Success is often the result of taking a misstep in the right direction. “Al Bernstein”
Jun 24, 2016 Eric Jay Toll Reporter Phoenix Business Journal
PhoenixMart is officially under construction. The long-awaited 1.5-million-square-foot expo center in Casa Grande, first announced in 2012, is finally going vertical.
Casa Grande issued the final building permit for the $1 billion project, which cost PhoenixMart a $250,000 permit fee. PhoenixMart is supposed to fill up with nearly 2,000 showrooms with goods and services from small and mid-size companies all over the world.
Work on the footings and foundations across the equivalent of 26 football fields’ worth of grading has been going on for several months with more than $3 million in concrete poured into hundreds of excavated holes to support the massive structure.
Two contracts, worth more than $4 million, have been inked with Harder Mechanical and Canyon State Electric to complete underground utilities at the site. Casa Grande is also extending trunkline sewer and water services to the site. PhoenixMart is responsible for half of those costs.
PhoenixMart, an international products sourcing center, is modeled after global trade expos in Shangai, the United Arab Emirates and Germany. In its showrooms, business-to-business offerings are displayed and services available to help companies find trading partners as well as customers for goods and services.
The project is being developed under the cloud of an FBI investigation into its source financing. The bureau will not comment on the status of any ongoing investigation, but sources with knowledge have said that there are questions about representations made to foreign investors by agents of parent company AZ Sourcing.
Some of the construction financing for the project comes through EB-5 investors based in China. AZ Sourcing CEO Elizabeth Mann has family roots and financial connections in China. Many wealthy Chinese use the EB-5 program to obtain immigration visas, commonly called “green cards” for family members, and move to the U.S. or send children to American colleges.
Sources have told the Phoenix Business Journal that a number of the PhoenixMart EB-5 investors have purchased homes in Arizona.
The EB-5 program allows investors to pump $1 million in capital and create 10 long-term jobs as a prerequisite for obtaining permission for immediate family to live in the U.S. In a special program for “targeted economic areas,” mostly specified rural areas in the U.S., the capital investment is dropped to $500,000. Casa Grande is a TEA target.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.
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Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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4rd QTR 2015 GREATER PHOENIX APARTMENT OWNER’S NEWSLETTER Kasten Long Commercial Group.
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AZREIA Market Update | March 2016
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
http://walter-unger.com/why-phoenix-2/
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Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
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http://en.wikipedia.org/wiki/Phoenix,_Arizona
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Facts of Arizona – year 1848 to 2013
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Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
Direct: 520-975-5207
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