A review of 2016 acquisition and disposition activity for 2016 finds a majority of the nation’s publicly traded REITs and real estate companies expect to be big sellers of properties this year, with the projected total of property dispositions more than double that of acquisitions.
Home prices across the United States, including distressed sales, increased year on year by 6.3% in December 2015 and increased month on month by 0.8%, the latest index shows. And forecast data from the CoreLogic House Price Index also indicates that home prices are set to rise by 5.4% this year.
Carlisle Companies Inc., a $3.5 billion global diversified manufacturer, will relocate its Corporate Headquarters to Phoenix beginning in the second quarter of this year.
Davis Enterprises – Investments & Development, a family-owned business with a successful track record of many investments and redevelopment projects in retail, office, industrial and multifamily throughout the Valley, has received approval from the City of Tempe to begin construction on a prime retail project at 1015 S. Rural Road (North of Apache Boulevard) in Tempe, Ariz.
Another fast-casual pizzeria concept is entering the Phoenix metro this year: LA-based Blaze Fast Fire’d Pizza. The chain — backed by basketball star Lebron James, former talk show host and California first lady Maria Shriver, Boston Red Sox co-owner Tom Werner and movie producer John Davis — announced plans to open four locations throughout Phoenix in the next several years, including locations within Arizona State University.
ORION is proud to announce the sale of Scottsdale Executive Square, a 29,806 square foot, Class B multi-tenant office. The office building recently sold for $3,540,000 ($118.77/SF). Situated on 97,200 square feet, just north of the northeast corner of Scottsdale and Thunderbird Roads, the building has excellent Scottsdale Road frontage with approximately 35,665 vehicles passing per day. Scottsdale Executive Square was 77% leased at close of escrow.
UnitedHealthcare and Chicanos Por La Causa Inc. (CPLC), are partnering to help Phoenix-area low- and moderate-income individuals and families access quality, affordable housing. The partnership is part of a pilot program by UnitedHealthcare called myConnections, which was developed to provide low-income individuals and families with access to essential social, medical and behavioral services that can have a significant impact on health and quality of life.
Already one of the nation’s largest and most-profitable shopping malls, Scottsdale Fashion Square could evolve into an urban center with high-rise apartments, offices and hotels, according to plans recently announced by mall owner Macerich.
The $47 million ENVY Residences condominium tower in Old Town Scottsdale, near Scottsdale and Camelback Roads is on track to open in late spring.
CNL Healthcare Properties, Inc. purchased the Cobalt Rehabilitation Hospital at 13060 Bell Rd. in Surprise, AZ from Cobalt Medical Development for $23.66 million, or about $592,000 per bed / $430 per square foot.
Darin Mitchell is ready for round two of his fight with Arizona cities and mayors over taxes levied on apartment and house renters. Mitchell, a Republican state lawmaker, is pushing a bill to get rid of residential rental taxes. He made a similar push last year.
Maracay Homes announced the opening of two new neighborhoods, Marquis and Artisan, situated within the Warner Groves community of Morrison Ranch in Gilbert.
Arizona saw its share of millionaires climb by almost 5,000, according to Phoenix Marketing International. The Rhineback, New York-based firm recently released its 2015 edition of the Phoenix Global Wealth Monitor, which tracks the well-heeled across the country.
A south Phoenix light-rail line is on the fast track to construction, under a plan to accelerate the city’s long-delayed expansion of the transit system.
The Town of Gilbert’s Design Review Board will consider a proposal by Embry Partners to create a 320-unit multifamily development at the northwest corner of Santan Village Parkway and Boston Street as part of a greater mixed-use project planned for the area.
Two firms are opening offices in Phoenix, and will be hiring 850 employees between both firms. Michigan-based Peckham Inc., and Georgia-based HealthPort Technologies are leasing space at the Metro North Corporate Park near Thunderbird Road and 30th Avenue.
Among states with state income taxes, Arizona has the third lowest rate for high-income earners. Arizona’s top 4.54 percent tax rate kicking in for taxable earnings over $300,000 annually is lower than 46 other states, according to the nonprofit Tax Foundation.
The Valley technology scene has long compared itself to well-established hubs such as Silicon Valley and Boston, and often comes away with an inferiority complex. Local leaders attending the Phoenix Business Journal’s technology roundtable Jan. 25 said it is time to stop complaining and start recognizing the successes the local industry has built. Then they must realize it takes time to become the next big thing.
Arizona consumers remained relatively upbeat about the economy in January, though they remained skeptical about the job market in the months ahead, a new poll has found. The latest quarterly consumer confidence index, as measured in the by the Behavior Research Center’s newest Rocky Mountain Poll, came in at 81.6, which was slightly higher than the 81.2 reading in October. The U.S. Consumer Confidence Index, as measured in January by the Conference Board, stood at 98.1.
Mortenson Construction released its quarterly Construction Cost Index report, Friday, for Phoenix along with five other metropolitan areas in the U.S. According to the report, after experiencing a dip in late 2014, the Phoenix construction market rebounded in 2015. The report also cites that local, non-residential construction employment continued to show positive growth in 2015, according to data from the Bureau of Labor Statistics.
Nationwide Realty Investors — an arm of Nationwide Insurance — plans on building a third commercial building at its Rivulon development in Gilbert. The planned $750 million development sits on 250 acres at Gilbert Road and Loop 202 in the East Valley.
Scottsdale’s resorts have been getting multimillion dollar facelifts in the last few months, with hotels like The Hotel Valley Ho, the Fairmont Scottsdale Princess, the Chaparral Suites, the Scottsdale Resort at McCormick Ranch and the Hilton Scottsdale Resort and Villas all going through major renovations.
Higher rents are leading more people into the housing market, according to a Redfin survey reported by the company’s data analyst Taylor Marr.
Total U.S. employment rose by 151,000 from December to 143 million in January, according to the U.S. Department of Labor. The year-over-year gain shows nearly 5 million new jobs were created in the last year.
The city of Mesa wants to bring a new apartment development to its downtown area. The city has issued a request for proposals for a new multifamily development at First Avenue and MacDonald Street. Bids are due Feb. 18. The property up for development is owned by the city.