The Phoenix metro economy continues to outpace the nation in job growth, even though 2014 has taken on a slower pace than last year. Much of the 2013 job growth occurred in education, healthcare and financial services. The latter has been a particularly strong growth industry for Phoenix, with 7.2 percent job growth in 2013, versus overall job growth of 2.8 percent. Overall job growth for Phoenix is forecast to be 3.2 percent this year. Despite the job growth and the cautiously optimistic outlook from most within the retail industry, new retail development is still very limited. Unlike in the past when the anchor was a traditional grocery or discount store, much of the development today is anchored by non-retail traffic generators. This includes office and apartment developments, such as new retail space planned for SkySong at Scottsdale and McDowell roads. There are also several ground-floor retail opportunities at the newest mid-rise apartment developments around Scottsdale Fashion Square, Arizona State University and the area on the northern edge of Downtown Phoenix near Roosevelt and Central. Additional retail is planned adjacent to the newest Village Health Club at Ocotillo/Alma School Road in south Chandler. Retail and hospitality developments have been proposed …
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SCOTTSDALE, ARIZ. — Hayden Crossing, a 63,446-square-foot neighborhood retail center in Scottsdale, has sold to 919 Hillsdale LLC for $14 million. The center is located at 8015-8035 E. Indian School Road. Notable net lease tenants include Bashas’ and Walgreens. The seller, Hayden Crossing Shopping Center LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SANTA ANA, CALIF. – A 105,199-square-foot office property in Santa Ana has sold to BW America Development LLC for $12 million. The building is located at 901 Civic Center Drive. It was only 8.2 percent occupied at the time of sale. The seller, Civic Center Professional Building Inc., was represented by Tom Nguyen of NAI Capital’s Asia Pacific Group.
FRESNO, CALIF. — Mission Village, a 52,950-square-foot shopping center in Fresno, has sold to MCS Guardian Properties LLC for $8 million. The center is located at 335-393 E. Shaw Avenue, and 4965 and 4987 N. Fresno Street. It is anchored by a new 24-Hour CVS/pharmacy. The center was built in 1979. It is 83 percent occupied. MCS Guardian was represented by Greg Bethke of Manco Abbott. The seller, a private Orange County investment company, was represented by Eric P. Wohl of Hanley Investment Group Real Estate Advisors.
SAN FRANCISCO – A 1,800-square-foot retail building in San Francisco has sold to JSRE Acquisitions for $4.3 million. The building is located at 69 Maiden Lane. It is the smallest building in the city’s Union Square District. The space is occupied by Bistro 69 Café. It will be vacant this fall. JSRE was represented by Tim Maas, Tony Crossley and Frank Wheeler of Colliers International.
PALM DESERT, CALIF. – Flooring Innovationshas leased a 15,800-square-foot retail building in Palm Desert. The space is located on Highway 111 at Deep Canyon. The lease was valued at $2.7 million. Kathleen Howard of NAI Capital’s Palm Desert office represented both the tenant and the landlord, CVS Drugs, in this transaction.
ISSAQUAH, WASH. — Costco Wholesale Corporation has leased 176,656 square feet of office space at Sammamish Parkplace in Issaquah. The facility is located one block east of East Lake Sammamish Parkway. It sits adjacent to 220th Avenue. The lease represents an expansion for Costco, which has been headquartered in Issaquah since 1995. The wholesale retailer also operates a 150,000-square-foot membership warehouse at 1801 10th Ave. West within the city. The three-building Sammamish Parkplace contains a total of 586,823 square feet. Microsoft occupies the other two buildings. The center is owned by Vulcan Real Estate.
PHOENIX — Stockbridge Funds has acquired St. Luke’s Medical Building, a 49,816-square-foot medical office building in Phoenix, for $8.4 million. The building is located at 555 North 18th Street in the downtown area. It sits adjacent to St. Luke’s Medical Center. The facility was built in 2006. It is currently 86 percent leased. Eric Wichterman and Mike Coover of Cassidy Turley represented both the buyer and seller.
PHOENIX – The 137-unit Villa Serena apartment complex in Phoenix has sold to Janet LePage for $6.4 million. The Class B community is located at 4221 W. Dunlap Ave. It was built in 1982. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily represented both the buyer and seller, Bligh Group LLC, in this transaction.
SAN JACINTO, CALIF. – Circle K Stores has broken ground on a 4,500-square-fot convenience store in San Jacinto. The store will be located at 1450 S. Sanderson Ave. It will offer fresh food, a gas station with eight fuel pumps and a self-serve carwash. The new store will open later this year. The new Circle K facility represents phase one of Esplanade Commons a 90,000-square-foot, mixed-use shopping center that is being developed by Southland Development Company and RoBott Land Company.