April 13, 2016

A Phoenix Suns arena at the current location of the Phoenix Convention Center, a shared arena that brings the Arizona Coyotes and Arizona State University basketball downtown, a renovated and retrofitted Chase Field, a new Arizona Diamondbacks ballpark or even a new shopping mall where Talking Stick Resort Arena sits now.

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Phoenix-based Alliance Residential Co. again ranks first on the list of national apartment developers, according to the National Multifamily Housing Council’s annual tally. Alliance ranked first last year. The top 25 list also includes Scottsdale-based Wolff Co. at No. 17 and some well-known developers, such as Trammell Crow, Lennar and Wood Partners with real estate footprints in the Valley.

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April 12, 2016

MESA, AZ—A 2015 renovation took out 26,000 square feet of space to create almost 7/1,000 parking, of which, nearly half is covered. Combined with upgraded amenities to bring an asset from class B to class A, this addition of ample parking aided in the $14 million sale of an office building located at 827 W. Grove Ave.

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The Phoenix metro was among the top third in plummeting unemployment rates in February 2016, according to the Bureau of Labor Statistics. Of the nearly 390 metropolitan areas in the U.S., the metro tied for 116th with a 4.6 percent unemployment rate.

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Where are Millennials going? To live and vacation, they aren’t just heading to the big cities like San Francisco and New York. Many realize that there are serious benefits to mid-sized cities, where costs are lower, traffic is more manageable, and you don’t have to book months in advance for a table at the trendiest new restaurant.

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The Park is a street food bar and craft beer garden that is set to debut summer 2016 in Downtown Phoenix’s Collier Center. The Park is a hub to a rotating food truck and chef line-up, indoor brew garden with a well-curated list of hyperlocal hops, and live music venue.

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Louisville, Kentucky-based Kindred Healthcare Inc. (NYSE: KND) has opened a $20 million transitional care facility in downtown Phoenix. Called Kindred Transitional Care — Phoenix, the 120-bed facility is Kindred’s third inpatient facility serving the Phoenix area, bridging the gap between hospital and home.

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April 11, 2016

The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market continued to strengthen despite tepid economic growth. Initial claims for state unemployment benefits declined 9,000 to a seasonally adjusted 267,000 for the week ended April 2, the Labor Department said on Thursday.

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Low mortgage rates and strong demand should create a positive outlook for home builders in the United States but a serious labour shortage could hold them back. During the 2009 recession nearly a quarter of construction workers lost their jobs as the housing market collapsed and there is evidence that a number of labourers are not returning, leaving remaining construction workers overstretched, says an analysis report from Hermes Investment Management.

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The Development Review Board will consider a preliminary request, which – if approved – will transform more than 10 acres of office space in the Scottsdale Airpark into a luxury apartment community with a retail or commercial component. The project, called District at the Quarter, would be located at the NEC of Greenway-Hayden Loop and […]

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The Metro Phoenix job market continued to show signs of economic prosperity, adding 67,000 new or relocated jobs annually through February 2016. During the same course of time, the unemployment rate decreased 80 basis points (bps) to 4.6%. With employment reaching 1,964,800 total non-farm jobs, the Valley has recovered all the jobs lost during the Great Recession.

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April 8, 2016

For the seventh-straight quarter, annual effective-rent growth eclipsed 4% in 2016’s first quarter, according to Dallas-based Axiometrics. That streak of growth has happened only one other time (the fourth quarter of 2010 through the second quarter of 2012) in the company’s 21-year history.

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There are numerous initiatives focused on creating more affordable apartment units. Most of these initiatives are targeting the Millennials—those renters that are between the ages of 18 and 34 and single.

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The sporting goods industry could be facing another major retail bankruptcy filing. Vestis Retail Group, parent company of Eastern Mountain Sports, Sport Chalet and Bob’s Stores is preparing to file for Chapter 11 protection, according to Bloomberg.

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Glendale’s Westgate developer Ellman Cos. missed a $182 million payment to buy a chunk of vacant state-owned land in Fountain Hills and has bowed out of the deal to develop the site, both the developer and the State Land Department acknowledged Thursday.

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California-based BKM Capital Partners purchased a portfolio of four Phoenix Metro industrial properties this week totaling 442,173 square feet of space and $34.45 million in value.

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April 7, 2016

Rental apartments are proving to be a sound investment in top global real estate markets, led by the United States but also strong in Germany, the latest analysis report suggests. Rental growth in the US accelerated to its highest pace in the first quarter of 2016 and all major markets registered positive absorption, according to the global market perspective report from JLL.

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Phoenix and its Southwest sister Las Vegas both rank among the hottest U.S. markets for apartments, according to a new report from the Zillow real estate firm.

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Kroger’s Fry’s division on Tuesday announced plans to build what it called the first full-service grocery store in downtown Phoenix.

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Downtown Phoenix will see another multifamily property 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. The 118-unit, six-story urban infill project is scheduled to open for occupancy this summer.

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A new affordable housing complex is open in north Phoenix. Nonprofit organization UMOM bought the North Mountain Lodge Motel in 2011 in Sunnyslope, next to UMOM’s other affordable housing complex, Casa de Paz Sahuaro Apartments. The Arizona Department of Housing and the Bob & Renee Parsons Foundation invested in the property as well to create Parsons Village.

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April 6, 2016

The U.S. office market got off to a reasonably good start in 2016, with the national vacancy rate declining by 10 basis points during the first quarter to 16.2 percent, according to Reis’ first-quarter report on the market, which the company released on Monday

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REITs posted a strong upswing in March, outpacing broader market gains as investor concerns about global macroeconomic issues eased during the month, according to market observers.

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CMBS defaults may spike this year, as the high volume of upcoming loan maturities might leave some borrowers scrambling for funds to refinance their loans, reveal new reports from Fitch Ratings and Trepp LLC.

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Fry’s Food Stores and RED Development today announced the popular grocer will open downtown Phoenix’s first full-service grocery store. Fry’s preferred location to build the new 55,000 square-foot grocery store would be on the surface parking lot bordered between Washington Street and Jefferson Avenue, located between CityScape Phoenix and Collier Center.

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