March 8, 2019

While there is momentum behind smaller-format fitness concepts, it is still a good time to operate a big-box gym in Phoenix. Businesses such as OrangeTheory and Jabz Boxing are popular because they offer specific experiences and create a sense of community, but the fitness market consumer base is so large, there is still a demand for

Read The Full Article...

Housing affordability is an issue of growing importance for the multifamily industry. Twenty million renter households—49% of all renter households—are rent burdened, meaning they spend more than 30% of their incomes on rent. And of those, nearly half (9.5 million) spend more than half their paychecks on rent, according to the

Read The Full Article...

The REALTORS® Commercial Real Estate Market Trends measures quarterly activity in the commercial real estate markets, as reported in a national survey. The survey collects data from REALTORS® engaged in commercial real estate transactions. The survey is designed to provide an overview of market performance, sales and leasing

Read The Full Article...

Phoenix officials say an almost two-decade effort to promote bioscience research is helping to catapult the city into a leading position among cities across the United States for life science and health care development. While the city has work to do to catch up with the nation’s leading bioscience hubs of Boston, San Francisco and San Diego,

Read The Full Article...

Pending home sales in the United States rebounded strongly in January, including a large surge in the South, according to the latest index from real estate agents. All four major regions saw growth last month and overall sales were up 4.6% compared with December, the data from the National Association of Realtors shows. But year on

Read The Full Article...

March 7, 2019

We didn’t know it at the time, but 10 years ago this week, things started looking up. On March 9, 2009, the S&P 500 closed at 676.53, the lowest point it hit over the course of the Great Recession. Today, the index stands at around 2750. Although the implosion of the subprime real estate market is most frequently cited as the catalyst for the

Read The Full Article...

Private sector employment increased by 183,000 jobs from January to February according to the February ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which

Read The Full Article...

When Christine Mackay took over as economic development director for the city of Phoenix, one of her first meetings was with Tom Osha. Osha is senior vice president in charge of innovation and economic development for Baltimore, Maryland-based Wexford Science & Technology LLC, and he was in town during January 2015 to see how

Read The Full Article...

The Statesman Group announced today that leasing opportunities are now open for the first phase of Montreux, a $74 million luxury apartment community within the sought-after Desert Ridge neighborhood. Located on the east side of Deer Valley Road between 52nd and 56th streets, Montreux will be comprised of 335 one-, two- and

Read The Full Article...

Once a dream project of former Arizona Gov. Fife Symington, the Mercado will eventually be razed to pave the way for future development. Built by Mercado Developers — a partnership of Symington and the for-profit division of Chicanos Por La Causa — the 125,000-square-foot center opened in December 1989 as a Mexican-style

Read The Full Article...

March 6, 2019

With continued low unemployment rates, sustained population growth and surges in key industries, Arizona’s economy continues its positive trajectory. These were the findings presented last week by prominent economist Dr. Christopher Thornberg of Beacon Economics at the Alliance Bank of Arizona 2019 Economic Forum. Steady growth

Read The Full Article...

Last year, apartment sales set a new record in Phoenix as more than $6.2 billion worth of multifamily properties were sold, shattering the previous high of $5.1 billion set in 2016.The average price per unit for apartment properties in Phoenix also soared to a new all-time high of $145,000 per unit, a 27 percent jump from the previous year. Early indications are

Read The Full Article...

Leon Capital Group, a Dallas-based investment company with a focus on real estate, today announced the development of the currently named Residences at SanTan Village, a new Class A 380-unit multifamily community just north of SanTan Village Mall. The property is located at the southwest corner of SanTan Village Parkway and Ray Road

Read The Full Article...

One simple, obvious question kicked off the process that unlocked thousands of acres of land in North Phoenix and cleared the way for what could be years of economic development in the City of Phoenix. “We were standing on top of the big parking structure up (at High Street) and looking out over all of the vacant land up there,” said

Read The Full Article...

High-end gym Life Time Fitness Inc. has purchased land in north Peoria and plans to build a new club there. Life Time purchased 3 acres on the southwest corner of Happy Valley Road and 67th Avenue in Peoria from Christ’s Church of the Valley Inc. and Terrazza Land LLC for $2.5 million, according to Maricopa County records. The land was

Read The Full Article...

March 5, 2019

The future of retail lies in its past: brick-and-mortar stores. And the future is as bright as ever. Retailers around the world are stepping up their data analytics game in the physical shopping realm, leveraging new technologies such as AI, cloud and robotics to not just enrich the customer cross-channel experience but dramatically

Read The Full Article...

Amazon plans to open “dozens of grocery stores in several major U.S. cities,” with the first location in Los Angeles likely to open its doors by the end of the year, according to a Friday report from The Wall Street Journal. If there’s a little question mark floating over your head and you aren’t sure why, it’s because Amazon bought Whole Foods

Read The Full Article...

For as long as we can remember, the retail economic operating model was well-understood and relatively predictable, with total retail sales predominantly made through brick-and-mortar stores. Retail was essentially a fixed-cost business, with the possible exception for some retailers who used a commission sales force. But even that

Read The Full Article...

Newport Beach, California-based CWS Capital Partners purchased a 320-unit apartment complex in Chandler from P.B. Bell Asset Management and Stonecutter Capital Management. Alante at the Islands sold for $59.6 million, or about $186,000 per unit. The Class B, garden-style complex at 2222 N. McQueen Road comprises

Read The Full Article...

Circa Central Avenue, a new multifamily project, developed just south of Phoenix Art Museum and adjacent to the Metro Valley light rail, is open, accepting new residents and is activating the central corridor. Hunt Companies, Inc., Tilton Development Company and Ryan Companies US, Inc. have completed the six-story project that

Read The Full Article...

March 4, 2019

Beatitudes Campus is embarking on a $260 million redevelopment plan that will make it the largest life plan community in Arizona when completed. While the campus will include rental units, it also will continue to offer life plans, which are insurance contracts overseen by the Arizona Department of Insurance that allow a resident to

Read The Full Article...

Bascom Arizona Ventures, a subsidiary of Irvine, California-based The Bascom Group, purchased a 423-unit multifamily complex in Tempe from Hartman Consulting. Tempo at McClintock Station Apartments sold for $89.2 million, or about $210,000 per unit. The garden-style complex at 1831 E. Apache Blvd. comprises one-, two- and

Read The Full Article...

Lincoln Property Company (LPC) has officially poured the top floor of The Grand at Papago Park Center 2, bringing the building to the “topped out” stage and ushering in its final phase of construction. Grand 2 is the second of eight planned LPC-built, Class A office buildings at The Grand at Papago Park Center. The company delivered the

Read The Full Article...

Fujifilm has started construction on an expansion of its facility in Mesa, which will be used for the production of cutting-edge semiconductor materials. The expansion is part of a 10-billion-yen investment (about $88 million) that the company expects to spend on facilities in Mesa and Rhode Island. The company declined to give a

Read The Full Article...

Exactly how many vehicles are in the fleet is anybody’s guess. The number of jobs it brings to the East Valley is kept hush-hush. And where service is going next and when that will happen is still a closely guarded secret. But nobody can dispute the potential impact Waymo self-driving cars could one day have for Chandler, the East Valley

Read The Full Article...