ULI’s survey respondents predict that this year U.S. GDP growth will reach 2.8 percent, up from the 2.3 percent growth seen last year. Real estate economists and analysts see strength in the U.S. economy over the next few years, which should translate into strong—albeit moderating—results for the commercial property sector.
Construction started this week on a new development in north Phoenix that will be home to the new headquarters of Phoenix-based patio and pool supply company Today’s Patio. The company will relocate its headquarters, warehouse and showroom into a 75,000-square-foot space in the new industrial building development at 24400 N. 19th Ave. in Phoenix.
One of the hottest topics among lawyers, real estate brokers and developers around Arizona right now is a seldom-discussed part of the Tax Cuts and Jobs Act that congress passed in December 2017. In just a few pages, the law created a new program meant to spur economic development and create an opportunity for people to avoid paying capital gains taxes.
There is no danger that demand for data centers will contract anytime in the near future, or even in the foreseeable future, according to the speakers on the Future of Infrastructure panel at Bisnow’s recent Phoenix Data Centers event. The challenge for data center owners and operators will be providing the speed and location that the market is demanding
Mesa will sink $10 million into improvements along Elliot Road from Ellsworth to Signal Butte roads to alter the stretch into a “technology corridor.” The changes will expand Elliot from a single-lane road to a three-way stretch in both directions. The area, once just another vast stretch of Arizona desert, is now home to some of the fastest growing residential communities in metro Phoenix
Despite record liquidity, demand for commercial real estate loans softened in recent months, leaving eager lenders chasing fewer borrowers. As a result, competition among lenders has ratcheted up noticeably with loan prices compressing. n fact, deal pricing and structures have gotten so competitive, many of the nation’s banks, including its 25 largest cumulatively, are starting to back off from commercial real estate lending
The stability, durability and continued capital flows into multifamily investing permeate today’s headlines, with industry pundits believing apartments to be the most popular product type with real estate investors in 2018, second only to industrial. Mixed signals abound among varying markets, and it’s important to dissect and triangulate the real data as the analytics don’t always tell the full story
CHICAGO—The US office market has finally begun hitting a peak after nine years of expansion. And the vast amount of new class A space that developers recently created in many major markets, or will soon finish, has changed the supply-and-demand dynamics in favor of tenants, according to JLL’s first quarter office outlook report. In response, landlords across the nation have boosted the value of their tenant concession packages
A parcel consisting of about 269 acres of State Trust land will be auctioned Wednesday, and if sold would bring at least $54 million to benefit K-12 public education in Arizona, State Land Commissioner Lisa Atkins announced. The subject property, east of 56th Street and north of Deer Valley Drive, northeast of Desert Ridge Marketplace in Phoenix, will be auctioned at 11 a.m. Wednesday, April 25, in the auditorium at the Arizona State Land Department
Babbo Italian Eatery is now open near Scottsdale. The Phoenix-based restaurant chain landed its eighth location at the Pavilions at Talking Stick just off Loop 101 and Indian Bend Road on the Salt River Indian community. It opened today, April 19. Babbo’s newest location is 6,000 square feet and seats 236. The chain built the new restaurant from the ground up, said owner Ken Pollack
North American Development Group will break ground later this year on a new 30-story luxury multifamily tower that, upon, completion, will stand as the second tallest residential building in downtown Phoenix. The Markham, Ontario-based firm acquired a .9-acre tract within the Arizona Center for the site of Palm Court Tower, a $100 million high-rise that will offer 350 apartments, a six-level parking garage, garden entry and an amenity floor with a pool and fitness center
International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest quarterly construction cost report for North America with data current to January 1, 2018 gathered from 14 cities across the United States and Canada. Julian Anderson, FRICS FAACE, President of RLB North America and Chairman of the Global Board, said, “Our first quarter cost report is an empirical snapshot of the construction industry during a year when it was confronted by turbulence from proposed infrastructure programs, building-material tariffs, and immigration policies that impact labor pools.”
It is undeniable that industrial development is focused on large warehouse and distribution facilities. While there is strong demand for these larger spaces, there continues to be significant demand for manufacturing uses. Development for small-box facilities—which manufacturing users generally need—is stunted not because of low demand but because of development costs
Since 2000, spending on building apartments, condominiums and other multifamily projects has exceeded $13 billion in Phoenix, according to a new report. That’s $13.1 billion to be exact, according to the report from Apartment List. That total spending is the 10th highest among all major U.S. metro areas during the period from 2000 to 2016. Spending on multifamily construction in Phoenix was 10.5 percent of the share of residential spending
Phoenix, Ariz. – Kentucky-based Springstone will develop its second Arizona behavioral health facility on 6.59 acres located near the Loop 202 and Val Vista Drive in Gilbert. Springstone purchased the property from Willis & Melrose, LLC. The land is situated at the corner of Rome and Melrose streets near the Mercy Gilbert Medical Center. Philip Wurth, executive vice president with Colliers International in Greater Phoenix, negotiated the sale
For the past several years, investors have turned to the value-add strategy when seeking out-performance in a competitive commercial real estate landscape. And it appears the interest in these type of deals has only intensified lately, with competition becoming increasingly stiff as the industry faces the likely end of the cycle and rent growths have moderated for core assets
Amid saguaro cacti and yucca plants, Lauren Rosin shows off a house that she’s renovating in Phoenix’s Central Corridor, a pricy neighborhood north of downtown. “This was actually a courtyard and I blew it out,” she says, pointing to what will now be an extra-large open kitchen with custom cabinets, quartz countertops and chandelier-style lighting. She’ll also upgrade the swimming pool in the backyard
Speculative development will provide much-needed space solutions as Phoenix’s industrial inventory tightens, says the Phoenix office of JLL in its just-released Q1 2018 Industrial Insight report. According to the report, although the Valley’s 1.3 million square feet of Q1 industrial absorption is light compared to the gains of 2017, strong demand remains – including more than 100 industrial tenants each looking for at least 100,000 square feet of local space
Revitalizing The SmokeTree Resort at 7101 E. Lincoln Drive is among top priorities since being recently sold for reportedly more than $10 million. The historic resort dates back to 1966 when it began operating, but since its inception “has not undergone any significant renovations beyond general maintenance,” according to a PHX Architecture correspondence on April 3
With $11.2 million construction financing in place, Luna Azul is breaking ground in north Phoenix on a housing project for adults with special needs. Construction financing is being led by The Disability Opportunity Fund of New York for the 30-home development at 16th Street and Loop 101. The contractor is Tempe-based Fortress General Contracting Inc
BUCKEYE, AZ – No-frills grocer, Aldi, has plans to open a store in Buckeye, Arizona. Anne De Chance, communications manager for the City of Buckeye, said the discount grocery chain broke ground last week near Yuma and Watson roads. She said the store would open either late this year or early 2019. Aldi confirmed it was “currently exploring opportunities in Arizona as well as several other markets,” according to a statement
Isaac Larian, CEO of MGA Entertainment Inc., one of the world’s leading privately held toy and entertainment companies, put in a formal bid of $675 million to buy both the U.S stores as well as $215 million to buy the Toys R Us stores in Canada. The funds to purchase both the U.S. and Canadian stores will come from Larian’s own coffers, additional investors and bank financing
Working on behalf of the Griffin Capital Essential Asset REIT, Griffin Capital Co. has acquired the McKesson Scottsdale Campus from Ryan Companies US Inc. The pair of two-story, Class A office buildings in Scottsdale, Ariz., changed hands for $67 million. Cushman & Wakefield’s Chris Toci, Chad Littell, Greg Mayer and Jim Wilson represented the seller in the transaction
JLL has scoured the globe for the weirdest, most wonderful and prophetic innovations of foodservice and shortlisted five mega trends that landlords and restaurateurs should watch in 2018 in its recently released Global Food Trends report. According to the report, launched today at ICSC’s Food for Thought conference, the amount Americans spend on eating out has overtaken grocery purchases
Despite accidents that can happen with self-driving cars such as the one the reported in Arizona, humans are still far more likely to cause an accident. In fact, according to the National Highway Traffic Safety Administration, 94% of all accidents are caused due to human error. Experts must still work out the technical issues. The future of cars is changing and with it, the environment around them
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