August 23, 2016

The recent controversy surrounding Valley businesses, a recently formed nonprofit and a number of lawsuits is seeing no signs of slowing. Several businesses in metro Phoenix — including mom-and-pop shops, Paradise Valley Mall and CVS Pharmacy — have found lawsuit notices

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A Mesa native is continuing his efforts to help lure restaurants to Mesa’s Main Street. Two years ago, Kelly Smith and some of his friends tackled a project they named Project Downtown Mesa. It came about after Smith, his wife and two other Mesa couples headed out for dinner one evening. They ended up in downtown Gilbert.

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Arizona’s economy is shedding its underperforming label and will start to push above the national average, according to a new report. Robert Kavcic, senior economist at BMO Capital Markets in Toronto, expects the state’s economy to grow by 2.1 percent this year and 2.4 percent next year

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The city of Tempe is moving forward with agreement negotiations for the development of the city’s first biomedical and technology campus on 18 acres of land west of the Tempe Center for the Arts. The property is located on Rio Salado Parkway, on a site that will require environmental remediation.

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August 22, 2016

Harvard — which is owned by Cardinal Health — has expanded to more than 13,100 square feet of office space and now 60 employees.

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Companies including Weebly and Allbound have sent employees to set up shop in the region, and many of those employees are finding it much cheaper to live in the region. Homes in the Phoenix area, for example, cost about one-quarter what they do in the San Francisco area.

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Phoenix’s multifamily market will see added supply of 8,597 new apartment units this year. “The huge investments in retail, office and industrial projects in the Phoenix metro have translated into more jobs and increased demand for housing, which in turn favor multifamily construction.”

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Six states—Arizona, North Dakota, Mississippi, Oregon, West Virginia and Wyoming—saw a decrease in construction’s percentage of GDP from 2014, ABC reported. The states with the lowest share of construction in their GDP were New York and Connecticut, both at 3.1 percent for the third year in a row.

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So far, recent fairly positive data about the U.S. economy seems to be on the side of higher rates. On Friday, the Conference Board released a little more of that (fairly) positive data: its Leading Economic Index increased 0.4 percent in July to 124.3 (2010 = 100), following a 0.3 percent increase in June, and a 0.2 percent decline in May.

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August 21, 2016

Some business owners know they’ve got new customers because of the trains. Others say they may not personally be benefiting, but they see more people milling about the area. If there are people who think it’s been bad for the neighborhood, they’re keeping quiet.

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Buildings one, two and three are completed, and SkySong 4 is to follow later this year, the restaurant/retail building is slated for next year, SkySong 5 and 6 in 2018, with final buildings completed by 2022.

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Big city office markets are posting the strongest performance in decades, with the U.S. unemployment rate falling to less than 5.0 percent and office vacancy in many regions in the single digits.

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The U.S. economy is close to the Federal Reserve Board’s job and inflation targets, and growth is expected to pick up in the coming months, Stanley Fischer, the central bank’s vice chairman, said Sunday.

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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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