Commercial Real Estate & Business News – July 14, 2017

While health-care reform and the investigation into Russian meddling in the U.S. election took center stage as Congress returned this week from the July 4th recess, Republican lawmakers are also quietly trying to jumpstart discussions on tax reform, including the proposed elimination of the deduction for business interest expenses and the tax incentive for 1031 like-kind exchanges, which is used in as much as one in every five U.S. commercial real estate sales transactions...»
Metro Phoenix's apartment building boom is just beginning. The Valley needs a lot more apartments to keep up with its expected growth, according to a new study. Anyone who has been around downtown Phoenix, Scottsdale or Tempe, where thousands of apartments have recently gone up or are under construction, will probably find this hard to believe. I did. More than 10,000 new apartments are underway or have recently opened to renters, mainly in those areas...»
More artists will be flocking into Mesa's city limits by next year thanks to the new Artspace Lofts being built at 155 S. Hibbert St. The 50-unit complex is designed to offer artists a live-and-work environment by including 2,900 square feet for creative exploration with spaces for classes, studios, galleries, food pantries and more. Set to be completed in May 2018, these lofts are Artspace's first venture in Arizona...»
SCOTTSDALE, AZ-Healthcare Trust of America Inc. recently revealed Q2 numbers for 2017, showing that it has closed investments totaling over $2.6 billion including 93 properties aggregating 6.2 million square feet. Approximately 91% of the acquired GLA was located in HTA's existing key markets. As of the end of the second quarter, HTA had closed the majority of the $2.75-billion Duke Realty medical office building portfolio that was revealed in May 2017...»
Phoenix, Arizona - Las Vistas at Papago Park, a 13-building apartment community at 1010 N 48th St., has been sold for $13.55 million ($67,750 per unit) to an entity sponsored by Avenue North, LLC of Phoenix. The local buyer has plans to rename the property Proximity at Papago Park and update the multifamily development. "The previous owner recently made some significant capital investments in this community and the buyer is poised to continue those efforts," says Bill Hahn...»

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