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.
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.
There are many factors across the country—most are socioeconomic at their core—that will have tremendous impact on real estate markets over the next 12 months. Although most of the factors are national in scope, others are global. All are converging to alter the flow of real estate investment in the U.S. in certain sectors while growing development in other ways that had previously been nascent.
The housing recovery that began in 2012 has lifted the overall market but left behind a broad swath of the middle class, threatening to create a generation of permanent renters and sowing economic anxiety and frustration for millions of Americans.
In a sign of how dramatically the retail shopping landscape is changing, Macy’s is closing 100 of its stores nationwide. Macy’s (M) announced the closures Thursday. They represent about 15% of all Macy’s department stores. The iconic retailer did not disclose the locations of stores, but said most of them will be shut down in early 2017.
A St. Louis-based private equity firm has hired a commercial real estate executive with a $5 billion portfolio under his belt and is entering the Phoenix market. ElmTree Funds has hired Michael Carreon as vice president of acquisitions. Carreon will head up ElmTree’s new Phoenix office.
In a deal that pushed the company’s Valley holdings to over 3 million sq. ft.,two tenant-in-common entities headed by Cohen Asset Management Inc. in Los Angeles, Calif. (Brad Cohen, principal) paid $48 million ($102.91 per foot) to acquire a 466,418-square-foot industrial facility in Tolleson
Sales of commercial properties in Greater Phoenix were uneven in the second quarter of 2016 with a surge in industrial buildings and shopping centers, while office properties and medical office condos dropped in volume.
Major equity REITs, which began the year in aggressive sales mode seeking to capitalize on strong investor interest in real estate and peak prices by selling more than twice the amount of properties they acquired, are now signalling this period of heightened disposition activity may be winding down.
Second quarter bank earnings results and early third quarter lending numbers clearly show U.S.-based banks have tightened their underwriting standards for CRE loans as they face increased scrutiny of their commercial real estate lending from bank examiners.
Late last month, The Corner at CityScape in downtown Phoenix announced it would be closing its doors. The owners of the restaurant concept wrote a goodbye to patrons on their Facebook page: “Today we will close our doors for the last time. Thank you from all of us here to Downtown and beyond.
No where have the economic forces of creative destruction been harder at work than in the U.S. retail market. Lately the sector has been a case study in contradictions, marked by the growing demand from an emerging set of new retailers that have added hundreds of new stores across the country, even as many established chains in the old order scale back, close stores or go bankrupt.
The Embassy Suites by Hilton Scottsdale Resort has reopened following a $25 million renovation. Formerly Chaparral Suites, the hotel is the brand’s sixth property in the metropolitan Phoenix area. It is owned by Snyder Nationwide Real Estate Inc. and managed by Crescent Hotels & Resorts. Embassy Suites by Hilton is a global brand of all-suite hotels from Hilton Worldwide.
Today, more than ever, middle-class Americans are struggling to find the housing they need. Traditionally, the American workforce bought single-family homes in the suburbs, but changes in the economy have driven more people to rent instead of buy.
For office tenants able to think outside of the big box, Arizona’s lingering retail vacancies can equate to major opportunities. Such is the case with the recently completed renovation of the Tucson Galleria–a $16.4 million effort
Tempe is set to build its first apartment housing aimed at veterans and their families near Arizona State University. The Tempe City Council unanimously approved a development agreement on Aug. 4 to build Valor on Eighth, a five-story building with 50 apartments
Lenders of all types keep making loans on apartments properties—often beating the records set last year. “So far, it’s been a very robust year—another kind of record half for us,” says David Brickman, executive vice president and head of the multifamily business for Freddie Mac.
CBRE Group, JLL, Colliers International and Marcus & Millichap reported strong transaction activity at mid-year 2016, with most of the publicly traed brokerages reporting solid increases in U.S. leasing and sales in spite of investor skittishness due to Brexit concerns that have caused deal delays and cancellations across the pond in the UK and Europe.
In contrast to the weak 2nd quarter real GDP numbers that were released about 10 days ago, employment figures that were just released combined with the strong showing in employment in June suggests that the economy is in high gear (or at least in as high of a gear as it’s going to get into in this expansion). Obviously, the stock market seems to be pleased
Arizona just landed its third corporate headquarters relocation this year. Rogers Corp. (NYSE:ROG), an engineered materials solution firm, is moving its global headquarters from namesake Rogers, Connecticut, to Chandler. The company already has a major business and manufacturing process in the city. Bruce D. Hoechner, president and CEO of Rogers, said the decision supports the company’s long-term strategy and is an integral part of its plans for growth and expansion.
The rate of homeownership in the U.S. has steadily declined since 2006. It has now reached a 50-year low, according to the U.S. Census Bureau. What does this mean for the growing industry of institutional investors in single-family rentals? “The trend of declining homeownership is an opportunity for institutional owners
There was little not to like in the earnings and cash flow performance of the broad retail REIT sector including the regional malls, community centers and triple net companies. That was the more recent analysis from RBC Capital Markets LLC. According to the firm, operating metrics were sound though softer than previous quarters
Now, construction cranes and new housing, restaurant and retail developments can be found on many of those long-vacant parcels across central Phoenix, Scottsdale, Tempe, Mesa and Glendale. The Valley, an area that for so long has grown outward with new, affordable suburbs, is having an urban revival.
The Phoenician Resort at the south foot of Camelback Mountain could downsize its golf courses from 27 to 18 holes as part of a potential redevelopment plan that could bring new high-end residential units to the property.
Phoenix-based real estate firm Vestar acquired Lakeview Village at Morrison Ranch, a 93,741-square-foot grocery-anchored neighborhood center in Gilbert for $17.96 million.