June 26, 2020

Heading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a halt to that, scrambling the projections of economists, developers and contractors

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Most office workers don’t miss cramming into a packed subway train or sitting in bumper to bumper traffic twice a day. But they do miss the interactions they have with others at the office, a dedicated workspace and even their ergonomic workstations. A new report by JLL finds that although

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Commercial real estate pricing dropped during a dramatic slowdown in transaction volume during the coronavirus pandemic, according to the latest monthly CoStar Commercial Repeat Sale Indices. The repeat sales of $39.1 billion for the first five months of 2020 fell 24.2% from the same time a year earlier

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With opponents bemoaning the loss of pristine desert to the end, Mesa City Council last week unanimously approved zoning for Blandford Homes’ Reserve at Red Rock resort-style subdivision. Beyond the oft-stated concerns about airport noise and residential encroachment

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Fitness giant Gold’s Gym International plans to emerge from Chapter 11 bankruptcy protection with a trimmer business model it began implementing before the pandemic hit. The property strategy whittles the traditional “big box” Gold’s Gym model into a business scaled for urban spaces and lower prices

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June 25, 2020

Now that the 238-room, 8-story Hyatt Place hotel is under construction in downtown Phoenix, the developer hopes by the time it is ready for visitors in September 2021, travel will have resumed to normal after the coronavirus pandemic. “We closed on the land and moved financially forward

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WASHINGTON – Arizona posted one of the sharpest unemployment drops in the country in May, falling from a historic high of 13.4% in April to 8.9% last month, according to the latest numbers from the Bureau of Labor Statistics. But that drop still left May’s unemployment rate

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As NAIOP’s I.CON Virtual 2020 conference kicked off this week, keynote speakers, panelists and a COVID commercial real estate tracking survey all pointed to the strength and momentum of the industrial real estate sector. In the third NAIOP survey tracking the commercial real estate

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Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 164,486-square-foot, Class A industrial warehouse on 16.5 acres of land in Chandler, Arizona for $38 million. Located at 2550 North Nevada Street, the warehouse is fully leased

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Van Tuyl  Companies has launched VT LandGroup, an entity dedicated to land acquisition initiatives. The company will operate in unison with its sister company VanTrust Real Estate to seek and acquire land nationwide in various stages, from raw land to fully entitled/developed land, over a full spectrum

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June 24, 2020

Nearly 400,000 square feet of hangar and office space has begun construction in the City of Mesa in a push to keep going during a corona-induced economic downturn. The worldwide pandemic has halted many industries, but construction continues as companies aim to relocate in Arizona. The partnership

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While in the midst of a robust expansion, Gilbert-based drive-thru healthy food chain Salad and Go has decided to increase its starting wage to $15 per hour and give existing employees a considerable pay bump as well. The pay increase, which goes into effect June 29, is the latest in a series of moves

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Developer Lincoln Property Co. and Harvard Investments have completed the framework at the first of four planned office buildings at Union at Riverview development in Mesa, Arizona, where such construction has otherwise largely slowed in recent years. Crews this week placed the final beam

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The first phase of the $2 billion megadevelopment, The Palmeraie, is entering the home-stretch of completion and in the last three months, owner and developer Five Star Development has pivoted in order to proactively adjust, reconfigure and elevate certain elements of the project to better cater

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Though the youngest of this cohort are still at home with mom and dad, those on the older end are leaving the nest, graduating college, and out there hunting for apartments of their own. And what are they looking for? It’s unlike any other generation that’s come before them. Gen Z is gravitating

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June 23, 2020

CVS Health (NYSE: CVS) intends to hire 500 people at a revamped 101,000-square-foot facility in Chandler. The Rhode Island health care services giant, which acquired Aetna (NYSE AET) in a deal valued at $70 billion in 2018, invested $10 million in new tenant improvements in the building at 1255

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Creighton University’s new $100 million, 180,000-square-foot Health Sciences – Phoenix Campus at Park Central reached a major construction milestone earlier this month as work continues on-schedule on the new building. The construction team for the building, led by developer Plaza Companies

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Westcore, a leading industrial real estate acquisition, development and asset management firm, has teamed with The Opus Group to develop a 720,000-square-foot, three-building industrial project on 51 acres of land in Avondale, Arizona, a submarket of Phoenix. Westcore anticipates breaking

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Amid the rapidly changing landscape and a recovering Arizona economy, Pacific Hospitality Group and Mortenson recently broke ground on a 238-room, 8-story Hyatt Place hotel in downtown Phoenix, Arizona. Pacific Hospitality Group, in partnership with Mortenson, is developing the project. Mortenson

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Out of 11.4 million professionally managed apartment households across the country, 92.2% had made a full or partial rent payment by June 20, according to the National Multifamily Housing Council’s latest Rent Payment Tracker data. This number matches the share of households who had paid

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June 22, 2020

Development is ramping up on the south bank of Tempe Town Lake east of Arizona State University, as a mixed-use project called Pier 202 begins early construction work and a nearby build-to-suit office development is marketed to potential office users. The Pier 202 development includes 587

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Exactly eight months from its groundbreaking celebration, Lincoln Property Company (LPC) and Harvard Investments have placed the final beam at Union Building One – the first of four Class A office buildings planned at the confluence of Tempe, Scottsdale and Mesa, Arizona. When complete, the project

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The state and its major metro areas have turned an economic corner. The state gained 45,300 jobs last month. This net gain consisted of private sector job gains of 58,900 and government sector jobs losses of 13,700 mainly due to the seasonal hiring pattern surrounding schools

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Metrocenter Mall has entered its last ten days of business, according to a letter posted outside the shopping center and shared widely on social media. The letter, signed by general manager Kim Ramirez, thanked the community and the dozens of vendors who “have really become like a family

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Developer Creation Equity has announced a mixed-use development on nine acres in downtown Gilbert, Arizona. Known as Heritage Park, the project is designed to include a 184,600-square-foot, five-story office building, retail, apartments and a five-story, 150-room boutique hotel between

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