Deep Pocketed Investors Bull on Phoenix Real Estate Market

A Seattle Company owned by Micrsoft co-founder Paul Allen is very bullish on the Phoenix commercial real estate market. So much so that they just purchased the Gateway building in downtown Tempe for $35 million dollars. The purchase of the eight story building at Mill and 3rd is the first purchase in the Valley by Vulcan Real Estate and according to a Company spokeswoman is looking to buy more property in the depressed market. According to Lori Mason Curran “We see Phoenix as an area with good growth prospects” and “We see that the area is poised for a rebound and we think it’s a good time to get into this particular market”. Over the coming months Vulcan will lease out space in the vacant building that was developed buy Phoenix based Opus West. The developer filed chapter 11 bankruptcy in 2009. Other developers are also starting to see the opportunity in the Phoenix real estate market. A lot of banks are wanting bad assets off the books by the end of the year which gives the investor with capital opportunity to restore and lease these properties. University of Arizona’s Eller College of Management predicts population in the Valley will climb at an increasing rate over the next four years. While looking at growth over the next 10 – 20 years there is currently tremendous value. If you are interested in Phoenix investment property click any of the corresponding links you see to the right. Please don’t hesitate to contact us if we can be of assistance or answer any questions.