15,400 sf. The building, like its counterparts in the submarket, offer the most prestigious addresses for tenants.
CHANDLER, AZ-The Schirmer Ball Co. says dirt will be flying in three months on its $40-million, mixed-use project in Chandler. The pedestrian-friendly design calls for more than 37,000 sf of retail space, 30,000 sf of office and 200 apartments.
PHOENIX-Tucson is the lone wolf of the Arizona cities, which have posted declines in hotel demand. Tucson's up 2.2% in occupancy while the statewide average has dipped to 67.8%, a drop of 0.4% below midyear 2000's rate. Room rates, though, are up statewide.
PHOENIX-Office and industrial markets in the region are definitely following suit with the nation. Office vacancy was 12.8% at midyear and industrial, 8.9%. The sectors haven't stopped, but new construction is going to make the burden even harder to bear.
PEORIA, AZ-A Menlo Park, CA private investor spends $41,000 per unit for the 100-unit Land Pointe Apartments in the far West Valley. Seller R. Blake Johnson Jr. LLC has been unloading its Arizona holdings and redirecting the proceeds to buys in Washington state.
PAGE, AZ-A rural Arizona town shells out $1.9 million for a 31,826-sf building that will serve as its airport terminal. Sunrise Liquidating Trust of Phoenix is the seller of the structure at 901 Sage Ave.
PHOENIX-A Phoenix investor spends $5.8 million for a 29-year-old complex in the West Valley. The immediate plan is to remodel, say parties involved in the deal. FSF Country Knoll Associates of Larkspur, CA is the seller.
PHOENIX-In the coming weeks, Banner Health Systems will break ground on another hospital expansion in the Phoenix area. This time, it's a $90-million undertaking at Good Samaritan Regional Medical Center in the city's downtown.