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CB Richard Ellis Research | Phoenix
10 Stories from Last Week's Market
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- Tempe Town Lake Thrives Despite Setbacks
The Arizona Republic - November 14, 2009
Alex Dolotov still marvels that a 20-minute drive from his Scottsdale home to Tempe transports him from the Arizona desert to a narrow stretch of beach where he can feel sand under his feet.
An avid rower, the Ukraine native thought he would have to give up the sport when he moved to Arizona. But on Nov. 6, 1999, he took his scull to Town Lake, joining thousands of others for the lake's opening celebration and first day of public boating.
In the decade since, the lake has become the Valley's most visited attraction.
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- Enrollment Soars at ASU Downtown
The Arizona Republic - November 12, 2009
Forty-two percent more students are taking classes at Arizona State University's high-profile downtown Phoenix campus this year, despite state budget cutbacks and the fact that overall university enrollment grew by only 1,000 students.
Slightly more than 7,000 students took at least one class downtown this fall, up from 4,963 in fall 2008. As the campus grows in size and clout, it moves closer to what was envisioned when it was launched four years ago: a major economic generator for the heart of the city.
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- Grocers, Workers Avert Strike
The Arizona Republic - November 14, 2009
A collective sigh of relief echoed throughout Arizona after Fry's, Safeway and the union representing about 25,000 of their hourly workers reached a tentative settlement hours before a Friday strike deadline.
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- Arizona Town Hall Calls for Bold Action to Solve the State's Fiscal Crisis
Knowledge@W.P. Carey - November 10, 2009
Last week about 140 of Arizona's leaders gathered at the Grand Canyon for the 95th Arizona Town Hall. These meetings are designed to bring Arizonans together for three days of discussion, culminating in a plenary session where participants adopt a final report of findings and recommendations. The topic, governmental revenue, is urgent in a state where a crippling budget crisis casts a forbidding shadow over the next several years.
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- Colangelo Group Pursues Wigwam
Phoenix Business Journal - November 16, 2009
Valley sports chieftain Jerry Colangelo is part of an investment group seeking to gain control of the storied Wigwam Golf Resort & Spa in Litchfield Park, as well as the Biltmore Golf Club in Phoenix.
With longtime business partners David Eaton and Mel Schultz, Colangelo created JDM Partners LLC. They are negotiating with Citigroup Global Markets Realty Corp. to purchase a promissory note secured by the 80-year-old West Valley resort and the two golf courses surrounding the Arizona Biltmore, which are in Chapter 11 bankruptcy. Some details of the deal are outlined in documents filed with the U.S. Bankruptcy Court in Arizona.
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- ConAir Buys Distribution Center for $17M
GlobeSt.com - November 11, 2009
A former 619,000-square-foot distribution center that once housed KB Toys is now in the hands of ConAir Corp. The hair-care products manufacturer paid $17.4 million in cash to Heritage Capital Group LLC for the 101 Distribution Center, making this the largest industrial transaction in the area in 2009.
"ConAir will use this as a distribution and manufacturing center," comments Cushman & Wakefield of Arizona Inc. executive director Bo Mills. Mills, who partnered with colleague Mark Detmer to broker the transaction, tells GlobeSt.com that the buy represents a consolidation move for ConAir.
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- Division Sale Would End Motorola's Run in Valley
The Arizona Republic - November 13, 2009
Motorola Inc. is trying to sell the last of its divisions with a substantial head count in the Phoenix area, according to news reports.
The Wall Street Journal reported Wednesday that the Schaumburg, Ill.-based telecommunications firm is considering selling its home-and-networks mobility division.
The unit, which makes set-top television boxes and wireless-networking systems, has an estimated 700 employees at 2900 S. Diablo Way in Tempe.
The sale would eliminate Motorola's presence in the Phoenix area, which has dwindled from about 20,000 employees a decade ago.
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- Metro Light Rail Marks 1.12M Riders
Phoenix Business Journal - November 10, 2009
The Metro light rail system reported a record number of riders for the second straight month in October.
The system carried 1.12 million riders in October, or roughly 70,000 more than in September.
According to Metro, daily ridership peaked at 41,077 for the average weekday, 30,517 for the average Saturday and 17,160 for the average Sunday/holiday in October.
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- Stimulus Bright Spot in Construction Outlook
Phoenix Business Journal - November 16, 2009
Projects funded by the economic stimulus bill will provide the only bright spot for the construction industry next year, according to Associated Builders and Contractors.
The trade group predicts nonresidential construction employment will fall by 5 percent or more in 2010 compared with this year. The good news is that’s only half this year’s rate of decline.
The industry has been “impacted by a combination of financing constraints, massive job loss and a lack of confidence in local economies across the nation due to falling tax revenue,” said Anirban Basu, the organization’s chief economist.
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- CBRE Reaches 400 in LEED AP Professionals
GlobeSt.com - November 9, 2009
The number of CB Richard Ellis professionals who have earned the LEED Accredited Professional designation has reached 400 as the L.A.-based company focuses on sustainability in terms of its people, its clients and the portfolio it manages, according to the company's national director of sustainability. Dave Pogue tells GlobeSt.com that, in addition to the 400 CBRE professionals who have attained LEED AP designation, which signifies an advanced depth of knowledge in green building practices, more than 2,000 CBRE professionals have completed BOMA's Building Energy Efficiency Program (BEEP) and more than 100 have attained CBRE's own internal Green Knights designation. The BEEP program teaches commercial real estate professionals how to reduce energy consumption, and Green Knights is a CBRE asset services program that helps clients strategically transform their facility operations via sustainable practices and products.
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