October 10, 2016

The Phoenix office of JLL released its Q3 2016 Phoenix Office Report, highlighting benchmarks and includes the lowest vacancies since 2008 and still-rising rents. Still, Phoenix remains one of the most affordable office markets on the West Coast.

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Private investors turned more of their attention to single-tenant net lease assets this year, as institutional buyers pulled back from the property type due to the tightening in the capital markets in the early months of 2016.

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Uptown Plaza in Phoenix will welcome a new clothing store later this month from the duo behind a popular downtown Phoenix restaurant and bar. The couple that owns the Duce in downtown will open a standalone R&R Surplus at the recently renovated Uptown Plaza on Oct. 21.

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October 9, 2016

The Labor Department released its employment numbers for September showing that the US economy added 156,000 positions to the nation’s payrolls. This was below most economists’ expectations for the month and below the revised figures posted in August. The numbers have a national significance — they will become fodder in the US presidential election campaign

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Hiring by large companies will generate further demand in local apartments, creating density in urban corridors. Continued optimism by Phoenix employers boosted job growth during the past four quarters, with increases expected throughout the year. White-collar jobs along with health professionals contributed to a large share of total employment, including nursing/direct care staff and back-office positions.

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The Maricopa County stadium district board of directors voted to explore the option to sell Chase Field, downtown home of Major League Baseball’s Arizona Diamondbacks, to private out-of-state investors last month. The proposed deal, which was made public in early August, would include keeping the Arizona Diamondbacks at the stadium through 2028

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Goodwill of Central Arizona isn’t stopping its expansion streak. The nonprofit will open a 22,000-square-foot location at 9000 W. Northern Ave. in Peoria on Oct. 14. Goodwill of Central Arizona isn’t stopping its expansion streak. The nonprofit will open a 22,000-square-foot location at 9000 W. Northern Ave. in Peoria on Oct. 14.

The new Goodwill location in Peoria will open October 14.
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The new Goodwill location in Peoria will open October 14.

COURTESY OF GOODWILL OF CENTRAL ARIZONA

Goodwill opened two new locations less than a month ago as well as a Mesa location earlier this year and a north Phoenix location around this time last year.

Goodwill of Central Arizona is one of the Valley’s oldest nonprofits, founded in 1947, and has more than 70 locations throughout central Arizona.

Its efforts have placed more than 42,000 individuals into jobs last year, and since its inception, Goodwill has diverted millions of pounds of materials into reused goods rather than additional landfill.

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About 25 years ago, an opulent shopping center with posh shops, a walk-through aquarium and an IMAX theater, the likes of which was not found anywhere else in Arizona, opened in the heart of Scottsdale. The city’s main drag, Scottsdale Road, was realigned to make room for the grand project with half a million square feet of space and marble floors.

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October 6, 2016

Outdoor retailer and co-op REI will move its Tempe store to a larger location in the Chandler Pavilions shopping center in the spring, the Seattle-based company said Thursday. The new store will be about 5 miles south of the Tempe store. The Pavilions is off Interstate 10 between Chandler Boulevard and Ray Road.

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The urban Class A office market in the Valley is getting new muscle now thatCousins Properties and Parkway Properties, two publicly traded REITs, have merged. Atlanta-based Cousins (NYSE:CUZ) acquired Parkway in an all-stock deal. The new company is spinning off assets of a division, HoustonCo, into a new company called Parkway, based in Houston.

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A joint venture formed by Workspace Property Trust in Horsham, Pa. (Thomas Rizk, Roger Thomas, principals) paid $175 million ($162.24 per foot blended average) to buy 1.079 million sq. ft. of office and flex space in Phoenix as part of a roughly $969 million portfolio deal

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The group behind some of Phoenix’s most popular restaurants has its eyes set on expanding beyond restaurants. “We’d like to do a hotel at some point and that’s gonna take some organization,” said Bob Lynn, CEO of Phoenix-based LGO Hospitality, the group behind restaurant concepts including La Grande Orange and Chelsea’s Kitchen.

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The Tempe City Council unanimously gave the green-light to a controversial high-rise apartment complex after developers cut down its originally proposed density and height. The planned Crescent Rio complex will be located on 3.2 acres of land on First Street, just east of Hardy Drive

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October 5, 2016

The Galleria, an office complex in Downtown Scottsdale, just got a little roomier. The property has newly available space that will offer relief to an office market that is currently the tightest in the metro Phoenix area.

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Phoenix immigration attorney Karina Ordonez has bought an office building near Phoenix Children’s Hospital for $535,000. Ordonez is managing partner of Karina Ordonez Law Office. The firm specializes in immigration law and criminal defense. Nick Miner, a senior vice president with Orion Investment Real Estate represented MIKID.

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The state of the retail real estate industry has been heavily discussed of late given the rise of e-commerce. Retails sales growth has been tepid throughout the recent recovery, yet e-commerce sales growth has been robust. This has led many a reasonable analyst to think that

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The German parent of an Arizona company that makes soaps and detergents plans to consolidate the unit’s operations in Connecticut, closing its operations in Scottsdale over the next year and a half. The move will end Arizona’s historic connection to Dial soaps

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As a result of ongoing challenges in the malls and shopping center sector, retailers are altering their selection decisions for future locations, according to new analysis from CoStar Group. And while a number of retailers are expanding, the ongoing challenges also are placing some traditional retailers at higher risk of bankruptcy, according to new analysis from Fitch Ratings.

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October 4, 2016

Big-box stores and large-scale restaurants no longer have the same pull they once did. A number of retailers such as Sports Authority and the RoomStore have filed for bankruptcy and gone out of business, each closing about 12 stores in metro Phoenix

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Development of a highly-anticipated downtown Phoenix grocery store could receive a major boost Wednesday, if the City Council approves a package of financial incentives worth millions for the project. Under the proposal, RED Development would build an “urban” Fry’s grocery store as part of a high-rise apartment, office and retail project. Phoenix would provide the company $18.3 million in financial […]

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Harkins Theatres will be opening a new movie theater next week. Harkins Estrella Falls 16 will have its grand opening Thursday, Oct. 13, in Goodyear at long-in-the-works shopping center Estrella Falls — which is owned by mall developer Macerich — off McDowell Road and Bullard Avenue.

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It may be the most pressing question for commercial real estate professionals: What does the future hold? Suzanne Mulvee, director of research, CoStar Group, addressed upcoming trends during the “Keynote General Session: What’s Ahead? The Economy, The Market and Your Investments”

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A north Tempe development could eventually house 550 families and provide office space for 8,000 workers, officials said Monday at a celebration for the Grand at Papago Park Center. The 58-acre development at Priest Drive and Washington Street is owned by Salt River Project

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October 3, 2016

Plans to advance Eastline Village, a seven-story mixed-use development, were approved Thursday evening at Tempe’s City Council Meeting. The DMB Associates Inc. development is located at 2025 E. Apache Blvd. along the light rail and will be a multi-phase project.

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Nearly 78,000 units came on line in the third quarter, the biggest block of quarterly new supply delivered this cycle, according to the latest report from RealPage’s MPF Research. But a seemingly insatiable appetite persists among renters, who demanded 109,600 units in Q3.

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