April 20, 2016

Sporting goods company Sport Chalet announced on Saturday that it is beginning the process of closing all of its stores, including five stores in the Phoenix-metro area. Sport Chalet did not provide a reason for the closure in a statement posted online Saturday.

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The city’s Development Review Board will consider a developer’s plan for a 123-unit residential project at Scottsdale and Dove Valley roads amidst the cluster of resorts and golf courses in far North Scottsdale.

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April 19, 2016

The latest employment data and revisions from 2015 show Arizona and its major metro areas have been performing better than originally thought. The first of two major revisions show that Arizona employment in 2015 was up 2.6% compared to the 2.4% originally reported. In Greater Phoenix, growth was 3.3% compared to the 2.9% originally reported for 2015.

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The Scottsdale Airport will be seeing a $25 million facelift as it upgrades some of its facilities and tenants in the next few years. The airport made the announcement last week that it would be knocking down its terminal area and aviation business center, and replacing those structures with two large executive-type hangar facilities and a new aviation business center, beginning February 2017.

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New home sales and new residential construction permits are continuing their 2016 rise — at least when compared to 2015. But they are still down from pre-recession levels when builders were building and banks handing out mortgages that built toward a Hindenburg-scale bubble and crash.

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P.B. Bell, a leader in multifamily housing development, management and acquisitions, has opened its newest community, Escape, near Highland Avenue and 16th Street in Phoenix. Located near the upscale Biltmore and Esplanade shopping and nightlife areas, Escape features 244 luxury apartment homes in a resort-style setting featuring an urban, contemporary aesthetic.

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PHOENIX—Another multifamily property is set to rise from the ashes of a decades-old building this summer. Proxy333, located at 333 E. McKinley St., immediately west of the Biomed campus, is being co-developed by Scottsdale’s Tilton Development Company and Seattle-based Goodman Real Estate.

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April 18, 2016

They may have a reputation for wanting the latest in urban living, but not all Millennials fit that mold. In fact, says Sammy Glassman, some of the young homebuyers that she’s worked with lately are bucking that supposed trend and seeking out homes and communities in the suburbs such as north Phoenix, Gilbert and near South Mountain, where prices for resale and new builds are a bit more affordable and they can get more for their dollar.

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Office tenants mindful of uncertainty and turmoil expected in the year ahead exercised caution with expansion plans in the first quarter, resulting in a slight increase in office vacancy as new supply came on-line. Reports by real estate services firms JLL and CBRE show that the national vacancy rate rose to an average of 13.2 percent, a 10 basis point increase from the fourth quarter of 2015. However, even with the increase, the rate remains at the lowest level since 2008, and the expected project deliveries will barely make a dent in demand. The nearly 47 million sq. ft. in new supply expected by December is already 54 percent pre-leased, according to JLL.

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The shrinking number of retail bank branches has been a trend for several years now. But according to a newly released Citigroup report, we haven’t seen anything yet. Citigroup, which operates more than 750 bank branches in the U.S., is projecting that one-third of all existing U.S. bank branches could disappear in the next 10 years. The culprit will be the full-blown emergence of new financial technologies, FinTech for short.

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The apartments at Crescent Scottsdale Quarter, completed just a year ago as part of the mixed-use Scottsdale Quarter, rose straight to the top of the 2016 version of Phoenix Business Journal’s Exclusive Apartments list, which was published today.

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The first quarter was a tepid period for activity in the CMBS market. Domestic, private-label CMBS deals totaled $17.8 billion, a 32 percent drop in volume compared with the $26.3 billion completed during the same period in 2015. There was also a 54 percent drop in the number of individual entities that came forward with bond transactions, according to an analysis from Commercial Real Estate Direct.

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April 15, 2016

It’s no secret that foreign investors, from sovereign wealth funds to insurance groups, have been eager to park their money in U.S. commercial real estate lately. A new report from commercial real estate services firm Newmark Grubb Knight Frank breaks down exactly how much money was spent, who was spending it and what they were spending it on in recent months.

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Investment Property Associates and real estate developer The Rockefeller Group recently announced the opening of phase two at their Liv Northgate apartment community in Gilbert. They are now leasing new floor plans and featuring a number of added amenities.

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Spring training and the visitors it always brings helped boost employment in Arizona more than usual in March, new jobs data show. The state added 12,200 net jobs last month, mostly in the hospitality industry, and the unemployment rate fell to 5.4 percent.

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The Arizona Coyotes’ expected exit from Gila River Arena in Glendale could land the National Hockey League team in partnership with Arizona State University at a new arena development at ASU Karsten Golf Course in Tempe.

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It looks like light rail isn’t coming to Scottsdale anytime soon — or ever, according to a report in the Arizona Republic. The swanky suburb’s city council gave direction to city staff to remove a trio of proposed light rail routes from Scottsdale’s transportation master plan, which guides city policy for roads, trails and public transit such as buses and trolleys, reports the Republic.

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April 14, 2016

Commercial property price indices continue to bear out the idea that the price appreciation the industry has enjoyed since 2010 is over. The Moody’s/RCA’s all-property CPPI, for example, registered a 0.2-percent decline in February, after a 0.3 percent decrease in January—the first such drop in six years. The greatest decrease came in the office CBD sector, where prices dropped by 1.1 percent (Moody’s/RCA also recorded a 0.9 percent decrease in prices on industrial assets).

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NEW YORK CITY—As quickly as it takes to spend a dollar, forces are shifting in net lease capital markets, driving participants to find new and creative ways to stay in the game. Several of them who will speak Wednesday at RealShare Net Lease here talked EXCLUSIVELY with GlobeSt.com about what they’re seeing.

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The tightest office markets in the Valley are in south and Old Town Scottsdale, the 44th Street corridor, Arcadia and other areas of east Phoenix. That is according to the latest first quarter vacancy and rent data from the Lee & Associates Commercial Real Estate Services.

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January’s college football championship game had a $274 million impact on the economy and helped the state land several new employers, officials said Wednesday…

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Valley Metro transit planners are re-examining a light-rail route to downtown Glendale after City Council members expressed concerns that the regional transit agency’s proposed seven-mile line may not go far enough…

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April 13, 2016

Just as it breaks ground on the first building at The Grand at Papago Park Center in Tempe, Arizona, Lincoln Property Company (LPC) has secured a pre-lease commitment from a major first tenant: leading enterprise application software company SAP America (NYSE: SAP).

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City officials will consider a preliminary application to develop 12.26 acres of vacant land at the SEC of Scottsdale Road and Chauncey Lane. JLB Partners submitted their narrative for the project, called Scottsdale Marketplace, which will bring a mix of nearly 52KSF of retail, restaurant and entertainment with 301 luxury multifamily units.

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A proposal that would bring a 13-story apartment building to the edge of downtown Tempe has revealed sharp divisions between business owners, residents and elected officials that go beyond the project itself. At stake is the question of where the city should literally draw the line between dense, urban construction and traditional neighborhoods west of Farmer Avenue.

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