Commercial Real Estate & Business News – March 28, 2016

Phoenix is a town built on real estate, and what was nearly died during the Great Recession finally is starting to reboot. In all corners of the region, construction on various commercial real estate projects is in full bloom with plenty more in the pipeline. We know it’s often hard for readers to keep track of all that’s happening on that front...Read more »
Arizona formally matched its pre-recession employment levels in December, closing a job hole that lasted eight years and lingered 19 months longer than the nation's. The numerical milestone is a reminder of how severely Arizona was hit by the Great Recession and how unevenly it has recovered. The Phoenix and Flagstaff areas, for example, are the only parts of the state fully recovered through February, but they offset the ongoing shortfalls elsewhere... Read more »
The City of Scottsdale Development Review Board will consider a developer’s request for rezoning to bring a massive mixed-use project to 20 acres of vacant land next to the upcoming Ritz-Carlton resort in Paradise Valley. Conceived in two phases, The Palmeraie project could bring more than 600KSF of high end retail, restaurant and office space, as well as a future 150-key luxury hotel and residential component... Read more »
In case there was doubt that the multifamily market isn’t a hotbed of activity, a $15.046 million sale of a 90-unit condominium property is a clear sign that Phoenix multifamily assets are still in high demand. The property, Aderra Condominium Residences, is located near the intersection of Tatum Boulevard and Cactus Road. The seller was Real Capital Solutions and the buyer was Pathfinder Partners. The Aderra project is comprised of 312 condominiums on eight acres... Read more »
Many people think net lease transactions are fairly cut-and-dried—that the properties and procedures involved are standard and do not vary much. In reality, net lease transactions have become far more diverse than they used to be due to lease restructures, small-cap company credit underwriting and more creative deals. Developers are aggressively pursuing single-tenant projects that they can build-to-suit for a tenant looking to enter into a net lease... Read more »

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