December 11, 2018

Allstate Insurance Company plans to bring 2,500 new jobs to Chandler and could open a new corporate campus in the area. Allstate would become part of a growing number of large insurers operating in metro Phoenix, including State Farm in neighboring Tempe and USAA in north Phoenix. Allstate already leases 217,000 square feet of office space at Park Place in the Price Road Corridor

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Scottsdale is becoming a top submarket in the Phoenix metro for large corporate users. The market has access to talent and quality office space, making it a good fit for corporate tenants, and asset values are increasing. Parallel Capital Partners sold Kierland Corporate Center, one of the top addresses in the market

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HonorHealth broke ground on its sixth hospital today at Interstate 17 and Dove Valley Road in north Phoenix. The three-story, 210,000-square-foot HonorHealth Sonoran Medical Center will be built on the campus that currently houses the Sonoran Health and Emergency Center. The site will include an inpatient hospital, ambulatory surgery center and outpatient center to meet the growing health

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Greystar Real Estate Partners LLC has been busy buying and selling apartment complexes in metro Phoenix, plopping down $239 million for 1,186 units around the region. The Charleston, South Carolina-based investment firm bought the three-property, 845-unit Acacia portfolio on behalf of its real estate funds. Those East Valley properties include Chandler Court, 3800 W. Chandler Boulevard

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Great Wolf Lodge Arizona took another significant step in the construction process as Mortenson hoisted into place the final steel beam of the resort structure. The beam placed during the ceremonial “topping out” event this morning is part of the resort’s 27,000 square-foot Great Wolf Adventure Park, a family entertainment center with attractions such as a ropes course

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December 10, 2018

Real estate investing is one of the best ways to diversify a portfolio and make a little side cash. It’s one of the most stable markets there is, and you can leverage others’ money to make it happen. According to CNN Business, 2019 may be a good time to invest in rental property, thanks to the reduction of home sales and increase in rentals

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Homebuilder Lennar Corp. has purchased two office buildings in Kierland that it plans to tear down to make way for new luxury apartments. The company paid almost $18 million for the two buildings, located on about four acres, public estate records show. Kierland is located in Phoenix, but properties there carry a Phoenix address

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Feeling unsafe in your town? You might consider moving to one of four Valley cities that are among the safest in the country. Those rankings are according to WalletHub, which released its list of 2018’s Safest Cities in America this past week. The rankings were compiled based on 39 safety indicators, ranging from assaults per capita to unemployment rate

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The city of Phoenix and the Phoenix Suns have come to an agreement to make major renovations on the city-owned Talking Stick Resort Arena, one of the oldest arenas in the National Basketball Association. The upgrades will cost $230 million, with the city paying $150 million and the Suns paying $80 million. Any additional costs will be paid for by the Suns

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This is a different Phoenix now, say apartment developers and investors, so concerns of a repeat of the price plunge of 10 years ago are overblown. Next year will test that theory. Apartment owners and investors aren’t flinching as the desert city’s rental market soars, and concerns about a repeat of what happened the last time things got hot here become unavoidable

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December 7, 2018

In the 10 years since the original light rail stretch was opened in 2008, more than 35,000 jobs have been created within a half-mile of the train’s path, according to research done by Valley Metro. Valley Metro leadership and current and former city leaders lauded the economic impact of the light rail at an event commemorating the train’s first 10 years of operation Thursday

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Lincoln Property Company completed construction on Lincoln Logistics 40, an $85 million, 901,770-square-foot warehouse in Phoenix. The single-story structure at 575 S. 143rd Ave. comprises 161 loading docks, four drive-in bays, 185 trailer storage stalls and 551 parking spaces

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According to data from Yardi Matrix, the average size of a new U.S. apartment has shrunk 5 percent over the last 10 years, while the average price has risen 28 percent. The average floor plan of a new apartment measures 941 square feet (87.4 sq m), but that is still larger than the overall average of 882 square feet (82 sq m)

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Dignity Health is eager to show off its new hospital in east Mesa. Now if it could just get the word out that it’s fully open. “Some people have come in and said, ‘We didn’t know you were open yet,’” said Jane Hanson, president and CEO of the new Arizona General Hospital Mesa Campus on Elliot Road just off the Loop 202

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Mall and shopping center owners across the U.S. are starting to talk about change, realizing that if their centers keep the same antiquated models, anchored solely by department stores, they risk them going dark in the coming years. Roaming the halls of the largest retail real estate conference on the East Coast this past week, put on by ICSC,

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December 6, 2018

HonorHealth broke ground on its sixth hospital today at Interstate 17 and Dove Valley Road in north Phoenix. The three-story, 210,000-square-foot HonorHealth Sonoran Medical Center will be built on the campus that currently houses the Sonoran Health and Emergency Center. The site will include an inpatient hospital, ambulatory surgery center and outpatient center

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While regional malls have been hit particularly hard recently by the loss of underperforming department stores, open-air shopping centers haven’t gone completely unscathed as they’ve lost anchors like Kmart and Toys ‘R’ Us. However, David Jamieson, executive vice president and COO of retail REIT Kimco Realty Corp., says the shopping center operator was prepared

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The Valley’s first-ever 40-foot clear height, fully speculative industrial project has been built in Goodyear. Lincoln Property Co. recently completed the $85 million Lincoln Logistics 40, which totals 901,770 square feet of industrial space. “This is the time to deliver industrial product in Phoenix, particularly in the large big-box sector,” said John Orsak, Lincoln’s director of real estate

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OAK BROOK, Ill.–(BUSINESS WIRE)–#Arizona–Inland Real Estate Acquisitions, LLC announced today that it negotiated and closed the purchase of a portfolio of eight medical office buildings located in Mesa, Chandler, Gilbert, Glendale and Scottsdale, Arizona. Matthew Tice, senior vice president of Inland Real Estate Acquisitions LLC, completed the deal, with assistance from David

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Associated Builders and Contractors Chief Economist Anirban Basu forecasts another strong year for construction sector performance, yet warns about inflationary pressures, according to a 2019 economic outlook published today in Construction Executive magazine. Job growth, high backlog and healthy infrastructure investment

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December 5, 2018

Lennar Multifamily Communities (LMC) of Charlotte, NC has acquired two office buildings situated on a total of 4.17 acres within the Kierland development in Scottsdale. The company plans to demolish the two Class “A” office buildings and construct a luxury apartment community on the site. “It is unusual for the sale of two high-quality office buildings to result in demolition

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While experts express conflicting predictions regarding the national commercial real estate landscape moving into 2019, what can we expect on our own turf? While the opportunity for growth continues to be favorable for the Valley in many aspects, the local 2019 commercial real estate outlook may be met without a few challenges. Who better to explain the delicate balance of Arizona’s impending commercial real estate trends

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A $92.5 million industrial complex purchase is the latest addition to Prologis Inc.’s Arizona portfolio, part of a focused effort to increase the real estate investment trust’s Valley footprint. “We are opening a new office here next month, and we are investing in Phoenix in a way we haven’t done previously,” said Megan Creecy-Herman, vice president and market officer for Prologis in Phoenix.

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Arrowhead Builders, an Oklahoma-based general contractor that recently opened a Chandler office, has big plans for development on the Salt River Pima-Maricopa Indian Community east of Scottsdale. Earlier this year, Arrowhead began construction on a 43-acre wellness campus, known as Sierra Bloom, which will feature behavioral health, assisted living and memory care and multitenant medical office and retail.

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As high-net-worth (HNW) investors zone in on commercial real estate opportunities for 2019, Opportunity Zones, multifamily, marijuana, retail and industrial are emerging as some of the key areas to watch. Real estate investments made next year by HNW investors should be weighed against rising interest rates and the prolonged economic expansion

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