August 23, 2017

The Offices at Chandler Viridian will be a 250K SF office building at the intersection of Loop 101 and Loop 202, near the Chandler Fashion Center. The building will feature 41K SF floor plates, energy-efficient glass to allow for natural light and access to a three-story parking garage.

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Macerich, a California-based developer of retail commercial space, is seeking approval from municipal leaders to expand the mall along Hyland Avenue by amending the zoning restrictions on the 56-acre site and increasing building heights up to 150 feet.

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New data indicate that apartment rents in Mesa are rising faster than rents in any other Arizona city, though it still remains one of the East Valley’s most affordable communities for renters. The median apartment rent in Mesa has risen 6.4 percent in the last year, according to Apartment List’s August 2017 Mesa Rent Report.

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The Greater Phoenix housing market has been improving at a healthy pace with single-family home construction gaining momentum and prices for new homes trending higher. Permitting for single-family units rose during the first six months of 2017, while multifamily housing development slowed. Approximately 22,000 single-family permits are forecast to be issued in 2017 and approximately 7,000 multifamily permits are expected.

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Builders started 16,663 homes between the end of 2Q16 and 2Q17, of which 4,632 started in the second quarter. That was the highest number of quarterly starts since 3Q07, or almost 10 years – and a jump of 15.7% over the same quarter a year ago, and 17.2% over 1Q17.

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August 22, 2017

In the wake of tough talk from President Donald Trump toward North Korea and Senate Majority Leader Mitch McConnell, Sen. Jeff Flake, a Republican and sometimes outspoken critic of the president, says he’s willing to give him “a little space.” The gradual, if not spectacular, recovery in recent years has pushed economic stories and reports out of the limelight. “Across the U.S. and especially out West, there has been a full recovery from the housing crash and recession,” said John Williams, the Federal Reserve’s top official in the West

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There is a 73% chance the next recession in the United States will begin by the end of 2020, according to a panel of economic and housing experts but the property market is unlikely to be hammered. Those taking part in the third quarter Zillow home price expectations survey don’t expect the housing market to play as big a role as in past recessions. Instead, they anticipate a geopolitical crisis could trigger the next recession

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Rents are a cost-burden for younger Americans, as might be expected, but also older generations who rent, according to a new report by Abodo. The firm analyzed Census Bureau data to determine renter cost burdens in the 100 most populous MSAs, then divided the data into the three generation groups based on the age of the renter. Of the 65.5 percent of millennials who rent, 46.5 percent spend more than 30 percent of their income on housing costs

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PHOENIX – Eight months into 2017, we’ve had more than 50 restaurants either open their doors for the first time in the Valley or open second, third, and fourth locations. The openings include everything from modern Japanese cuisine to Chicago deep-dish pizza, Mexican cuisine, Hawaiian-inspired poke, and fast-casual breakfast joints. What can we expect for the rest of the year and into 2018? So far, we’ve found more than 40 restaurants with plans to open around the Valley

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Sprint (NYSE:S) continues to expand its presence and investment in the Southwest with plans to add 44 new retail locations throughout parts of Arizona, Colorado, Nevada, Utah and West Texas by the end of 2017. New jobs for about 300 people will include a combination of retail, operations and technical experts. Currently, Sprint counts more than 2,250 regional employees, inclusive of employees in Idaho and New Mexico, and operates nearly 400 branded retail locations throughout the Southwest region

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August 21, 2017

Internal Revenue Code Section 1031 exchanges, more commonly known as “1031s” or “like-kind exchanges,” are a nearly century-old tax deferment mechanism that may be targeted for elimination or curtailment under several tax reform proposals being considered in Congress.

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Demand for rental apartment housing is on the rise in the East Valley and the rest of the metro region, buoyed by an increased desire for high-end apartments and the ever-present need for more-affordable options for low-income families.

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Reliant Group Management tapped Rainbow Housing Assistance Corp. as the service provider for La Palmilla Apartments in Phoenix. The community was purchased by a new tax credit limited partnership sponsored by Reliant and will have all units restricted to households making 60 percent of the area median income or less.

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The development boom underway in the seniors housing space has not put a damper on confidence. Exclusive survey results from the fourth annual NREI / NIC Seniors Housing Market Study indicate a more positive outlook across the board on questions related to improving fundamentals, access to capital and transaction pipeline.

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Food halls are the hottest new trend in retail. Restaurants and unique eateries have been a growing driver in the retail market, as they tend to be more Internet resistant than brick-and-mortar retailers. Food halls are the next evolution: properties packed with destination eateries.

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August 20, 2017

The Opus Group (Opus) announced today plans to build a speculative industrial project in the Longbow Business Park and Golf Club in Mesa. Construction on the 147,672-square-foot project, named Longbow Gateway One, is slated to begin this month, with project completion scheduled for January 2018.

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Nearly 10 years out, the Great Recession’s effects can still be felt in households around the country, perhaps especially in renter households, which are at their greatest number since 1965, notes the Pew Research Center.

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Glendale will see more economic opportunities by way of 1,400 acres undergoing annexation into the city. City Council is expected to approve the annexation later this year. Planning Commission is holding a special workshop this Thursday on a proposal to rezone the land generally located north of Northern Avenue, south of Peoria Avenue, west of 143rd Avenue and east of Reems Road.

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When it comes to the revitalization of downtown Phoenix’s nightlife, there have been many players — Modified Arts, the Trunk Space, the Lost Leaf — but Charlie Levy and Tucker Woodbury have drawn the most attention as of late. Woodbury is out front, willing to talk about his ventures as a partner at Genuine Concepts, which runs almost 20 bars and restaurants throughout the Valley, including the Vig and Cobra Arcade Bar in downtown Phoenix.

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In June, the Fed voted to raise interest rates for the second time this year. The first rate hike occurred in its March meeting, just after deciding to raise rates three months before in December 2016. Williams explained that as the economy continues to improve, it doesn’t need as much help from the Fed.

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August 17, 2017

Tuesday’s Commerce Department report of a major boost in U.S. retail sales in July, combined with a stronger-than-expected jobs report earlier this month, suggests that the U.S. economy continued its slow but steady expansion in the third quarter. Usually, record highs in the stock market, strong economic indicators and stable fundamentals across U.S property and capital markets would be cause for investors to plunge headlong into the property market

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As Chandler’s booming Price Corridor continues to grow, area home buyers are driving a new demand for luxury urban living which is fueling new developments like The Cays at Downtown Ocotillo, one of the area’s first upscale condominium developments. In the past decade, Chandler has gained over 100,000 new residents bringing the total population to nearly 255,000 people, according to the City of Chandler

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The nation’s two largest public pension funds reported strong returns from their real estate investments for their fiscal years ended June 30. The California Public Employees’ Retirement System (CalPERS) reported preliminary net returns of 7.6% for its real estate holdings – 43 basis points over its benchmark performance. CalPERS holds $331.7 billion in total assets with real estate making up $30.1 billion of that

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Varsity Tavern, a sports bar and restaurant, will take over the old Hooters space on Mill Avenue in Tempe. The new location, at 501 S. Mill Ave., will be Varsity Tavern’s first outside of its native Texas. It will occupy the upstairs space, where “breastaurant” Hooters closed in 2015 after 20 years. Gringo Star Street Bar will remain open on the first floor of the building

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Wal-Mart Stores Inc. (NYSE: WMT) reported earnings today as it navigates an oversaturated retail sector, takes on Amazon.com Inc. (NYSE: AMZN) and secular changes in favor of e-commerce. There’s also some sentiment among retail industry and Wall Street analysts that it might not be Walmart chasing e-commerce giant Amazon. “If you asked me a year ago, I would have said Walmart is chasing Amazon

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