Commercial Real Estate & Business News – December 5, 2017

Over the weekend the US Senate passed its version of the Tax Cuts and Jobs Act bill in a vote that came down to 51-49. Among many other changes to tax law the bill lowers the top corporate tax rate from 35% to 20%. ...»

Two publicly-traded student housing REITs are increasingly turning to public-private partnerships to boost growth. In their third-quarter earnings calls, executives at the two REITs-American Campus Communities Inc. and Education Realty Trust Inc. (now branded as EdR)-described interest in public-private partnerships for on-campus student housing as strong....»

The retail apocalypse has not been kind to malls. Credit Suisse recently studied the state of mall-based retail and predicted that that about one-fourth of the nation's 1,100 shopping malls - or roughly 220 to 275 shopping centers - will close by 2022....»

CVS Health's $69 billion acquisition of Aetna will change the pharmacy and health-care industries alike. The deal creates the first health-care triple threat, combining CVS' pharmacy and pharmacy benefits manager platform with Aetna's insurance business....»

Traditional retailers are under extreme pressure from e-commerce, but resilient and high-quality stores and malls that have already adjusted to some of these pressures may provide some relative value for institutional investors, according to a report to be released this week. ...»

Commercial Real Estate & Business News – December 4, 2017

A survey of 150 U.S. office leasing decision makers conducted by Radius Global Market Research for WiredScore found that a building's Internet connectivity is second only to location in importance to tenants when seeking office space. Fort Worth, San Francisco, Washington, Houston, Boston and Atlanta, found that 80 percent of tenants experience connectivity issues at one time or another. And more than half (77 percent) of them say poor connectivity affects their bottom line. ...»

The house at 1310 Haskell St. does not look worthy of a bitter neighborhood war. The roof is rotting, the paint is chipping, and while the lot is long and spacious, the backyard has little beyond overgrown weeds and a garage sprouting moss. The owner was known for hoarding junk and feeding cats, and when she died three years ago, the neighbors assumed that whoever...»

A 0.1% contraction marked the seventh consecutive month of declines in commercial property pricing, Ten-X Commercial said Thursday. The firm's latest Commercial Real Estate Nowcast is now up just 1.5% from a year ago. "The US presidential election is a year behind us, but the events of intervening months have done nothing to alleviate investors' wariness," ...»

Two new tenants will soon open shop at The Colony, a food, shopping and entertainment destination in the heart of Central Phoenix's booming 7th Street Stretch. The adaptive reuse project located along 7th St., just north of Missouri Avenue, opened to considerable acclaim last year, including winning the honor of being named 2016 Best of NAIOP Retail Project of the Year...»

An Arizona State University economist expects the state to continue attracting people from other states but said that additional population could put a strain on Arizona's resources. Lee McPheters discussed the outlook for Arizona at the 54th annual Economic Forecast Luncheon. "We expect steady, sustainable but not spectacular growth...»

Commercial Real Estate & Business News – December 1, 2017

Without any worrisome developments like a financial sector meltdown or a presidential election upset, and encouraged by a strong economy, American consumers turned out in strong numbers to brick and mortar and online shopping channels alike, giving retailers an encouraging start to the 2017 holiday shopping season. From Thanksgiving Day through Cyber Monday, more than 174 million Americans turned up to shop in person and online, according to data from the National Retail Federation (NRF). On average, consumers spent $335.47 per person...»
The top 1,000 corporate, government and institutional occupiers in the U.S. hold leases worth an aggregated rent value of more than $135 billion, encompassing just over 8.4 billion square feet of office, industrial and flex space across about 115,500 properties, according to a recent analysis of CoStar Group tenant data. The study ranks occupiers by the current value of rents paid across their U.S. real estate portfolios in CoStar's database...»
SANTA BARBARA, CA-Apartment rents held steady in November while decreasing slightly from the previous month for all unit sizes, RentCafe reported Wednesday. On a market level, the fastest year-over-year growth is occurring in small and medium-sized cities, while some of the more volatile metro areas are stabilizing. November's average monthly rent of $1.358 is just 2.5% higher Y-O-Y...»
Eclipse Automation - which makes automated and robotic equipment and systems for manufacturers - is opening a new facility in Mesa. Eclipse, which is based near Hamilton, Ontario, already has locations in Charlotte, North Carolina, and Fremont, California. The automation company landed on Broadway Road near Loop 101. It will hire 50 automation engineers and technicians for its Arizona center in the East Valley...»
Arizona's economy has slowed over the past year but remains on a growth trajectory with no recession in sight, according to economists speaking at an event in Phoenix on Wednesday, "Arizona has downshifted a bit," said Lee McPheters, an economics professor at Arizona State University, referring to job growth. But he predicted the statewide job tallywill pick up in 2018 as the national economy expands...»

Commercial Real Estate & Business News – November 30, 2017

There are a lot of cranes operating in Arizona as developers pursue new projects that are creating a more diverse state. Here are six projects that were recently finished or broke ground in Arizona, as seen in the November/December issue of AZRE magazine. ...»

Off-price retailer Nordstrom Rack is opening a new store in Gilbert, the company announced this month.The sister concept to high-end department store Nordstrom is landing its sixth Phoenix-area location at the SanTan Village shopping center on the corner of Williams Field Road and SanTan Village Parkway....»

The popular restaurant group behind Postino WineCafe is getting financial backing from a Los Angeles private equity firm to take the concept national. Phoenix-based Upward Projects already has six locations in Arizona, another in Denver and another coming to Houston....»

Almost everything about a deal to renovate the Phoenix Suns' taxpayer-funded downtown arena remains a mystery, but one thing has become increasing clear - it's quickly losing the support it needs from the Phoenix City Council. ...»

2017 was a good year. That is according to Darryl Freling, managing principal of MedProperties Holdings LLC, who was referring to both his company, as well as the healthcare industry. According to Freling, who will serve as a panelist at the upcoming RealShare Healthcare event, held at the JW Marriott Camelback in Scottsdale, AZ...»

Commercial Real Estate & Business News – November 29, 2017

Apple appears to be leasing a former Fiat Chrysler-owned proving grounds in Surprise to test autonomous vehicles, according to the vehicle news website Jalopnik. The tech behemoth Apple Inc. (Nasdaq: AAPL) has been recruiting automotive test engineers and technicians from other proving grounds in Arizona, according to an unnamed source in the story. The Phoenix metro area is home to several automotive proving grounds...»
A lot of apartment developers have reason to worry about the tax reform proposals working their way through Congress. The plan to reform the federal tax code that passed the House of Representatives in November wipes out several tax credits that developers use to finance plan to build new projects-including the federal historic rehabilitation tax credit and the New Markets Tax Credit (NMTC). The House plan would also damage the most important program for new affordable development....»
NEW YORK CITY-Shoppers set out a plentiful table for both brick-and-mortar and online retailers over the Thanksgiving holidays, the traditional starting point for the end-of-year shopping season. The International Council of Shopping Centers reported that 105 million adults visited malls and shopping centers on Black Friday, and 75% of all shopping was captured by retailers with a physical presence...»
ATLANTA-Arby's Restaurant Group, majority owned by Roark Capital, will acquire casual dining chain Buffalo Wild Wings Inc. for $157 per share, the two companies said Tuesday. The merger deal is valued at $2.9 billion including the assumption of debt, and represents a 38% premium on the 30-day average stock price of BWW shares as of Nov. 13, the last trading day prior to media reports about a potential sale...»
Tempe - as well as Gilbert and Chandler - outrank Phoenix when it comes to new office space being built and delivering next year. Tempe ranks 26th nationally for new office space, according to Commercial Cafe. That's a commercial real estate information service. That puts Tempe on a top real estate market list topped by New York, San Francisco and Washington and ahead of the likes of San Diego, Portland, Miami and Phoenix...»
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