Commercial Real Estate & Business News – August 16, 2016

In its second Valley investment since December, Passco Cos. LLC in Irvine, Calif. (William "Bill" Passo, CEO) paid $81.988 million ($210,765 per unit) to acquire the 389-unit Almeria at Ocotillo apartments at 2470 and 2471 W. Edgewater Way in Chandler. The seller was Bell GD Ocotillo LLC, a company formed by P.B. Bell Cos....»
Remarkable population growth has resulted in a positive job market, making the Phoenix retail market a strong candidate for sales activity. Vigorous leasing has resulted in boosted absorption, declining vacancy and an anticipated rise in rental rates. ...»

Hammers were pounding on new metro Phoenix homes in June at the headiest pace since the end of housing boom. Builders started 1,939 homes across the Valley during the first month of summer, according to the latest data from RL Brown Reports....»

Square One Concepts, the company behind Cold Beers & Cheeseburgers, Wasted Grain and Crab & Mermaid Fish Shop, is opening a new concept this September in downtown Scottsdale. The Scottsdale group will open Bourbon & Bones Chophouse & Bar at 4200 N. Scottsdale Road...»
Zenreach, a San Francisco-based technology company, will open its first major office outside of its headquarters at Biltmore Center, 2390 E. Camelback Rd. The company plans to employ approximately 350 people at the Camelback Corridor office. ...»

Commercial Real Estate & Business News – August 15, 2016

There are many factors across the country-most are socioeconomic at their core-that will have tremendous impact on real estate markets over the next 12 months. Although most of the factors are national in scope, others are global. All are converging to alter the flow of real estate investment in the U.S. in certain sectors while growing development in other ways that had previously been nascent. ...»
A Denver-based health care company is opening a new 550-worker pharmacy in Chandler. Davita Rx - an arm of Colorado-based DaVita HealthCare Partners Inc. (NYSE: DVA) - is opening the 76,000-square-foot pharmacy near McClintock Road and Chandler Boulevard....»

From a day spa with lots of chandeliers and massage tables to a 30,000-square-foot liberal arts university, the transformation is complete at 8353 W. Mariners Way. Huntington University, the Arizona Center for Digital Media Arts, is set to open its doors in the West Valley later this month. ...»

Developer Douglas Allred said he can't wait to get started on Park Place II, a massive expansion of Park Place I that will bring 928,000 square feet of new office space and a hotel/conference center to a 62-acre campus near Price and Willis roads in Chandler. "We are ecstatic to get started on Park Place II," ...»
The owner of a Scottsdale tennis club is demanding $100 million in damages over the city's plan to forcibly purchase his property in an eminent domain battle that moved to the courtroom Tuesday. Robert Hing, who has owned property near Indian Bend and Hayden roads in Scottsdale for 45 years, refuses to sell ...»

Commercial Real Estate & Business News – August 12, 2016

Sales of commercial properties in Greater Phoenix were uneven in the second quarter of 2016 with a surge in industrial buildings and shopping centers, while office properties and medical office condos dropped in volume. ...»

In a deal that pushed the company's Valley holdings to over 3 million sq. ft.,two tenant-in-common entities headed by Cohen Asset Management Inc. in Los Angeles, Calif. (Brad Cohen, principal) paid $48 million ($102.91 per foot) to acquire a 466,418-square-foot industrial facility in Tolleson...»

A St. Louis-based private equity firm has hired a commercial real estate executive with a $5 billion portfolio under his belt and is entering the Phoenix market. ElmTree Funds has hired Michael Carreon as vice president of acquisitions. Carreon will head up ElmTree's new Phoenix office....»

In a sign of how dramatically the retail shopping landscape is changing, Macy's is closing 100 of its stores nationwide. Macy's (M) announced the closures Thursday. They represent about 15% of all Macy's department stores. The iconic retailer did not disclose the locations of stores, but said most of them will be shut down in early 2017....»

The housing recovery that began in 2012 has lifted the overall market but left behind a broad swath of the middle class, threatening to create a generation of permanent renters and sowing economic anxiety and frustration for millions of Americans. ...»

Commercial Real Estate & Business News – August 11, 2016

The Embassy Suites by Hilton Scottsdale Resort has reopened following a $25 million renovation. Formerly Chaparral Suites, the hotel is the brand's sixth property in the metropolitan Phoenix area. It is owned by Snyder Nationwide Real Estate Inc. and managed by Crescent Hotels & Resorts. Embassy Suites by Hilton is a global brand of all-suite hotels from Hilton Worldwide. ...»
No where have the economic forces of creative destruction been harder at work than in the U.S. retail market. Lately the sector has been a case study in contradictions, marked by the growing demand from an emerging set of new retailers that have added hundreds of new stores across the country, even as many established chains in the old order scale back, close stores or go bankrupt....»

Late last month, The Corner at CityScape in downtown Phoenix announced it would be closing its doors. The owners of the restaurant concept wrote a goodbye to patrons on their Facebook page: "Today we will close our doors for the last time. Thank you from all of us here to Downtown and beyond....»

Second quarter bank earnings results and early third quarter lending numbers clearly show U.S.-based banks have tightened their underwriting standards for CRE loans as they face increased scrutiny of their commercial real estate lending from bank examiners. ...»

Major equity REITs, which began the year in aggressive sales mode seeking to capitalize on strong investor interest in real estate and peak prices by selling more than twice the amount of properties they acquired, are now signalling this period of heightened disposition activity may be winding down. ...»

Commercial Real Estate & Business News – August 10, 2016

CBRE Group, JLL, Colliers International and Marcus & Millichap reported strong transaction activity at mid-year 2016, with most of the publicly traed brokerages reporting solid increases in U.S. leasing and sales in spite of investor skittishness due to Brexit concerns that have caused deal delays and cancellations across the pond in the UK and Europe. ...»
Lenders of all types keep making loans on apartments properties-often beating the records set last year. "So far, it's been a very robust year-another kind of record half for us," says David Brickman, executive vice president and head of the multifamily business for Freddie Mac....»

Tempe is set to build its first apartment housing aimed at veterans and their families near Arizona State University. The Tempe City Council unanimously approved a development agreement on Aug. 4 to build Valor on Eighth, a five-story building with 50 apartments...»

For office tenants able to think outside of the big box, Arizona's lingering retail vacancies can equate to major opportunities. Such is the case with the recently completed renovation of the Tucson Galleria-a $16.4 million effort...»

Today, more than ever, middle-class Americans are struggling to find the housing they need. Traditionally, the American workforce bought single-family homes in the suburbs, but changes in the economy have driven more people to rent instead of buy....»
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