May 22, 2019

The net result of the trend toward omnichannel retailing is going to be ‘less is more’. So says Nick Garzia, director of leasing in the Southeast, at Hines Retail. He tells GlobeSt.com that retailers will need fewer stores per market than they used to, but they will need to perform much better. “The store experience has to be more impactful. ”This is supplemented with

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In an ever-crowded senior living market, Grande Vita will clearly stand out. The BioCity Enterprises campus isn’t a static building, it’s an ever-evolving community based on the needs of its residents. “You can come live in a condo, you have independent living, assisted living, you have memory care and you have hospice; so you have the continuum of care, all

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High Street Residential and MetLife Investment Management announce that The Astor at Osborn is officially open and ready for occupancy. The 5-story, Class A residential building features 191 residences ranging in size from 583-to-1,358 square feet –with a 5-story parking garage. The mixed-use project is located at 7th Avenue and Osborn Road in the

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Sarah Phillips, a student at the Watts College of Public Service and Community Solutions, knew Arizona State University was home from the minute she stepped on campus. The criminal justice major graduated this May with a job offer already on the table, and she will continue to call Arizona home. There were more than 238,000 ASU graduates working in

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Hungry shoppers want good food. And it’s likely they’ll stick around and shop once they eat, benefiting both retailers and real estate owners that are taking note of this. The talk of the biggest gathering of retail real estate professionals in the world, organized by the International Council of Shopping Centers and happening this week in Las Vegas, is

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May 21, 2019

As the costs of land, labor and construction rise, more developers are focusing on upgrades to existing properties than they are on seeking ground-up developments or value-added centers, executives said at a RECon panel discussion. “It’s been hard to make deals economical if we can’t get the land for free,” said Conor Flynn, CEO of Kimco Realty Corp. “We haven’t

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From a financing perspective, the retail sector continues to be challenged, but there are good gems too. That is according to Dan Palmier, CEO of UC Funds, who chatted with GlobeSt.com about all things retail, surrounding ICSC RECon. According to Palmier, e-commerce is the prime agent in making lenders very wart of most projects. “From a lender

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Competition that is fueling a spike in interest-only (IO) loan issuance is drawing mixed responses from industry observers. Some view the spike as a worrisome rise in risk that could come back to bite borrowers if 10-year loans mature in a higher interest rate market. Others see IO loans as an opportunity for borrowers to take advantage of healthy lender

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Point B Inc. will soon begin construction to transform a former Shasta Pools store and showroom into a restaurant and retail center the developer is hoping will be a place that will reinforce the neighborhood’s identity. “We were looking for a good urban infill opportunity,” said Matt Hargis, president of Point B Property Development. “We got excited when

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The whispers and hints of big things happening in the Phoenix data center market are now full-fledged roars and the market is no longer a sleeping giant. The giant has awoken. The Phoenix area has exploded with data center development. In Goodyear alone, three companies — Stream Data Centers, Vantage Data Centers and Compass Datacenters — have

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May 20, 2019

Welcome to ICSC’s RECon 2019 event here in Las Vegas! If you are one of the 40,000 or so individuals here, you might have attended last night’s opening reception (as we did) at Encore XS Nightclub (or one of many other parties happening around the strip). No matter how you spent you first night at RECon, it is clear that deals and networking don’t just

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It has long been an afterthought on where the latest, greatest development is happening in the Valley, but the Downtown Phoenix area is quickly becoming the place to do business or just be. Downtown Phoenix has a distinct air of excitement among real estate developers, with several projects ready to come online in 2019 and plenty more coming in the next

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The beds are quickly filling up at student housing properties for the school year that will begin this fall. “As it stands now, next year’s occupancy could sit a little higher than last year’s (if pre-leasing doesn’t slow down, that is),” says Carl Whitaker, an analyst for RealPage Inc., a provider of property management software and services. Despite several years of

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When Jessica Pacheco started working for APS in 1997, she immediately learned how important Arizona’s neighbor to the south was to the state – and what potential economic opportunities existed between Arizona and Mexico.“My first trip on behalf of the company to a community outside of Maricopa County was to Douglas,” recalls Pacheco, vice president of

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Commercial real estate prices should even out by 2020, according to the chief economist of the National Association of Realtors. Dr. Lawrence Yun was one of the speakers at the commercial economic issues and trends forum at the Realtors Legislative Meetings & Trade Expo. “We may see commercial real estate prices rise for the next year, but I expect them to

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May 17, 2019

Running a supermarket in America has never been harder. Profits are razor thin. Online shopping and home delivery are changing the way people buy their food. Dollar stores and drugstores are selling more groceries. Pressures are so intense that regional chains like Southeastern Grocers, the owner of Winn-Dixie and Bi-Lo, filed for

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Phoenix was on the last metros in the country to recover from the recession, and because of the late recovery, many investors have the expectation of an extended runway. However, with the flood of capital into the market, has Phoenix already moved past “emerging” status and into maturity? “In terms of whether Phoenix is still emerging or is a mature market,

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For nearly 30 years, tax professional Ken Van Damme, a partner in the private client services practice at professional services firm EY, has advised high-net-worth (HNW) individuals on their commercial real estate holdings. “I’ve kind of been there, done that and seen a lot,” Van Damme says. During his career, one of the biggest tax changes he’s seen that

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RENTCafé‘s April Rent Report reveals that Arizona rents are keeping shy of the national average, except for Scottsdale. While rents in the U.S. have seen a 3% upwards move compared with last year, the rest of Phoenix Metro as well as Tucson, have some catching up to do until they reach the $1,436 level of the national average. Here are the highlights of 

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Arista at Ocotillo, a new luxury mid-rise apartment community developed by Gilbane Development Company, recently opened in Chandler. The $40 million community is part-owned by P.B. Bell, a leader in multifamily housing development, management and acquisitions, who is also serving as the third-party management firm. Located at 3200 S. Dobson Road, Arista

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May 16, 2019

A new development proposed for Gilbert’s booming Heritage District includes a five-story apartment complex, boutique hotel, and office and retail space. The Gilbert Town Council will vote Thursday on an agreement with Heritage North Partners, LLC, for the sale and development of nine acres of town-owned land on the southwest corner of Gilbert Road and

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ICSC’s RECon conference—the “Super Bowl” of retail real estate—is just days away. Thousands of real estate developers, brokers, owners and retailers will soon descend upon Las Vegas for the huge networking and deal-making conference. At this year’s show, held May 19 to 22, hot topics will include the leasing needs of emerging retailers, changing consumer

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“Many online retailers that started opening brick-and-mortar stores have seen anywhere from a 30 to 40% increase in sales.” So says Rick Scardino, a principal in the Chicago office of Lee & Associates. He and his Temecula, CA-based colleague, SVP Brian Bielatowicz, are seeing the bricks-to-click trend growing in both regions, and little wonder. A rising amount of

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Kona Grill Inc. is looking to be purchased out of bankruptcy protection this summer — and its co-founder has entered the first bid. The Scottsdale-based restaurant chain already has a number of parties interested and should have a new owner by July 25, according to a motion filed May 14 with U.S. Bankruptcy Court for the District Of Delaware. Bidding on

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There’s a reason why nationally-recognized companies such as Amazon, Caterpillar, Raytheon Missile Systems, Bombardier, GEICO, Homegoods, Hexagon Mining, and other powerhouses set their sights and sites on Tucson. How did this former seemingly small college town transform into a home for more than 1 million people, 160 new and expanding

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