December 11, 2019

U.S. net-lease investment in 2019 is on pace to surpass last year’s record level, with Phoenix among the leading target markets for investors, according to the latest research from CBRE. Phoenix was among the top-5 markets for net-lease investment in Q3 2019 with total volume of $863 million—up 39.2% year-over-year. For the year-ending

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Townline Ventures has acquired its first Phoenix office asset with the purchase of the 20-story midtown office tower located at 2600 N. Central Ave.  In addition to their current land holdings in Arizona, the Vancouver-based company purchased 2600 Tower as part of its continuing efforts to acquire income-producing assets in the Phoenix

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Multifamily buyers will be out in force in 2020, according to a recent survey from Capital One. It found that 74% of multifamily professionals expect they will primarily be buyers rather than sellers while just 19% saw themselves primarily being sellers in the year ahead. Respondents also indicated that rent control and continued legislative pushes

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On-demand food delivery service DoorDash has leased a nine-story building at Lincoln Property Co.’s Grand at Papago Park office development in Tempe, Arizona, where the San Francisco-based company will consolidate its growing Phoenix operations. DoorDash will move into Grand 2 this spring, filling the large office at 1033 W. Roosevelt Way built

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Despite uncertainty about national economic policy and the ongoing trade war with China, the U.S. economy likely will remain stable into 2020 and Arizona’s economy will do even better, according to experts at Arizona State University’s annual economic forecast luncheon. While national growth projections are not nearly as optimistic as growth

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December 10, 2019

Some of the Scottsdale residents who worked to block commercial development in the city’s preserve last yearare now working to stop the Southbridge II project near Fifth Avenue in Old Town. The City Council last week narrowly approved the 10-acre development that includes more than 1 million square feet of condos, retail and office

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The Cambria Hotel Downtown Phoenix, located in the Roosevelt Row Arts District, is now open. The seven-story, 127-room hotel welcomes locals and visitors alike to enjoy its full-service restaurant and rooftop bar with panoramic city views. The hotel is managed by Oxford Hotels & Resorts, LCC, an award-winning, lifestyle-oriented hotel management

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U-Haul International plans to break ground on a multi-million dollar conference and fitness center on Tuesday just east of its corporate towers along Roanoke Avenue between Central Avenue and 3rd Street in Midtown Phoenix. The two-story facility, which will be the showpiece of its ongoing campus expansion, is slated to be completed by

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Construction in downtown Phoenix is bringing new apartments and hotels, but there’s a key development area that’s missing. Downtown needs new office space, according to the city’s economic development director. Christine Mackay said in the last five years, the office vacancy rate has fallen from 30% to 10%, or about 1.3 million square feet of

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Phoenix is setting up for a record holiday shopping season. The market has seen strong economic and population growth this year—a winning combination for all asset classes—but holiday shopping growth has a different set of drivers. Ecommerce, pop-up shops and the resale trend are all equaling a winning combination for holiday

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December 9, 2019

That sound you hear is the furious scribbling of economists revising down their forecast for recession. Two weeks ago we wrote that there may be some troubling signs of slowdown in the jobs market. Nearly everything since then has suggested otherwise. Employers hired a net 266,000 employees in November, the most in a single month since January, and even with an

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Overdevelopment still affects the seniors housing sector, but industry experts are seeing inventory growth decelerating. “Oversupply continues to plague the senior housing industry. The bad news is the supply is still elevated,” says Lukas Hartwich, lead senior housing analyst at Green Street Advisors, a real estate research firm

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A group led by Japan’s SoftBank Group provided $30 million to back a company creating technologies aimed at helping commercial real estate developers compete with retailer Amazon in rolling out small, cashierless retail stores. The company, called Accel Robotics, landed the backing as part of its Series A funding, which is the first round of

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U-Haul International is ready to break ground on a multi-million-dollar conference and fitness center, which is set to be the showpiece of its ongoing campus expansion in Midtown Phoenix.The two-story, state-of-the-art facility will be stationed along Roanoke Avenue between Central Avenue and 3rd Street, just east of the U-Haul corporate towers. It is scheduled for

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A project seeking to redevelop a multifamily residential area in the heart of Scottsdale has been met with overwhelming, unanimous approval by city officials. On Nov. 3, the Scottsdale City Council voted 7-0 to approve a major General Plan amendment to construct mixed-use development, Gentry on the Green, upon 41.5 acres. The request is for a

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December 6, 2019

The Hilo Tempe apartments, a planned development located on the corner of Mill Avenue and Seventh Street, has proposed to restrict renters under the age of 21. Concerns have been raised about whether or not the age limit will interfere with Tempe’s anti-discrimination ordinance. The ordinance, approved in 2014, prohibits businesses and individuals from

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Sigma Contracting, Inc. today broke ground at iconic Papago Plaza in Scottsdale for up to 88,000 square feet in new retail and office buildings and a 120,000-square-foot parking garage. Sigma’s portion of the project is valued at $11 million to $16 million and will consist of the complete demolition of the original Papago Plaza, 1408 N. Scottsdale Road, that

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Shopping centers can and will thrive in the “Age of Amazon” as long as they continue to innovate. That word has been our guidepost since our Phoenix-based company started developing retail centers over 30 years ago. Now, we are innovating again. We have initiated a pilot program we believe will help enhance the American shopping center. Thanks to a recent change in

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Land sales can be a fickle business. Prime development sites often disappear quickly, while other parcels can languish on the market for years waiting for the right buyer and use. Land sales can also be a good barometer to show what’s ahead for development pipelines and growth opportunities within markets. Annual transaction volume on land deals is still falling well

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Construction lenders have a healthy appetite for apartment deals. Despite the strong construction activity across the country, construction lenders feel comfortable lending on apartment deals, even with the threat of a recession coming in 2020. In fact, construction lenders are also showing a general openness to alternative multifamily

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December 5, 2019

Fred Unger’s vision for the Canals of Scottsdale would have transformed the city’s waterfront into something akin to the San Antonio Riverwalk, but was rejected by voters 20 years ago. Carter Unger is seeing the vision through as a split Scottsdale City Council on Wednesday approved the evolution of his father’s plans. The project, called Southbridge II, proposes

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Sumitomo Corporation of Americas (SCOA) announced today their purchase of the Collier Center, a 2.8-acre commercial complex located in downtown Phoenix, Arizona. Eastdil Secured brokered the deal for an undisclosed amount. This is SCOA’s second commercial real estate investment this year, having acquired SPS Tower in Minneapolis this past February. The 24-story property

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Adler Realty Investments has sold the four-star 2600 Tower in Phoenix to Vancouver-based investment firm Townline Homes for $30.75 million, or about $95 per square foot. The 323,607-square-foot building at 2600 N. Central Ave. completed in 1982 includes an adjacent 832-space parking garage. The 20-story tower spans 2.7 acres between the Encanto/Central Ave. and

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Modular construction company Katerra Inc., a business with a more than $1 billion valuation that’s backed by Japan-based SoftBank Group Inc., plans to close its Phoenix manufacturing facility and shift operations to its home state of California where it says it has a more sophisticated factory with self-guided vehicles and robotic assembly lines. The 250,000-square-foot

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A joint venture of Chicago-based real estate firms bought the Union at Roosevelt mixed-use apartment complex and the adjacent lot and office building with plans to redevelop the lot into the second phase of the project. The 80-unit apartment complex on Roosevelt Street and First Avenue — which includes nine studio, 60 one-bedroom and 11 two-bedroom units with

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