Camelback building sells for 75 Million!

The first article, Construction still hot in East Valley, from the East Valley Tribune, reports that millions of square feet of office, industrial and retail development are slated to be developed in the Valley, and many of the hottest development areas to watch in 2007 are in the East Valley, industry observers say. An estimated 4.2 million square feet of office space alone will be under construction this year Valleywide, commercial brokerage Grubb & Ellis reported. Another 6.4 million square feet of industrial space could be under construction by year's end, and overall retail inventory is projected to grow by more than 7 million square feet. Some of the East Valley development areas cited were Scottsdale Airpark, where just under 2 million square feet of office space is planned with a quarter of it scheduled to open in 2007; Williams Gateway with Paragon Properties planned 902-acre industrial and mixed-use development, Chandler Municipal Airport, with hundreds of thousands of square feet of office and industrial uses planned; Riverview at Dobson retail development; Tempe Marketplace and Chandler Fashion Square.

Construction still hot in East Valley
http://www.eastvalleytribune.com/index.php?sty=82527


The second article, Camelback building sells for $75 mil, from the Arizona Republic, reports that the nine-story Camelback Center at 2355 E. Camelback Road sold this week for $75.62 million, or $325 per square foot. The seller, Crown West Realty, purchased the building in November 2004 for $32.35 million. This was the latest in a flurry of sales in the area, one of the most desired office locations in the Valley. Current rents at Camelback Center are about $25 per s.f., but the market is averaging $35 per s.f., and some buildings are getting over $40 per s.f. Shows that our commercial market is strong and is drawing interest from institutional investors.
Camelback building sells for $75 mil
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0119biz-camelback0119.html


The third article, December U.S. home construction climbed, from MSNBC.com, reports that the pace of U.S. home construction climbed 4.5 percent in December, the second straight monthly increase that ran contrary to analyst expectations. Economist had forecast December housing starts to be below Novembers pace. For all of 2006 housing starts totaled about 1.8 million, down 12.9 percent from 2005 totals, the biggest decline since 1991. But the good news is that starts climbed for the second straight month, and according to yesterday's NAT NEWS article, Home builders feel they have weathered the storm, index suggests , from the USA TODAY , home builder sentiment improved in January to its strongest since July, as price cuts, lower mortgage rates and incentives fostered demand.
U.S. home construction climbed in December
http://www.msnbc.msn.com/id/16686772/