December 19, 2018

Looking to launch a business? According to Inc. magazine, Phoenix is one of the best cities to do just that. Working with innovation policy company Startup Genome, Inc. examined the top 50 markets in the U.S. and crunched data on seven key indicators — from early-stage funding metrics to job creation — to create its new Surge Cities Index. The data provided the ranking of the best places

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La Camarilla, a fitness center landmark for Scottsdale and Paradise Valley, will be torn down to make way for a new Mountainside Fitness center. Controversial water company owner George Johnson is selling the gym built on seven acres at Shea Boulevard and 52nd Street in the early 1980s. “The new gym will be called Mountainside Fitness at La Camarilla in honor of the Johnson family’s

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Kroger Co. (NYSE: KR), the parent company of Phoenix’s Fry’s Food Stores, made another big step Tuesday in the quickly evolving grocery delivery world by launching its service with Nuro’s fully autonomous, driverless R1 vehicles in Scottsdale. Nuro has been doing deliveries from a south Scottsdale Fry’s location since the summer. In November,

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The Goodyear City Council voted unanimously Monday to rezone a secretive Microsoft Corp. project documents describe as a “five-building technology center.” The vote followed a Planning and Zoning Commission meeting about the project, which contained little more than a 14-minute staff discussion about the site with no reference to Microsoft by name. Monday’s discussion included

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Interest rates are now at their highest levels since 2008. The Federal Reserve raised interest rates Wednesday, marking the fourth such increase of 2018. The Fed’s increase sets a target range for the federal funds rate of 2.25 percent to 2.5 percent. The increase of 25 basis points came as the “labor market has continued to strengthen and that economic activity has been rising at a strong rate,”

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December 18, 2018

The commercial real estate industry saw a year of healthy growth in Phoenix during 2018. Investor interest from both domestic and foreign sources picked up this year, with large deals happening in all product types throughout the Valley. Despite a shortage of construction labor and increase in materials costs, the Valley saw increased construction activity

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Hines, a privately owned global real estate firm, along with Cousins Properties, an Atlanta-based REIT, purchased 2.5 acres in Tempe, Arizona, to develop a 280,000-square-foot, 15-story office tower and a hotel or multifamily tower. The joint venture has completed final entitlements for the site at 100 Mill Ave. and is currently finalizing construction plans for the office tower, named

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A developer plans to demolish Scottsdale’s oldest shopping plaza, with a pink Pueblo-inspired design, in favor of a more contemporary project. Pivot Development wants to replace Papago Plaza, on the corner of Scottsdale and McDowell roads, with a mixed-use project that includes:

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San Francisco-based Divco West paid $142 million for a majority interest in the Vaseo Apartment Homes in north Phoenix. The deal, recorded by the Vizzda real estate data firm, was considered a non-arms length transaction, indicating there is a relationship or business affiliation between the property’s seller and buyer. Built in 1987,

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Seattle (CNN Business)Over the past year, Amazon has opened seven of its Amazon Go stores to the public, ditching checkout lines for AI that tracks what customers want to buy. Now, the retailer is taking its cashier-free shops in a new, smaller direction. On Wednesday, Amazon opened its first pint-sized Amazon Go

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December 17, 2018

Although specifics differ widely across sectors, most major categories should continue to benefit from favorable economic conditions. All signs point to a continued expansion of the U.S. economy, which means further success for the commercial real estate sector, according to CBRE’s 2019 Real Estate Market Outlook. The firm’s new report outlines another positive year across the industry’s main sectors

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TH Real Estate acquired the 240-unit multifamily asset, securing $40 million in revenue bond financing from Maricopa County’s Industrial Development Authority. The Blackstone Group has sold The Village at Lakewood, a 240-unit Class B community in Phoenix, for $40.3 million to TH Real Estate, according to Yardi Matrix. The property last changed hands in June 2016,

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The Charlotte-based developer is demolishing two class-A office buildings in Scottsdale to build a luxury apartment community. Charlotte-based developer Lennar has acquired two class-A office buildings in the Phoenix sub market of Scottsdale with plans to demolish the two buildings and develop a class-A apartment complex. The project highlights the strong demand for housing in Phoenix,

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Phoenix will continue to be one of the top markets for tech hiring in 2019, according to a new report. Research from staffing services agency Robert Half Technology shows that Phoenix is No. 3 on a list of top markets for tech hiring. That is based on the percentage of local technology managers who expect to expand their employee counts

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PREA’s latest survey forecasts moderating returns on commercial real estate properties. The results of the latest consensus forecast survey from the Pension Real Estate Association (PREA) show that respondents expect total unlevered return growth on commercial real estate assets traded at the institutional level to moderate in 2019. Respondents expect that total returns

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December 14, 2018

All throughout 2018, the real estate market was once again buoyed by a virile U.S. economy. There may new challenges in 2019 in the forms of rising interest rates, tightening credit and lingering uncertainty over the geopolitical climate, yet many commercial real estate professionals remain bullish on the market going into the new year. Three experts weighed in on how the real estate market

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Hunt Real Estate Capital is bullish on the Phoenix and Arizona markets. The lender has recently financed two multifamily acquisition deals in Phoenix and Glendale, and wants to increase its exposure in the market. In addition, Hunt says that its partners and Fannie Mae and Freddie Mac are bullish on the Phoenix market, and are looking for opportunities. “We would love to increase our exposure

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Toll Brothers Inc., a well-heeled luxury homebuilder, has paid $60.6 million for 258 acres of vacant land in north Scottsdale, according to Vizzda real estate database. The land is next to Storyrock Development Corp.’s 462-acre master-planned community surrounded by the McDowell Sonoran Preserve. “This was one of the last largest pieces of privately owned land in Scottsdale,”

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As e-commerce players start to make an impact in the grocery space, investors eye deals more cautiously. High-quality, well-located grocery-anchored shopping centers continue to be a “darling” of investors and are still achieving strong pricing. “The core product is still demanding a pretty strong premium and cap rates are holding up,”

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Tech companies are heading east in droves, seeking brainy computer engineers and tax breaks from cities hungry for high-paying jobs. Are Silicon Valley companies abandoning their roots? Google-parent Alphabet (GOOGL), headquartered in the San Francisco Bay Area, is stepping up investment in New York. Another Silicon Valley icon, Apple(AAPL), disclosed this week

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December 13, 2018

Did your neighborhood make the list? Real estate site Trulia unveiled the most beloved neighborhoods across the U.S. and in Phoenix. Nearly 10,000 neighborhoods spanning coast to coast were ranked based on more than 20 million local reviews on Trulia Neighborhoods’ “What Locals Say” feature — a first-of-its-kind experience that provides buyers and renters with a genuine feel

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You may have noticed the real estate market tightening and slowing in recent months. Home-buyers are becoming increasingly more cautious due to the feeling that they may be purchasing at the top of the market and will have to obtain a higher market interest rate compared to the past. This also translates to buyers being more difficult to secure in the marketplace for home sellers. This, in addition

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A long vacant Sam’s Club in Phoenix has been reborn as an industrial distribution facility—illustrating the overarching market trends for both asset classes in a single project. Developers DPC Companies and Confluent Development along with contractor Graycor Construction Co. redeveloped the 115,000-square-foot box and an adjacent Go Kart Track into HUB 317. The new class-A industrial property

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Desert Vista 100, LLC, successfully bid $6.41 million for a 40-acre parcel of State Trust Land west of the southwest corner of McKellips Road and Hawes Road, north of Loop 202, in Mesa, while Pilot Travel Centers successfully bid $900,000 for 6 acres of State Trust Land in Gila Bend, Arizona State Land Commissioner Lisa A. Atkins said

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Multifamily and commercial real estate tax experts say they are generally pleased but express concerns about how the program will be regulated and implemented. Commercial real estate tax experts said on Wednesday that they were encouraged by President Trump’s executive order establishing a council to oversee implementation of the opportunity zones created

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