June 21, 2018

The U.S. Supreme Court ruled Thursday on what some people are calling a huge win for brick-and-mortar retailers that could help level the playing field against online retailers. In a 5-4 ruling, the land’s highest court overturned a landmark precedent in the e-commerce sales tax debate, striking down a law that only mandated that companies with a physical presence in a state collect and remit sales tax

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Phoenix, Ariz. – Projected rents are more than adequate in many markets to justify additional development of warehouses and distribution centers, according to a new report from CBRE. Furthermore, Phoenix is positioned as a top market for this activity. CBRE analyzed the gap between pro forma rents in various markets

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Salt Lake City-based TM Equities Inc. paid $42 million for a 240-unit garden-style multifamily community in the Arrowhead area. This acquisition makes the second property the company bought in the metro Phoenix area after buying Aria on Cave Creek Apartments three years ago, said Roger Thompson, executive vice president of TM Equities Inc

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Real estate development in the U.S. has historically been driven by entrepreneurs with great ambition and visions of grandeur, but thin pocketbooks. Lacking their own controlled or discretionary capital, these developers needed to sell their ideas to banks, pension funds and other investors. This reality dictated more leverage, as equity was expensive and diluted the entrepreneur’s take-home profit

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A high-profile, but complicated, swath of land along a stretch of freeway in Scottsdale may soon transform from open desert to tall buildings. The land along Loop 101, east of Desert Ridge Marketplace and Scottsdale Road, is state trust land that’s in a floodplain. Nationwide Mutual Insurance Company aims to acquire 136 acres of the land for its regional headquarters

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June 20, 2018

When Norman Brody, president of Brody Associates Inc., moved to the Phoenix area last year from South Carolina — where he completed a mixed-use project with medical, retail and restaurants, hotel and residential — he started looking for ways to develop a similar project here.

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Pension funds still have a healthy appetite for commercial real estate, with firms raising allocations even as industry returns decline. “Institutions with large portfolios don’t turn on a dime, but there has definitely been a trend upwards in terms of allocations to real estate over the last five, six, seven years,” says Greg MacKinnon

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The city blocks between the sevens throughout downtown, midtown and uptown Phoenix are no longer day-time communities after more than a decade of investments into the area. The region between Seventh Avenue and Seventh Street has become an urban epicenter, attracting jobs, restaurants, venues, events and residents as developers have refurbished

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David Weekley Homes has $95.5 million of area construction projects on its plate this year. “We already opened two communities this year, and we have another eight communities coming on line the rest of the year,” said Mark Weber, division president for the homebuilder’s Phoenix market. “The goal is to open about 10 communities this year.”

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Very few people can match Karrin Taylor Robson’s connection to downtown Mesa. Young Karrin Kunasek grew up on 2nd Avenue and celebrated her only birthday party as a child at Pioneer Park. Her brother Andy was born at Southside Hospital, which is now home to Benedictine University’s Mesa campus.

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June 19, 2018

It’s getting a little easier to find a construction loan to build a new apartment property, compared to the end of 2017. “Banks are getting more aggressive,” says David Webb, vice chairman of debt and structured finance with CBRE Capital Markets, based in Washington, D.C. “It is getting easier to get deals done.”

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A decrease in low-end rental growth rates for single-family homes could foreshadow stabilization in rent prices, according to March data released by CoreLogic Inc. Low-end rentals saw 3.9 percent growth in March, down from 4.4 percent in March 2017, which could be an early signal of stabilization, the data provider said

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SCOTTSDALE, ARIZ. – Starbucks, Texas Roadhouse and an additional, iconic restaurant brand have all signed leases this month to open restaurants at The Block at Pima Center, paving the way for vertical construction to begin. Further lease announcements are expected soon as additional tenants are poised to sign contracts on the remaining shop spaces and the two remaining pads

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If you’ve driven by the old Park Central Mall property in central Phoenix lately, you’ve probably noticed that the construction process is in full swing. In fact, Plaza Companies and Holualoa Companies have reached the halfway point in the transformation of the property from an outdated retail and office center to a dynamic new mixed-use development

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Phoenix is readying a redevelopment request for a downtown parcel to incorporate the Central Station transit depot — again. In 2013, the city chose a developer to create a high-rise apartment complex on the 2.6-acre site, bounded by First Avenue to the west, Central Avenue to the east, Polk Street to the north and Van Buren Street to the south

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June 18, 2018

Rent-to-own giant Rent-A-Center Inc. has agreed to a merger deal with Vintage Rodeo Parent LLC, an affiliate of private and public equity investor Vintage Capital Management, to acquire outstanding shares of Rent-A-Center common stock for $15 per share in a deal valued at $1.365 billion, including the company’s net debt

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Owners of single-family rental (SFR) homes have learned a lot about how to manage their properties over the last few years. But the most important lesson has been the value of their relationship with their residents. We knew that they would stay longer than apartment renters

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Arizona’s jobless rate dropped two tenths of a point to 4.7 percent last month, driven in large part by an unusually strong showing in the state’s construction industry. And there are indications on the horizon that trend will continue — unless rising interest rates dampen demand

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Capital Hall Partners (Brad Hall and Michael Bronska) partnered with Blue Vista Capital Management to acquire the former ASML R&D facility located in the prestigious ASU Research Park, Tempe, Arizona. The 113,000 square foot building was constructed in 2002 and served as the global training facility until 2017

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The Fort McDowell Yavapai Nation is set to break ground on a new casino that is expected to open in 2020. Construction on the 166,341-square-foot casino will start later this summer. It will feature a larger casino than the tribe currently operates, a garden court, high-end dining, a sports bar with an entertainment stage and other amenities

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June 15, 2018

Lazy rivers, tanning beds, rock-climbing walls—resort-style amenities in student housing may be falling out of fashion as the sector faces demographic changes and lingering supply-demand imbalances. Some companies that provide student housing say they have seen a shift away from over-the-top amenities that were popular with off-campus renters a few years back

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A $100 million sale of a 302,209-square-foot office building is the largest office sale in metro Phoenix so far this year, both in dollar figure and price per square foot. Class A office tower 24th at Camelback was bought by New York Life Real Estate Investors, the real estate arm of the insurance company, from an affiliate of Houston-based Hines

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Multifamily submarkets that were overlooked by developers early in the cycle, now continue to post the strongest annual rent growth figures. The North Phoenix, East Valley and West Valley submarkets highlight this trend, boasting some of the metro’s tightest fundamentals and outsized year-over-year rent gains in the second quarter of 2018

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A series of new leases have SkySong, the Arizona State University Scottsdale Innovation Center, nearing full occupancy. Three leases will bring 72 employees to the four-building complex and represent 15,600 square feet of leased space, according to a press release. The leases were finalized over the past few weeks

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U.S. retail sales were up 0.8 percent in May compared with April, the Census Bureau reported on Thursday, and up 5.9 percent compared with a year ago. Car sales gained 0.5 percent for the month, but did not especially drive overall sales, which were up 0.9 percent for the month without car sales factored in

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