September 27, 2016

PHOENIX—The area’s tech growth is being fueled by an influx of companies from other cities due to a supportive business climate, low operating costs and access to a large, talented workforce, says East Valley Partnership.

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Evidence of a healthy commercial real estate market can be seen throughout East Valley cities where economic development directors expect continued activity as a result of recent success stories and other big plans in the works. The cities of Chandler, Gilbert, Mesa, Scottsdale and Tempe share a common goal to progress their communities through economic development that attracts new companies, creates jobs and keeps its residents near home to work, play and live.

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September 26, 2016

The property at 3080 N. Civic Center Plaza was built as a church in 1958. It became an office building in the early 1980s but has been vacant for several years. Previous re-purposing plans never happened.

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Called Block 23, the area is located between First and Second Streets, and Washington and Jefferson Streets. The empty lot was government property since 1874, and proponents of the project say the development will earn tax revenue for Phoenix and create new jobs. RED Development plans to create 300 high-rise residential units, 150,000-square-feet of office space, 1,000 parking spots and 50,000-square-feet of retail space including the proposed grocery store, according to the proposal.

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The Andaz Scottsdale Resort & Spa at 6142 N Scottsdale Road, near Rose Lane, is set to open in November. But if you’re driving along Scottsdale, you won’t see it — you’ll see the Enclave at Borgata, the 86-unit luxury development that has units priced between $800,000 and $3 million. And though that’s set to […]

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The $100 + million project, being called City Center on The Park, is planned for a portion of the 32.5-acre Margaret Hance Park that stretches across the top of Interstate 10 deck park tunnel through downtown Phoenix from 3rd Street to 3rd Avenue.

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The U.S. property market landscape in 2017 will be characterized by continued strong fundamentals, increased investor flows and high transaction volume. As for the economic landscape, the U.S. continues to grow moderately and add jobs. The U.S. employment gains continue to be strong, with unemployment dropping below 5.0 percent earlier this year, and adding to demand for housing in a variety of forms, for office space, for the retail sector and for industrial/distribution facilities.

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September 25, 2016

A new $47 million luxury condo development is hitting the market in Old Town Scottsdale. The Envy Residences are located on 75th Street west of Drinkwater Boulevard in downtown Scottsdale.

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We all know Arcadia, Roosevelt Row, Tempe’s Mill Avenue and Old Town Scotts-dale have been hot spots for real estate from infill and apartments to offices and restaurants.

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Hike or no hike on rates from the Federal Reserve, housing has far more important things to think about. Home sales, home construction and the whole housing economy are dealing with all kinds of pressing issues that take precedence over mortgage rates. Let us explain.

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“We have seen major interest turning toward downtown Tempe and Old Town Scottsdale,” said Ari Spiro with Orion Investment Real Estate. “With the countless area restaurants and nightclubs, companies, particularly tech companies, are relocating to this area to attract the best, brightest young minds.”

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Heightened scrutiny of U.S. commercial real estate lending is paving the way for lightly regulated investors to gain a bigger toehold in lucrative deals. Private funds are seeking a record $32 billion for commercial-property debt as buyout firms, real estate investment trusts and hedge funds expand lending. These companies, which typically charge higher interest rates, can move quickly on large loans that may be seen as too speculative for banks.

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September 22, 2016

Mountain Shadows, the highly anticipated $100 million new boutique resort coming to Paradise Valley, is scheduled to debut in early 2017. Set in the shadow of Camelback Mountain, the property will feature a modern take on its iconic 1950’s namesake.

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MainSpring Capital, developer of the 232-acre mixed-use Pima Center, has announced plans for its new retail development, The Block at Pima Center.

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Brent Herrington knows as much about as suburban real estate development and sprawl as anyone. He’s the president and CEO of Scottsdale-based DMB Associates. The real estate firm has developed big suburban subdivisons in Scottsdale, Mesa and Buckeye such as DC Ranch, Silverleaf and Verrado. DMB also has plans for a big commercial and residential development at Scottsdale Road and the Loop 101.

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Decelerating rent growth and a jump in new rental units are coming this fall, says Yardi Matrix in its newest edition of U.S. Multifamily Outlook. Despite two quarters of weak GDP, strong nationwide employment growth and low inflation rates have offset earlier economic concerns, the report notes. Yardi predicts gains in consumer spending and wage growth in the wake of the employment spike. “Worries that the recovery is on its last legs appear to have subsided,” the report says.

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The Federal Reserve voted 7-3 to keep interest rates at their current level at its September meeting, citing a steady unemployment rate and inflation that is still running below the 2.0 percent mark it has predicted. Fed Chair Janet Yellen told reporters during her press conference that the economy has a bit more running room, but “we don’t want the economy to overheat and significantly overshoot our 2.0 percent inflation objective. That’s one risk that we need to address.”

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September 21, 2016

High-net-worth investors are expected to continue pouring capital into U.S. commercial real estate in 2016, experts say, but they are fine-tuning their strategies to enter markets in which institutional investors are too risk-averse to play.

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Longtime Valley restaurant operator, Loco Patrõn, has leased the former Salty Senorita building on Northsight Boulevard for a new Loco Patrõn Mexican Brewery. The area is bustling with new restaurants, retailers and multifamily development. A luxury 297-unit apartment building is being constructed directly behind the Loco North building, along with the popular breakfast and weekend brunch restaurant, Butters, which recently opened its doors across the way. Existing national tenants in the immediate area include Costco, Walmart Supercenter, Sam’s Club, Home Depot, and more.

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Western Maricopa Education Center is breaking ground on its $45 million campus in Surprise. The new campus at the southwest corner of Dysart Road and Grand Avenue is being built on a 19.3-acre parcel for a fall 2017 opening. It will be the fifth campus in the West-MEC Career and Technical Education School District. Phase […]

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MainSpring Capital, developer of the 232-acre mixed-use Pima Center, announced plans for its new retail development, The Block at Pima Center. Located on the Northwest Corner of the Loop 101 and Via de Ventura on the Salt River Pima Maricopa Indian Community, Pima Center is one of North Scottsdale’s largest mixed-use business parks with 1.4 million square feet already developed. The Block at Pima Center will occupy approximately 12 acres with freeway frontage along the 101 and with full diamond access at Via de Ventura.

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North Scottsdale’s largest shopping destination is preparing to add more stores, restaurants and apartments in an eight-story tower at Scottsdale Quarter, according to development plans filed to the city last month.

The urban mixed-use complex near Scottsdale Road and Butherus Drive, across from Kierland Commons in Phoenix, could get more than 60,000 square feet of new retail space below 300 luxury apartments in what might be the last major expansion for Scottsdale Quarter.

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September 20, 2016

Arizona’s unemployment rate dropped 0.2 percentage points in August, putting it at 5.8 percent. Statewide joblessness had been on the rise since March. The rise in jobs around the state is due to the public sector, where schools are rehiring staff for the academic year. Drops in education and industries that are affected by warm weather often mean summer employment reports are not strong.

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Ryan Companies and Sunbelt Holdings, co-developers of Marina Heights, have announced new retail, public open space and art amenities at the 20-acre development on Tempe Town Lake. Home to State Farm’s regional hub, the 2 million square foot development has been under construction since August 2013.

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The buzz around the Scottsdale Seville Shopping Center is that the shopping center on Scottsdale and Indian Bend Roads may soon have new owners. In fact, some tenants have signed or been presented with new tenant estoppel certificates which would transition their lease agreements. The new paperwork indicates that the future landlord could be Whitestone REIT, an integrated real estate investment trust that owns, operates and redevelops neighborhood, community and lifestyle retail centers.

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