Commercial Real Estate & Business News – July 19, 2016

Walmart will break ground on its Metrocenter Supercenter this week. The long-awaited, 148,000-square-foot Walmart is going up on the south side of the mall where the long-vacant Broadway department store was once located. Dirt will start moving Wednesday....»
Now open, Home2 Suites by Hilton Phoenix Chandler is the first Home2 Suites hotel in Arizona. Designed for travelers looking for a fresh hotel stay experience, Hilton's all-suites portfolio is unique to the industry, with 126 suites under its roof. ...»

New homes sales were up more than 25 percent in June compared to a year ago and are up more than 35 percent for the year, according to new numbers from Scottsdale-based RL Brown Housing Reports. The much watched real estate data from Home Builders Marketing Inc. President Greg Burger and chairman RL Brown...»

Located near the recently opened Loop 303 Freeway, Plaza at the Orchards includes 52,134 square feet of retail and is anchored by the premier Arizona fitness operator, Mountainside Fitness. The attractively designed, well-maintained property sold for $8.9M ($171/SF) and was 100% occupied at close of escrow....»
Avison Young's national industrial capital markets group reports that foreign investors continue to look to the US industrial market as a safe haven, spending $732.3 million on distribution, warehouse and related spaces in the first four months of 2016. Based on the company's analysis and data from Real Capital Analytics...»

Commercial Real Estate & Business News – July 18, 2016

Almost everything seems to be going right for REITs these days, which is a little worrisome. Real-estate investment trusts have benefited from the recovery of commercial properties. REIT shares generally trade in the stock market, so they have rebounded nicely as stock prices have hit record highs. As companies that pay generous dividends, REITs have attracted legions of investors in a yield-hungry world...»
The City of Scottsdale Development Review Board will consider an application for a project that will develop another new "age in place" senior living facility near the NEC of Scottsdale and Pinnacle Peak Roads. If approved, Investment Property Associates, Inc. (IPA) will create a community suited to accommodate independent lifestyle "active adult" seniors, who may live on-site long term as they age and their needs change....»

Due to the improving economic environment, tenants are finding an increasingly supply-constrained office market in the Greater Phoenix area as there are fewer ideal options from which to select. This has some tenants gravitating towards class-B product. During the second quarter, class-A office space accounted for only 37%...»

New York-based Meridian Capital Group arranged $14.5 million in permanent financing for the refinance of a multifamily property located in Phoenix. The ten-year loan, provided by a national CMBS lender, features a fixed rate of 5.20 percent and two years of interest-only payments....»

Starbucks Corp. has invested in the boutique Italian bakery and café concept Princi, based in Milan and known for its artisan breads, the company saidWednesday. Terms of the deal were not disclosed, but Starbucks joins with investment firms Angel Lab and Pekepan Investments for the deal, which includes a stake in a London location of the bakery....»

Commercial Real Estate & Business News – July 15, 2016

With CMBS issuance down by half over the first half of this year, banks have largely stepped in to meet the strong demand for CRE debt financing. However, analysts are beginning to raise questions on the impact regulatory and pricing issues may have on bankers' ability to continue providing borrowers with funds in the second half. ...»
Scottsdale-based Healthcare Trust of America Inc. (NYSE: HTA) completed a $350 million bond offering to help pay down its debt. The real estate investment trust, or REIT, is the largest owner and operator of medical office buildings in the U.S. This is a good time for REITs to complete bond offerings...»

The U.S. office market continued to record strong demand as measured in both occupancy and rent growth at midyear, and analysts even found optimism in the slowing trend in investment sales activity seen year-to-date. Office net absorption rebounded from a slow first quarter...»

Utah-based marketing firm Clearlink plans to bring 500 jobs to downtown Scottsdale over the next three years after opening a new office at the Galleria Corporate Centre in June, the company announced Thursday. Clearlink founder James Clarke started the company in his fiancee's basement in 2001...»

CT Realty in Newport Beach, Calif. (Dominic Petrucci, James Watson, Carter Ewing, managing partners) has entered the Valley real estate market with the $27.353 million ($65.50 per foot) purchase of a 417,600-square-foot distribution-warehouse facility in Tolleson. The fully occupied building, being utilized as a logistics center ...»

Commercial Real Estate & Business News – July 14, 2016

The chill Brexit is sending through Britain's real estate market could end up warming the hearts of investors in US commercial property. That, in a nutshell, is the view of Michael Hudgins, global strategist at EII Capital Management, an asset manager specializing in real estate. ...»

A potential arena venture involving the Arizona Coyotes hockey team and Arizona State University is still in the works. That arena could be part of a larger development adjacent to ASU's main campus in Tempe on the Karsten Golf Course off Rio Salado Parkway just east of Scottsdale/Rural Road....»

Royal Palms Resort & Spa, a swank Phoenix hideaway with a rich history, has been sold to Hyatt for $88.25 million. The sale, announced in June with no price tag, closed today. Hyatt says the Royal Palms will be part of the chain's new Unbound Collection by Hyatt...»

Once a sleepy railroad stop, Phoenix began to grow with new residents in the early 1900s. At that time, East Roosevelt became one of the first neighborhoods to emerge and by the 1920s, it was a streetcar suburb. Craftsman and California bungalows along with Period Revival houses were popular housing designs ...»

At the Florida Mall in Orlando, Nordstrom was torn down and replaced with a Dick's Sporting Goods store and a crayon-based family attraction called the Crayola Experience. The Saks Fifth Avenue was demolished, too, to make way for a dining pavilion with 23 restaurants. And Lord & Taylor was carved into space for American Girl, H&M, Forever 21 and Zara. Once the linchpin of American shopping malls, department stores are being displaced...»

Commercial Real Estate & Business News – July 13, 2016

Construction on the 630,000-square-foot Medline medical facility distribution center in Phoenix is set for its scheduled completion in September 2006, according to Milt Elmer, vice president of McShane Construction Company's Southwest Region, the contractor for the project. The new facility will allow Medline to consolidate its existing operations into one fully-equipped space at 87th Avenue and Buckeye Road in Phoenix....»

San Diego-based Sunrise Management has begun the nearly $1 million renovation of Park Tower and will assume day-to-day management of the 10.73 acre property. The comprehensive renovation will include extensive interior and exterior upgrades....»

Two Scottsdale-based apartment developers have traded a 432-unit complex in Mesa for $34.4 million. P.B. Bell Cos. has sold the Whispering Meadows development in the East Valley to MC Cos. The property is located near Fiesta Mall in Mesa. MC Cos. is rebranding the complex as The Place at El Prado. MC's other complexes also all have The Place branding....»

Cullum Homes' new mansions at the redevelopment of the Mountain Shadows golf course in Paradise Valley features homes ranging between $2.3 million and just under $4 million. Cullum is out with the first of its model homes for its super expensive Village at Mountain Shadows subdivision....»
Demand for rental apartments roared back this spring, filling empty units and making up for a weak start to the year. "Apartment demand surged in second quarter," says Greg Willett, chief economist for MPF Research, a division of Real Page Inc. "Strong demand pushed occupancy back to the post-recession peak."...»
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