Commercial Real Estate & Business News – February 3, 2016

The city of Phoenix is on the verge of landing 1,000 new jobs and a $23.7 million expansion of Farmers Insurance Exchange in North Phoenix. The city of will invest $500,000 in workforce training funds. Phoenix was selected after a multi-state site selection competition. The win is an expansion of the company’s 500-employee workforce in the Valley, but existing and new employees will move to the new building at Pinnacle Peak Road and Interstate 17...Read more »
A downtown Phoenix hotel could be in the hands a of new owner in the near future. The city council will voteWednesday whether to accept a multimillion dollar offer for the Sheraton Grand Phoenix. TLG Phoenix, an affiliate of Maryland-based Thayer Lodging Group, made a $300 million cash offer to buy the city-owned hotel. A request to add the authorization to sell to the meeting agenda was issued Jan. 28, according to public documents...Read more »
Beall’s Outlet has signed a 10-year lease on a 20,000-square-foot space in Legacy Village, according to Westwood Financial Corp. This will be the grocery-anchored retail owner-operators’ 27th location to open in Arizona and its first in Phoenix. Katrina Nadres-Hurtado, vice president of asset management for Westwood, tells GlobeSt.com: “Beall’s Outlet offers the Legacy Village patron another viable option to shop for a wide array of quality women and men’s clothing... Read more »
Developer Wood Partners has proposed a 230-unit, 4-story apartment complex south of Camelback on three combined parcels between 7th Street and 8th Place in Phoenix. The project, named Alta Camelback, joins more than a dozen either proposed or underway in the immediate area. Located half a mile from the Central Avenue & Camelback light rail station, the intent is to add to the pedestrian-oriented, mixed use theme that has become the standard for the sector... Read more »
A rental house located near a college campus may be a great investment—the list of places where investors earn the best yields on single-family rental houses is full of cities and towns with many college-aged residents, according to the latest analysis from data firm RealtyTrac. “Many of the counties at the top of the list for strong rental yields are in college towns,” says Daren Blomquist, vice president for data firm RealtyTrac... Read more »

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