August 14, 2018

More than 11,000 single-family permits have been issued by municipalities throughout metro Phoenix during the first six months of the year, an increase of 18 percent from a year earlier. Phoenix had the most with 1,955 permits to build homes through June, a 48 percent increase from this time last year, according to the Home Builders Association of Central Arizona

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A New York based investment firm recently bought half a dozen apartment complexes across the Phoenix Valley. Blackstone Group calls itself the largest real estate private equity firm in the world. Its portfolio now includes six apartment complexes located in Surprise, Glendale, Peoria, Phoenix, Tempe and Chandler. Blackstone paid $311 million for the properties that were built between 1997 and 2009

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A 9-acre retail and restaurant plaza on 83rd Avenue and Happy Valley Road plans to open with its first tenants next spring. 83 Marketplace in north Peoria is under construction by MDC Land Development. The first four tenants to be released for the project are all restaurants. “When we started this project our No. 1 priority was to bring upscale dining and services to the community,”

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It’s time to polish up the Golden Arches. McDonald’s has announced a two-year effort to invest roughly $120 million to modernize 200 of its restaurants throughout Arizona. The remodeling and modernizing effort includes new touchscreen kiosks, made by a Scottsdale-based company, on which customers can place orders. More than two-thirds of the company’s 290 Arizona outlets will get a face lift

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More people are renting a home in the largest cities in the United States with new research showing that the largest rise has been in Memphis, Las Vegas and Honolulu. The majority of people rent instead of own in 29 of the 50 largest cities while in 2006, only 16 of the 50 largest cities were majority renter households, according to the latest study from real estate firm Zillow

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August 13, 2018

Phoenix continues to be a mainstay on the national list of top markets for rent growth. At the end of 2018’s second quarter, the Valley’s rents grew 5.7 percent year-over-year for the third-best mark in the nation after other Sun Belt metros, Orlando, 6.9 percent, and Las Vegas, 6.7 percent. After decelerating gains for much of 2016 and 2017, Phoenix’s rent growth climbed for a third consecutive quarter

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SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road

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Karrin Taylor Robson may have summed it up best at the annual WESTMARC Economic Development Summit. The founder and president of Arizona Strategies says there are a few essential ingredients to create the perfect the recipe for great communities: transportation and infrastructure, education, healthcare, quality of life and a robust, competitive workforce

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Vehicle travel from the Central to West Valley could look very different 10 years from now as the Maricopa Association of Governments begins seeking expertise on what one new stretch of freeway could look like. MAG released a request for proposals seeking a consultant to identify a 2,000-foot wide corridor for the easternmost piece of the proposed State Route 30, known as the Tres Rios Freeway

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The so-called Site 17 redevelopment area near downtown Mesa started with prospects for a gleaming new resort with a water slide, but it quickly slid into oblivion as a symbol of how eminent domain can backfire. Now, 30 years later, Mayor John Giles said Site 17 is on the brink of paying off handsomely with a high-quality residential development that will promote a healthier downtown

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August 10, 2018

Arizona’s gross domestic product grew by 2.5 percent in the first quarter of 2018, driven by increases in real estate and retail trade, according to a report from the Bureau of Economic Analysis. The BEA report, released last month, said finance and insurance, health care, and durable goods manufacturing in Arizona all performed well in the quarter, while administrative and government services declined

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An increasing share of American millennials are living with mom and dad instead of starting their own homes, even as the economy has recovered since the great recession, according to a new analysis of federal data by the National Association of Home Builders. Access to home-cooked meals and family photo ops are probably not the main drivers for 25- to 34-year-olds staying in the nest

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The average sale price of a single-family home in the West Valley is $265,000 and the average household income is about $65,000 per year. What does this have to do with targeting unique dining and shopping experiences? Two words: consumer power. Last year’s comprehensive and prolific workforce development study by WESTMARC illuminated clear and concise clues

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Arizona ranked No. 6 among states with the least student debt, according to a WalletHub report this week on 2018’s states with the most and least student debt. Faring better than Arizona were Utah, which has the least student debt, followed by Hawaii, Wyoming, California and Washington. Here’s how Arizona ranked in key metrics used to determine overall state rankings

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Residential property prices in the United States reached a new record high in the second quarter of 2018, up 5.3% to $255,400, the latest index figures show. Staggeringly low inventory levels in much of the country are responsible for the robust level of price growth, according to the index report from the National Association of Realtors (NAR)

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August 9, 2018

The old adage that “everything’s bigger in Texas” gets thrown around a lot. However, that’s not necessarily the case for Walmart as it’s testing a small-format store concept in the Dallas-Fort Worth market. The big-box retailer is building 3,000-sq.-ft. convenience stores with fuel pumps—called Walmart Fuel Station—in some parking lots of existing 180,000-sq.-ft. Walmart Supercenters that don’t already have gas pumps

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Out-of-state investors looking to take advantage of a federal tax law on property investment fueled the sale of several Phoenix-area industrial and retail buildings during the past week. Sales of two industrial and two retail properties — part of sales involving Section 1031 of the Internal Revenue Service code — were finalized. The exchanges are deals where investors sell off one property

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Industrious, a New York City-based coworking provider, has partnered with mall owner Macerich to add flexible-office spaces into some of the company’s retail spaces around the country. The first such coworking space will span 32,898 square feet in Scottsdale Fashion Square in Scottsdale, Ariz., which is expected to open in January, according to a spokeswoman for Industrious

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(Bloomberg)—Mall landlords, besieged for the past two years by the rise of online shopping, are trying to push a new narrative of improving sales and increased demand for empty space at their properties. Second-quarter earnings results for the biggest owners were largely in line with expectations, according to DJ Busch, an analyst at Green Street Advisors LLC

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In the first purchase of residentially zoned State Trust Land in Tucson in more than a decade, KB Homes successfully bid $10.625 million today for about 210 acres northeast of the northeast corner of Camino Seco and Irvington Road, State Land Commissioner Lisa A. Atkins said. The successful bid amount was equal to the appraised value of the subject parcel, the minimum bid allowed under state law

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August 8, 2018

Empty since 2016, the former Barney’s at Scottsdale Fashion Square mall in Arizona is finally getting a new tenant, and it isn’t exactly selling shoes. In Scottsdale and elsewhere across America, stores left vacant by retailers, including now-bankrupt Toys R Us and Bon-Ton, are being converted into shared office space. Mall owners are increasingly turning to unconventional tenants

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The 30-plus-day CMBS delinquency rate reached a new post-crisis low in July, at 3.81 percent, according to research firm Trepp LLC. The figure represents a 168-basis-point decline from the same period last year, and a 14-basis-point decline from the CMBS delinquency rate in June 2018. Trepp researchers credit the resolution of distressed legacy loans and a healthy level of new issuance

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Construction on the fifth phase of the Rio2100 office complex in Tempe is scheduled to begin later this year, with an opening expected in December 2019. The addition will be part of the 60-acre mixed-use development east of Tempe Marketplace along Rio Salado Parkway. The four-story building will be a speculative office development containing 160,000 square feet of space

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Demand for industrial real estate remains robust in the U.S.-Mexico border region that includes San Diego County, even amid rising global tensions over trade tariffs and the potential re-negotiation of the North American Free Trade Agreement (NAFTA), according to two recent reports. The manufacturing supply chain in the area is pumping out billions of dollars worth of products and foreign exports

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August 7, 2018

One of world’s largest real estate investors just went on an apartment-buying spree in metro Phoenix, purchasing six apartment complexes for almost $311 million. New York-based Blackstone Group closed on the apartments spanning from Surprise to Chandler on Monday, according to public real estate records. This big acquisition comes after Blackstone spent $120 million

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