August 21, 2016

Despite an uptick in the Arizona unemployment rate to 6 percent from 5.8 percent in June, Arizona gained 76,100 jobs year over year, according to the Arizona Department of Administration.

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August 18, 2016

Just two years into a concerted effort to shift the entire greater Phoenix economy from consumption jobs to production jobs is showing double-digit results in several advanced industries.

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Phoenix-based Banner Health is getting into the urgent care business in a big way. The state’s largest health system is purchasing Urgent Care Extra’s 32 facilities in Arizona. The purchase price was not disclosed.

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Maricopa County officials have unanimously approved taking the first step toward selling Chase Field to private owners. The minimum price for the stadium is $60 million. A sale would include the facility, and the land underneath it.

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The Koll Co. and Bahrain-based Seera Investment Bank have partnered up to acquire Amazon’s (NYSE: AMZN) 1,009,351-square-foot logistics and distribution center at 6835 W. Buckeye Rd. in Phoenix, AZ from Gramercy Property Trust and Duke Realty Corp.

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In what is the highest price per unit ever paid for a conventional multi-family project in the Valley, a pension fund advised by INVESCO Realty Advisors in Dallas, Tx. paid $87 million ($316,364 per unit) to buy the 275-unit Crescent Scottsdale Quarter apartments at 15345 N. Scottsdale Road in Scottsdale.

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August 17, 2016

Irvine, California-based Passco Cos. LLC has bought a 389-unit, Class A apartment complex in the East Valley from Scottsdale’s P.B. Bell Cos. for $80 million. The Almeria Ocotillo development is located in Chandler near Price, Dobson and Queen Creek roads.

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New CMBS risk retention rules set to go into effect December 24th have been stirring concerns across the capital markets for months. Some of that anxiety has been put to rest with a warm reception from investors on the first conduit CMBS risk retention transaction to test the waters.

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A new study by the NAIOP Research Foundation offers insight into the development and growth of innovation districts. These districts are economic development tools based on the notion that entrepreneurship and innovation can be stimulated in environments that satisfy space needs

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Consumer-products manufacturer Conair Corp. has broken ground on the design-build construction of a new $40 million plus facility adjacent to their existing campus in the Glen Harbor Business Park. This pushes the total Conair campus square footage in Glendale to 2.3 million sq.-ft.

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Just two years into a concerted effort to shift the entire greater Phoenix economy from consumption jobs to production jobs is showing double-digit results in several advanced industries. “It’s an enormous effort to pivot an economy, and the data show Phoenix is starting to turn,”

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August 16, 2016

Five of the eight buildings comprising a medical campus in Glendale near the Banner Thunderbird Medical Center sold for $10,850,000 ($229.61 PSF). The transaction included a 47,254 square feet controlling interest of prime medical office space within Thunderbird Palms Medical Campus.

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A new $42 million office tower planned for Scottsdale’s rapidly-growing SkySong complex would be its tallest building yet, rising six stories and 90 feet next to the project’s iconic tent-like canopy near Scottsdale and McDowell roads.

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Goldman Sachs Group Inc. of New York City, N.Y. (NYSE:GS) has acquired a Scottsdale office project that has changed hands three times the past six years. In the most recent transaction, an entity formed by Goldman Sachs paid $40.05 million

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California’s tax and regulatory policies have made the cost of doing business more expensive than other states and prompted about 10,000 companies over the last eight years to leave the state or shift or curtail operations to reduce costs

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After a very slow start to the year, apartment REITs may buy a few more properties as their stock prices recover. Case in point: Mid-America Apartment Communities just announced its deal to buy Post Properties for nearly $4 billion. The giant acquisition reverses the trend

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August 15, 2016

Zenreach, a San Francisco-based technology company, will open its first major office outside of its headquarters at Biltmore Center, 2390 E. Camelback Rd. The company plans to employ approximately 350 people at the Camelback Corridor office.

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Square One Concepts, the company behind Cold Beers & Cheeseburgers, Wasted Grain and Crab & Mermaid Fish Shop, is opening a new concept this September in downtown Scottsdale. The Scottsdale group will open Bourbon & Bones Chophouse & Bar at 4200 N. Scottsdale Road

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Hammers were pounding on new metro Phoenix homes in June at the headiest pace since the end of housing boom. Builders started 1,939 homes across the Valley during the first month of summer, according to the latest data from RL Brown Reports.

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Remarkable population growth has resulted in a positive job market, making the Phoenix retail market a strong candidate for sales activity. Vigorous leasing has resulted in boosted absorption, declining vacancy and an anticipated rise in rental rates.

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In its second Valley investment since December, Passco Cos. LLC in Irvine, Calif. (William “Bill” Passo, CEO) paid $81.988 million ($210,765 per unit) to acquire the 389-unit Almeria at Ocotillo apartments at 2470 and 2471 W. Edgewater Way in Chandler. The seller was Bell GD Ocotillo LLC, a company formed by P.B. Bell Cos.

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August 14, 2016

The owner of a Scottsdale tennis club is demanding $100 million in damages over the city’s plan to forcibly purchase his property in an eminent domain battle that moved to the courtroom Tuesday. Robert Hing, who has owned property near Indian Bend and Hayden roads in Scottsdale for 45 years, refuses to sell

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Developer Douglas Allred said he can’t wait to get started on Park Place II, a massive expansion of Park Place I that will bring 928,000 square feet of new office space and a hotel/conference center to a 62-acre campus near Price and Willis roads in Chandler. “We are ecstatic to get started on Park Place II,”

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From a day spa with lots of chandeliers and massage tables to a 30,000-square-foot liberal arts university, the transformation is complete at 8353 W. Mariners Way. Huntington University, the Arizona Center for Digital Media Arts, is set to open its doors in the West Valley later this month.

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A Denver-based health care company is opening a new 550-worker pharmacy in Chandler. Davita Rx — an arm of Colorado-based DaVita HealthCare Partners Inc. (NYSE: DVA) — is opening the 76,000-square-foot pharmacy near McClintock Road and Chandler Boulevard.

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