Commercial Real Estate & Business News – January 9, 2017

A unique urban living village will soon be coming to Tempe on the east side of Apache Boulevard, along the light rail line. The Eastline Village, designed for millennial and young urban professionals,is now on its way after the Tempe City Council confirmed a development agreement that will allow the multiphase development to be built....»
New-home shoppers will likely see higher prices in metro Phoenix this year. Don't expect a big jump, but home builders are poised to start raising prices to offset their rising costs. Shoppers for newly built homes will likely see higher prices in metro Phoenix this year. Don't expect a big jump, but builders are poised to start raising prices to offset rising costs of land and labor. ...»
In February 2016, Scottsdale-based Classic Hotels & Resorts acquired the FireSky Resort & Spa in Old Town Scottsdale from KHP Fund I, L.P., which is currently operated by Kimpton Hotel and Restaurant Group Inc., for $62.5 million. After taking over in April, the hospitality company has now announced what it plans to do with the resort, which will consist of a $15 million two-phase renovation and rebranding....»
Phoenix added millions of square feet of new office space in 2016, and companies filled that space at a near 10-year-high absorption rate, according to the Q4 2016 Phoenix Office Insight report released this week by the Phoenix office of JLL. Collectively, this activity improved the Valley's office occupancy picture, pushing total vacancy rates down 120 basis points year-over-year to 19.7 percent....»
Preqin said Thursday that the closed-end real estate fundraising market recorded another strong year in 2016, as 214 funds closed globally raising an aggregate $104 billion. The tally represents the fourth consecutive year in which fundraising for the asset class has exceeded $100 billion globally. ...»

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