February 20, 2019

Some of the industry’s top commercial real estate mortgage bankers expect business to stay just as strong in 2019 as the past two years even as the nation’s almost record economic expansion shows signs of slowing. The Mortgage Bankers Association predicts loan origination in the sector will reach $530 billion in 2019, essentially on par

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Resort-style amenities were once a standard for condo projects, but today, buyers are looking for more service-style and unique amenities. These amenities—things like yoga classes, chef kitchens, social spaces and delivery systems—have become essential in capturing condo buyers. Millennials are poised to become one of the largest

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Oxygen Hospitality Group, Inc., an owner-operator hospitality management company, today announced it has made its foray into the Phoenix hospitality marketplace with the acquisition of the Wyndham Garden Phoenix Midtown, for an undisclosed amount. Located opportunistically just north of the burgeoning Phoenix

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With the volatility and uncertainty surrounding the U.S. retail sector, lenders are cautious and scrutinizing deals with a fine-tooth comb. Many bricks-and-mortar retail chains have struggled to adapt to increasing e-commerce competition and changing consumer shopping habits, while the country remains over-retailed, according to

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The retail environment in Arizona is conducive to the fresh produce industry and continues to attract new entrants. Tim McCabe, president of the Arizona Food Marketing Alliance in Phoenix, reports that the retail environment in the state is strong, with the economy continuing to get better. Hard hit by the housing market downturn, Arizona has

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February 19, 2019

Investors and lenders dove into apartment and industrial mortgages in the final three months of last year while retail and office property lending slowed, setting a pattern industry executives expect to extend into 2019. Total commercial and apartment mortgage origination for 2018 rose 3 percent, after a 14 percent surge in the

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Park Central is enjoying a flurry of leasing activity as the project pushes closer to its grand opening this spring. A number of new and renewed leases have been signed for space at the revitalized property, which is nearing completion of its initial redevelopment phase. The project is already becoming a magnetic draw with a

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Payless ShoeSource filed for voluntary Chapter 11 bankruptcy protection on Monday and stated that it plans to close all of its North American stores in the US and Canada by the end of May. The company also reported it intends to file for protection for some of its Canadian subsidiaries under the Companies’ Creditors Arrangement Act (CCAA) in

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Intel wants to keep the good times rolling in Chandler. The City Council is doing its part to help out. The city last week approved the issuance of Industrial Development Revenue bonds with the computer giant that will give the company access to half a billion dollars in bond money to help with its local expansion and other projects. “It just shows

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Bursting at the seams at its west Phoenix facility, the Core Institute has moved into larger space nearby on the campus of Banner Estrella Medical Center. Expanding its footprint by 50 percent, Core Institute — which specializes in orthopedics services — has committed to taking 20,000 square feet of the 64,000-square-foot

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February 18, 2019

Z Modular, a division of Zekelman Industries, has signed a 222,000 square foot lease at 6205 S. Arizona Ave. with a 10-year term. Z Modular is a manufacturer of prefabricated steel structures for commercial buildings. The modular structures are constructed in-house with final assembly occurring on-site, where the steel modules are stacked and connected together.

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Electric-car startup Lucid Motors plans to break ground within months on a massive Casa Grande factory expected to produce its first car before the end of 2020, a company official said Friday. The ambitious plans for a factory that will employ about 745 people in its first phase would be a major boon for the Pinal County economy, should the plans come to fruition.

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The U.S. job market is continuing to stay strong across various industries, in large part due to a 4.0% unemployment rate and the labor force participation rate at 63.2% (its highest mark since 2013). And the top city for jobs in the U.S. currently is Scottsdale, Arizona

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A Scottsdale group is bringing three new restaurants to Peoria as part of a commercial center’s $4 million renovation. Maggiore Group will open the Sicilian Butcher, the Sicilian Baker Cannoli Bar and Market and Hash Kitchen at the Park West development on Northern Avenue west of Loop 101

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Investors appear to be keeping the foot on the gas in terms of acquisitions. According to research firm Real Capital Analytics (RCA), investment sales volume jumped 15 percent year-over-year in 2018 to reach $562.1 billion. But some investors are clearly retooling strategies to account for slowing growth and late-cycle risks.

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February 15, 2019

Nationwide Realty Investors announced today that its 134-acre mixed-use development in Scottsdale, Arizona will be named Cavasson. The initial phase of the project, which will break ground in 2019, will include several commercial office buildings including the new 460,000-square-foot regional headquarters building for

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Most office projects under construction in the Valley, including notable developments in some of the most desirable submarkets, are scheduled to come online in 2019 — the highest square footage of deliveries in the past five years. Much of the new space is already spoken for, said Bryan Taute, executive vice president for

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For the first time in decades, there are signs of resurgence at the site of Phoenix’s first shopping mall. A joint venture of Peoria, Arizona-based Plaza Cos. and Tucson’s Holualoa Cos. announced this week they plan to begin construction in the spring on the first phase of redeveloping the Park Central Mall, an open-air shopping center that

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Stream Data Centers, an industry leader in providing premium data center solutions, announced today that it has acquired a 418,000-square-foot facility on 157 acres of land in Goodyear, Arizona, where it will establish a data center campus for hyperscale and enterprise customers in the Greater Phoenix region. Initially, Stream will

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The Airport Area in Phoenix is growing rapidly. New research from Colliers International shows that the office vacancy rate fell 9.3% in 2018, down to 23.4%. Phoenix has experienced tremendous growth in recent years, and Tempe has become the most coveted office submarket in Phoenix. Now, the Airport Area is benefiting from

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February 14, 2019

Developers, architects and government leaders gathered Wednesday to break ground on the highly anticipated retail and dining portion of the Palmeraie master-planned community, as Fendi Private Residences was announced as the first luxury name associated with the $2 billion project. The 122-acre development straddles

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Five Star Development broke ground for the first phase of a master-plan community called The Palmeraie on Wed. Feb. 13. The 122-acre community is on the border of Scottsdale and Paradise Valley. The first phase of the $2 billion community will be completed by the end of 2020. The area connects luxury living spaces to

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Although Taylor Morrison Home Corp. (NYSE: TMHC) spent $1.1 billion on land acquisitions in 2018, the Scottsdale homebuilder may not maintain that pace in 2019. “It depends on market conditions — what’s out there in the land seller environment,” Taylor Morrison Chairman and CEO Sheryl Palmer told analysts Wednesday in the company’s

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John F. Long Properties (Jacob F. Long) and NOVO Development (Kurt Rosene, Justin Miller & Stephen Hulston) have completed a 25-acre land sale to Cives Steel Corporation, marking a significant launch for their CenterPoint Logistics Park in El Mirage, AZ. The 1,400-acre BNSF rail-served business park is designed for in excess of

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Phoenix job growth has hit a 10-year high. According to research from Colliers International, Phoenix employers added 79,700 new jobs in 2018, a year-over-year increase of 3.9%. That is the fastest rate of job growth in a decade, and surprised researchers, who estimated between 2.5% and 3% job growth. The new employment activity also

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