Homes are selling fast in the United States, typically on the market for just 77 days and leading to severe supply issues, the latest analysis report suggests. Across the country there were 9% fewer homes for sale in May 2017 with the market recording the greatest drop in inventory since August 2013 when inventory was down more than 10%, according to the report from real estate firm Zillow.
BH Equities LLC and Investcorp in New York City, N.Y. have joined forces to buy the 432-unit Arcadia Cove apartments located at the southwest corner of 44th and Oak streets in Phoenix. A company formed by the venture partners paid $71.5 million ($165,509 per unit) to purchase the 18-acre property, which used to be the site of Gerard High School. The seller was formed by Bascom Arizona Ventures LLC and Glenn Daiutolo, who operates from Scottsdale)…
In what can be viewed as a supreme vote of confidence in the West Valley housing market, D.R. Horton Inc. in Phoenix paid $60.259 million ($30,760 per lot) to acquire 1,959 finished lots within the Tartesso community in Buckeye. The seller in the cash transaction was Tartesso Partners LLC, a joint venture formed by Quantum Capital LLC in Phoenix, Bixby Bridge Capital LLC in Northbrook, Ill. and Dolphin Partners Inc. in Irvine, CA. The home sites purchased by D.R. Horton are the last remaining finished lots within the 3,375-lot Tartesso community, which is located north of Interstate 10 and has a main entrance at the northwest corner of Indian School Road and Sun Valley Parkway.
The looming battle between German supermarket operators Aldi and Lidl for a share of the U.S. market is getting into high gear. In mid-June, the Neckarsulm, Germany-based grocery chain Lidl began opening the first 20 stores of its planned 150 locations in the U.S., an expansion that retail real estate professionals have anticipated with both curiosity and some wariness about how the brand will impact the U.S. grocery market. The company already has two distribution centers in the Southeast, to support stores in Rocky Mount, N.C.; Greenville and Spartanburg, both in S.C.; and Virginia Beach, Va.
Earlier this month, the Fed announced another quarter-point increase to interest rates—a change that was widely anticipated. With further hikes expected throughout the course of 2017, how will the commercial real estate industry be impacted? And who will feel the effects most?
Starlight U.S. Multi-Family (No. 1) Value-Add Fund has acquired two properties located in Round Rock, TX and Phoenix comprising 943 multifamily units for a combined $154.8 million. The transaction was closed with a combination of funds raised from the initial public offering for the Toronto-based company’s first value-add fund and $105 million in first-mortgage proceeds.
Boeing will transfer employees from its internal services division in Seattle to its Mesa facility in the next two to three years, according to the aerospace behemoth. The company would not confirm how many positions will transfer to Mesa, but The Seattle Times reported that hundreds of employees will be asked to leave Seattle and head south
Separate studies issued this week share the same conclusion that demand for rental apartments and other housing options will stay at elevated levels largely due to continued robust household formation and limited affordable housing options, especially for detached single-family houses
Adam Baugh, a zoning and land use attorney at Withey Morris, PLC, and pioneer of infill restaurant projects across the Valley, says these projects require “a lot of MacGyvering to get them through the city.” When it came to repurposing and adapting older buildings like an old motorcycle/car dealership into a restaurant like The Yard, on Seventh Street in Phoenix, Withey Morris found a creative way to make it happen
The State of the Nation’s Housing 2017 report, published by the Joint Center for Housing Studies (JCHS) of Harvard University, makes a solid case that the U.S. housing market is firmly on the road to recovery. Construction starts are rising, home prices are improving, and financial distress among homeowners is on the decline
WASHINGTON, DC—Existing-home sales were looking up again in May following a drop in April, the National Association of Realtors said Wednesday. The metric was closely watched not only as an indicator of the residential market but also of the the health of the economy as a whole
An arm of Los Angeles-based Dunbar Real Estate Investment has bought an office center on Scottsdale Road in the Scottsdale Airpark for $7.3 million. The Scottsdale Business Center sits on 4.73 acres and totals 56,439 square feet. Dunbar SBC LLC bought the Scottsdale development from an entity called Arizona SBC LLC out of Scottsdale
Sedona Vista Village is set to transform the faltering 90,000-square-foot Sedona Village Factory Outlets with a renovation and by adding the town’s first Westin hotel to anchor the newly purchased 9-acre development located on SR 79 in the Village of Oak Creek, known as the gateway to Sedona
Domestic and global investment in multifamily housing is on the rise throughout the United States—especially for Class B and C properties. Several contributing factors have fostered this development, including an oversupply of Class A communities in combination with a drop in demand, the rising cost of homeownership, and millennials entering the market by the millions
PHOENIX, Arizona – ORION Investment Real Estate is pleased to announce the sale of Bell Plaza, located at the signalized corner of 17th Avenue and Bell Road, for $3,275,000 ($229 PSF). Bell Plaza is a 14,320-square-foot strip center, situated on approximately 1.41 acres
Tempe – Brass Enterprises Inc. in Toronto, Ontario, Canada (Ephry Merkur, pres.) has entered the Valley multi-family market with the $41.81 million ($215,515 per unit) acquisition of the 194-unit Aura on Broadway apartments at 1221 E. Broadway Road in Tempe
Federal Reserve Vice Chairman Stanley Fischer said a long period of low interest rates may have contributed to “high and rising” home prices in several countries, cautioning against forgetting the lessons of the 2007-09 housing crisis. “There is more to be done, and much improvement to be preserved and built on,” Fischer said, speaking at an event in Amsterdam on Tuesday that was closed to the press
IRVINE, CA—Commercial real estate investment activity reached a three-year quarterly low in the year’s first three months, falling below $100 billion for the first time since early 2014, Ten-X said Monday. The firm’s latest Commercial Real Estate Capital Trends report shows that at $90.9 billion, quarterly volume in the first quarter was 43% lower than its late-2015 peak, and 18% lower than the year-ago period
Attending one of the fun and festive movie parties at the Alamo Drafthouse in south Chandler can feel like a journey to the edge of town. But soon, Valley dwellers will have another option that’s more centrally located. The Austin, Texas-based company is expanding its presence in metro Phoenix
It has been said that two minds are better than one. This concept holds true for Banner Health, which has saved millions of dollars and precious time by utilizing an integrated project delivery (IPD) process for two of its latest multi-million-dollar developments
New home sales jumped more than 28 percent in May, construction permits were up 18 percent and existing homes sale were up more than 13 percent compared to a year ago. That is according to the much-watched RL Brown Housing Reports research report for the regional housing market
Experts predict Amazon will use the Whole Foods stores, in part, as hubs for grocery pick-up and delivery, helping Amazon resolve the “last mile” dilemma. The proposed $13.7 billion acquisition of organic grocery retailer Whole Foods Market by e-commerce giant Amazon holds the potential to upset the grocery cart, so to speak
Phoenix – In a deal that increases its office holdings in the Valley to 1 + million sq. ft., an affiliate of Goldman Sachs Group Inc. of New York City, N.Y. (NYSE:GS) paid $81.75 million ($276.37 per foot) to acquire a 295,794-square-foot project located at the southwest corner of 32nd Street and Camelback Road. The two-building complex is comprised of a four-story, 196,912-square-foot office
Kroger Co. — the owner of Fry’s Food & Drug Stores in Arizona and Ralphs in California — could be in line to join forces with another big U.S. supermarket operator as the war for consumers’ grocery spending heats up, one analyst says. In the wake of Friday’s blockbuster news that Amazon.com Inc. will buy Whole Foods Market in a $13.7 billion deal, Cincinnati-based Kroger
Intel Sees Fast-Developing Driving Technologies Ushering in $7 Trillion ‘Passenger Economy’ by 2050, Real Estate to Rethink Everything from Amenities to Zoning. “Companies should start thinking about their autonomous driving strategy now,” said Krzanich, who ranks the fast-developing technology on par with the rise of personal computing
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