November 18, 2019

Phoenix City Council is set to decide this week the fate of a mixed-use project that will include a hotel developed by popular Valley restaurateur Sam Fox. A 17-acre project, known as 44|Camelback, would be on the northwest corner of 44th Street and Camelback Road. Phoenix-based Red Development, which is the project’s

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The national average multifamily rent rose by $1 to an all-time high of $1,476 in October, according to the latest Yardi Matrix Multifamily National Report. Over the same period, year-over-year rent growth remained steady at 3.2%. Yardi notes that year-over-year growth has remained above 3% for nearly a year. Phoenix remains

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Real estate investor ViaWest Group bought a 25.9-acre parcel in Goodyear, Arizona, where it plans to add three buildings to the Phoenix suburb’s expanding industrial stock. ViaWest, based in Phoenix, said it intends to begin construction at the southwest corner of Elwood Street and Sarival Avenue on one large and two smaller buildings totaling

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Troubled international coworking giant WeWork has opened offices on the first two of its four leased floors at the 101 North First Avenue tower in downtown Phoenix. It’s the company’s second Valley location. WeWork’s space in the U.S. Bank tower is geared more toward “enterprise” members, meaning it’s used by companies that

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Rents at self-storage properties are dropping across the U.S. as new properties struggle to lease up units and existing facilities fight to keep their customers.“The self-storage industry is in for a rough slog,” says Doug Ressler, director of business intelligence at data firm Yardi Matrix. “Deliveries are expected to remain elevated, pushing

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November 15, 2019

Salt River Project will build the biggest battery on the power grid in Arizona as part of its pledge last year to add 1,000 megawatts of solar to its supply by 2025. The big battery project is planned for the Little Rainbow Valley, south of Buckeye, and the battery system there will be many times larger than anything in Arizona

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Trader Joe’s is looking to open a new location in north Tempe. The national grocery chain submitted a liquor license application to the state last month for a location at Rural Road and University Drive. A company spokeswoman said plans for a new store have not yet been confirmed but Trader Joe’s is eyeing expansion in the

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When people think about Black Friday, long lines at shopping malls and big-box retail stores usually come to mind. Small Arizona retailers need to know how to capitalize on those shoppers, according to new research. A year ago on Black Friday, only 69% of Arizona brick-and-mortar retailers were open, but those stores saw sales increase

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They haven’t even started construction on the new light rail extension south of downtown Phoenix, and I’m wondering if we need to have a completely different conversation — about a commuter-type rail system. I’m glad the Valley has received more money this year to build and extend more roads. That is extremely vital to our

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Institutional investors see opportunities in real estate in mid-size U.S. cities away from the coasts. Goldman Sachs Group Inc. is eyeing markets including Denver, Austin and Nashville, Jeffrey Fine, a managing director at the firm’s merchant-banking division, said Thursday at a conference hosted by the NYU School of

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November 14, 2019

In a $43 million deal, the P.B. Bell Cos. has sold Solis at Towne Center, a 240-unit Class A community near Phoenix, according to Yardi Matrix. LivCor, the buyer, assumed the outstanding balance of a $20.2 million loan from Allstate taken by the seller in 2016. The mortgage matures in August 2026. Located at 17600 N. 79th Ave. in Glendale,

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Light industrial buildings — those smaller than 120,000 square feet — have outperformed larger industrial buildings in metro Phoenix during the past five years. However, construction of light industrial facilities makes up only 16.5% of overall industrial construction in the Valley. As e-commerce grows and the Valley expands,

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Renter preferences in the U.S. may be shifting toward tech-centric amenities like video doorbells and smart locks, but longstanding, traditional features are still just as important as ever.  In one of the largest surveys undertaken in the multifamily industry, 373,000 renters across the country responded to the 2019 Renter Preferences

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As rents continue to steadily rise across the U.S., about a quarter of renters say affording their rent payments is difficult or very difficult. To make ends meet, two-thirds of those renters make at least one financial sacrifice to afford their home, and half wouldn’t be able to afford an unexpected $1,000 expense, according to the

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The U.S. population has grown significantly since 2000, from 281.4 million to just over 321 million, a 39.6 million increase, according to the U.S. Census Bureau’s American Community Survey. To determine the fastest growing American cities, 24/7 Tempo ranked U.S. cities by their percentage population change from 2000 to 2018 using

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November 13, 2019

In a seemingly interminable procession, one venerable retail chain after another shuts down stores, restructures under bankruptcy protection or closes shop entirely. (In some cases, it’s been all of the above.) Retail real estate owners and managers have struggled to cope. They scramble to restructure leases or find replacement tenants. The most

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Fast, but fabulous would be a fitting way to describe the development process and the finished product that is Northrop Grumman’s new 633,000-square-foot build-to-suit campus that sits in the Park Place Business Park in Chandler. On Tuesday, the general contractor on that project, Willmeng Construction Inc., hosted a ribbon-cutting

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Knightvest Capital has purchased Oxford Apartments in Phoenix from a high-net-worth investor for $75 million, or about $174,000 per unit. JLL arranged $57.2 million in acquisition financing for the 432-unit complex, formerly named Indigo Palms, on behalf of the borrower through a national bank. The 94% leased, garden-style complex at

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Insight Enterprises, the global provider of Insight Intelligent Technology Solutions™ for organizations of all sizes, today announced it will centralize its two Tempe offices to a single first-class creative office space in Chandler, one of the most desirable submarkets for technology businesses in the Phoenix Metropolitan area. The expansion

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Continuing a trend that stretches back to one year ago, Millennials are still dominating the homebuying landscape, taking on more mortgages than previous generations. A report from Realtor.com says that at the end of the third quarter, the Millennial share of mortgage originations increased 3% from last September, coming in

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November 12, 2019

Despite concerns about potentially slowing economic growth and new rent control laws around the country, investors continue to go after apartment properties. The volume of U.S. multifamily acquisitions in the first nine months of 2019 was higher than during any other comparable period since this expansion cycle began a decade

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Borrowers have been enjoying a low interest rate environment for some time. Yet the further drop in interest rates this year has stoked a surge in refinancing activity. The Federal Reserve kicked off the first of three rate cuts in late July, which subsequently pulled commercial real estate lending rates lower in the third

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Harkins Theatres, a Scottsdale-based movie theater company, is continuing to grow and improve its footprint across the metro Phoenix area with multiple new construction and renovation projects on both sides of the Valley. For starters, the company said Nov. 7 it would make extensive upgrades to the Harkins Gateway Pavilions theater off

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Phoenix is among the top markets to buy industrial real estate, according to a new report from Ten-X Commercial, an online real estate transaction platform. According to the report, Phoenix is the third-best “buy” market nationally, with rents per square foot expected to increase 4.6% during the next three years, reaching $6.65 by

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In a $43 million deal, the P.B. Bell Cos. has sold Solis at Towne Center, a 240-unit Class A community near Phoenix, according to Yardi Matrix. LivCor, the buyer, assumed the outstanding balance of a $20.2 million loan from Allstate taken by the seller in 2016. The mortgage matures in August 2026. Located at 17600 N. 79th Ave. in Glendale, Ariz.,

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