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Commercial Real Estate & Business News April 12, 2018

April 12, 2018 by Nick Miner, CCIM   No comments   Filed Under: Daily News

One Attraction Still Drawing Shoppers to Malls: Food
You might’ve noticed more and more mall food courts are changing, ditching fast food chains for local eateries. And that’s not an accident. Mall owners say they’ve been steadily increasing the percentage of retail square footage at any given property dedicated to food and beverage, creating new food halls. The push to make these changes is compelling, industry experts have told CNBC…»
Walmart to Spend $52 Million on Remodeling Arizona Stores
Walmart Inc. (NYSE: WMT) is going to spend $52 million this year, updating and remodeling stores in Arizona and add new features to its others. The money is coming from the $11 billion Walmart announced in October 2017 it would spend in capital expenditures. This year Walmart said it will remodel 15 stores in Arizona, including 10 in metro Phoenix. In a press release, Walmart said the updates and uses of new technology would make shopping faster…»
Phoenix Among Fastest-Growing Industrial Markets in U.S.
Many are now saying the best way to conduct business in parts of California is to set up shop in neighboring Arizona.  An increasing amount of companies are buying into that theory as they seek to lower business costs, particularly those in industrial sectors driven by warehousing and distribution. About 35 million consumers can be reached within a day’s truck haul from Phoenix…»
One of Arizona’s Largest Ever Spec Office Projects Breaks Ground in Tempe
One of the largest speculative office projects in Arizona’s history is now underway in Tempe. With Mayor Mark Mitchell looking on, Lincoln Property Co. (LPC), in partnership with Goldman Sachs, broke ground yesterday on The Grand Building Two, a nine-story, 352,000-square-foot building that marks the second of eight office buildings slated for the 3.8 million-square-foot The Grand at Papago Park Center project in north Tempe…»
Peoria’s P83 Lands Hotels, Expanded Dinner Theater and Restaurants
Turn south at 83rd Avenue and Bell Road and two pillars with lights strung over six lanes of traffic signal your arrival at Peoria Eighty Three. Just across the pillars, between a Circle K and a Chipotle, stands an empty building with spotty paint, a stone chimney and wooden, cottage-like features. The vacant site was the Tilted Kilt, which closed last year…»

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Nick Miner, CCIM

ORION Investment Real Estate
7150 E. Camelback Road
Suite 425
Scottsdale, AZ 85251

480-226-8037
nick@nickminer.com

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