The high-rise condominium tower known as Optima Kierland is currently more than 75 percent sold. The community comprises a total of 220 units, with only 55 still available. The company topped out on the upscale condo building in Phoenix earlier this year; the development is a pilot program for the city’s International Green Construction Code, promoting safe and sustainable construction.
Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie.
The 148,000-square-foot Walmart represents the single largest capital investment at Metrocenter Mall in decades. Built new from the ground up, the store is built on the site of the former Broadway building, which had been vacant since 2006.
Sprouts Farmers Market, Inc. (NASDAQ: SFM) has had serious competition since Whole Foods Market was acquired by Amazon.com (NASDAQ: AMZN), and the e-commerce giant slashed Whole Foods’ prices near the end of August. Despite that increased competition, Sprouts is still pushing for growth. The Phoenix-based grocer announced to open 30 new stores in 2018, including nine during the first quarter.
The U.S. economy has enjoyed stable, long-term growth in recent years, yet remains vulnerable to federal government dysfunction or aggressive Federal Reserve moves. August marked 83 consecutive months of U.S. job growth—the longest run on record—though it was finally broken with a small loss in September (provided that figure isn’t revised upward to be positive).
Judi Butterworth, Sanford Burstyn and Ryan Sarbinoff say malls and shopping centers — and the retailers within them — will look very different in as little as three years. It’s fallout and realignment of the retail and commercial real estate sectors in the Phoenix area, all courtesy of Amazon.com. “We will have more balance and equilibrium between e-commerce and brick-and-mortar
As high-net-worth (HNW) investors and family offices look to increase their portfolio allocations in real estate, the multifamily sector continues to offer attractive investment opportunities. HNW investors demanding predictable cash flows from core properties or value‑add yields on ground-up and redevelopment projects can meet these objectives in the multifamily sector
Homes in Arizona have appreciated faster than homes almost anywhere else. In particular homeowners around the Phoenix metro area – in cities like Chandler, Gilbert and Scottsdale – have seen their home values increase by over 40%. This makes it a great spot to be a homeowner. Combine that with the large number of multi-bedroom homes and you have a great market to find a family home
Lost in the coverage of Amazon’s very public search for a second, multi-billion dollar national headquarters, was the barely-noticed lease the company signed in New York City last month. Yet that lease could signal billions of dollars in losses coming for retail commercial real estate across the country
Raw land situated in the heart of the bolstering 19th Avenue corridor sold for $855,000, or $11.31 per square foot. ORION Investment Real Estate’s Zack Mishkin and Dennis Hoth, CCIM were the exclusive brokers in this transaction. Originally listed with R-3 zoning designation, the land site closed escrow with an R-4A zoning designation
Good news in the nation’s battle for housing affordability—a decrease in the percentage of U.S. renters considered rent-burdened, defined as spending more than 30 percent of their income on housing—may in part be shaded by the fact that an increasingly wealthy group of Americans have entered the rental population.
Uptown Phoenix has been a hotbed for development, so much so that the Urban Land Institute of Arizona recently named Camelback Road and Central Avenue the Valley’s “hottest intersection.” The bulk of that development has been restaurants and retail, with places such as St. Francis, Uptown Plaza and Upward Projects’ cluster of restaurants taking the spotlight.
Walmart’s new store in Metrocenter opens today. The 148,000-square-foot Walmart Supercenter is the first step in Carlyle Development Group’s plans to bring life back to the mall in west Phoenix, which was once the largest shopping mall in the western U.S. when it first opened in 1973.
Well-rounded activity could help market surpass absorption record set in 2005. The Phoenix industrial market is on pace to hit an all-time high absorption record. The last peak came in 2005, when the market absorbed 7.9 million square feet of industrial space during a single calendar year.
The nation’s largest grocery operator by revenue is exploring a sale of its convenience store business. The Kroger Co. said Wednesday it had hired Goldman Sachs to identify, review and evaluate options for its 784 C-store properties, which operate under five different banners in 18 states.
It’s an inexorable fact of human existence that some people can adapt well to change and others struggle. It is no different in the world of real estate. Brick-and-mortar infrastructure has historically evolved based on the needs, utility and technological innovation of the populations it serves. Commercial retail is currently in the midst of a significant downturn
Meritage Homes (NYSE: MTH) has paid close to $18 million for 224 acres in Surprise at the Marley Park development, according to Business Real Estate Weekly of Arizona. BREW also reports Meritage could build 950 homes at Marley Park which is located at Cactus Road and the Loop 303. Scottsdale-based DMB Associates — the master developer at the Surprise project — sold the land to Meritage
Apartment rents continue to grow more slowly than before. The cities where rents grew the most in 2016 are still top cities for rent growth this year, but their lead is getting smaller. “A year ago there was a pretty big spread between Houston, which had rent growth of about 1 percent, and Sacramento, which was much larger –nearly 12 percent
Canopied paths and sidewalks intermingle under lush citrus trees and trellised gardens at The Grove, an aptly named shopping and dining destination set to take shape in Scottsdale’s McCormick Ranch.
Inspired by Santa Barbara-style architecture and lifestyle, the 32,000 square foot mixed-use project is the latest from developer DBM Ventures
Home affordability in the United States improved in the third quarter of 2017 in 60% of counties but it is still worse than it was a year ago in 79% of them, new research shows. Those seeing an improvement include Los Angeles, Cook County in Chicago, Harris County in Houston, Maricopa County in Phoenix, and San Diego
Institutional investors helped the U.S. housing market recovery by purchasing single-family rental (SFR) homes after the Great Recession, buying up at least $33 billion in holdings. Compared with the total value of the single-family housing market, that amount is just a start, and a small one at that.
Two big box retailers are taking over the former space occupied by Fry’s Food and Drug at the southeast corner of Bell Road and Seventh Street. Marshalls, owned by TJX Companies Inc. (NYSE: TJX), will occupy 23,475 square feet of the building, and Michaels (NASDAQ: MIK) will take 25,324 square feet. The Fry’s, a subsidiary of Kroger Co. (NYSE: KR), moved further east along Bell Road earlier this year.
Two new hotels (including one aimed at millennials), a fast-casual Southeast Asian restaurant, Starbucks (Nasdaq: SBUX) and Texas Roadhouse are landing at a new development at the Loop 101 freeway and Via de Ventura. The Block at Pima Center is under construction off the busy freeway on the Salt River Pima Maricopa Indian Community next to Scottsdale.
Commercial real estate investors priced out of major U.S. markets have expanded their scope to secondary and tertiary markets to find properties yielding more generous returns, a trend typical of late-inning property cycles. But the robust demand for real estate and the current cycle’s longevity set this growth period apart from past ones and suggest that smaller markets will continue to reap investment for some time.
Office vacancies declined 10 basis points during the third quarter to a national average of 12.9%, CBRE said Monday. Driving the improvements were suburban markets, continuing a trend seen over the past few quarters. Specifically, suburban office vacancies shed 20 bps to end Q3 at 14.1%, while for CBDs the quarterly decline was smaller although the 10-bp drop occurred in an office environment where vacancies are already more than 300 bps lower
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