June 19, 2020

Institutions in Arizona are doing an excellent job trying to organize themselves to help businesses during the Covid-19 crisis. They are trying their best, helping by providing short term survival support. However, if we look at history, there are signs

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A month after doubling as the state’s economy staggered under the coronavirus pandemic, Arizona’s unemployment dropped by 4.5 percentage points during May. The state Office of Economic Opportunity reported that the seasonally adjusted unemployment

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The last three months have been the worst on record for Phoenix-area hotels, but a new hospitality industry forecast shows Phoenix tourism businesses making a quicker recovery than other major cities – as long as there is a Covid-19 vaccine sometime next year

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Some lucky multifamily developers will start work on new apartment projects at the perfect time, as the U.S. begins to recover from the economic crisis caused by the COVID pandemic. They will likely pay far below last year’s prices for development sites. They should have an easy

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Some small businesses may be able to get a second Paycheck Protection Program loan if legislation introduced Thursday in Congress becomes law. The Prioritized Paycheck Protection Program, or P4, Act would allow some small businesses that have already exhausted their PPP loans

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June 18, 2020

Not long ago, it would have been difficult to imagine sleepy Downtown Gilbert as home to the retail, restaurant and hospitality options that you find in the area today. As one of the fastest-growing towns in the country, the demand for office, retail, multifamily and hotel space is at an all-time high

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A massive mixed-use development with Class A office, hotel, retail and apartment buildings near Peoria Sports Complex is one step closer after the Peoria City Council approved an agreement Tuesday with American Life Inc. and Steinhauer Properties Inc. The project, called Stadium Point, will include

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Shea Homes has broken ground on Prelude at Storyrock, a new single-family home community in northeast Scottsdale. With 51 available homesites across approximately 35 acres of land, Prelude at Storyrock features single-level homes ranging from 2,845 to 3,963 square feet. Five distinct floorplans are

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New home construction had all but ground to a halt in recent months, as the coronavirus pandemic swept the nation, closing cities and businesses down with it.Fortunately, it appears those days are numbered. According to data released by the Census Bureau this morning, housing starts were up

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Long-term mortgage rates fell this week as the benchmark 30-year home loan reached a new all-time low. Mortgage buyer Freddie Mac reported Thursday that the average rate on the key 30-year loan declined to 3.13 percent from 3.21 percent last week. It was the lowest level since Freddie began tracking

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June 17, 2020

Leon Capital Group has selected McShane Construction Company to provide comprehensive construction services for Kierland Apartments, a 202-unit luxury multi-family community in north Phoenix. McShane is also underway with Soltra at SanTan Village, a 380-unit multi-family development

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Douglas Allred Co. has secured a $46 million construction loan and $27.5 million in mezzanine equity for a two-building speculative office project within its 200-acre Park Place mixed-use development in Chandler, Ariz. NorthMarq’s San Diego office facilitated the construction financing from Bank OZK as well as the mezzanine

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With the help of more than $91 million in Fannie Mae loans, a commercial real estate lending and investment company is working to refinance nearly 1,500 units in Tuscon, AZ. New York-based real estate lending company Greystone revealed Thursday that it has provided $91.3 million

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Boise, Idaho-based Hawkins Cos. is in the midst of rezoning a downtown Phoenix parcel that will pay tribute to Lincoln Ragsdale, a prominent Phoenix civil rights leader and previous owner of the site. Plans call for building a five-story multifamily property with ground floor retail at the northwest corner of Washington

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Millions of young adults who moved back with their parents this year could lead to an estimated $726 million in lost rent, according to a Zillow analysis, which noted that the ripple effects “could have far-reaching consequences for the housing market.” Amid high U.S. unemployment in the coronavirus

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June 16, 2020

Investors and fund managers are seeing that buyers and renters are moving to second or third-tier cities, according to SEI/Prequin’s 2020 Survey of Real Estate Managers and Investors on the future of real estate investment. Just over 60% of investors and just over 40% of fund managers indicated that there has

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New data provides a look into the leasing market for some retail and service companies. Scottsdale-based Store Capital is a real estate investment trust focused on more than 2,500 single tenant properties across the country — think restaurants, health clubs and child care centers

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The coronavirus outbreak, economy-closing orders to contain it and unprecedented government stimulus efforts to reverse the financial fallout changed the outlook dramatically. If you didn’t pay much attention to investment forecasts at the start of the year, good for you. With the economy

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While some confusion with guidance around Opportunity Zones hampered the rollout of the program, it was not the only issue with the program’s start. Mismatched expectations between buyers and sellers also torpedoed deals. “A lot of those land and building owners are sitting there saying

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LGE Design Build and developer Creation have begun construction on a 388,621-square-foot industrial and office complex in Glendale. The Northern 101 Commerce Center will include four buildings on a 30-acre site west of Loop 101

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June 15, 2020

The average rate for a 30-year conforming fixed-rate mortgage fell to a record low of 3.1%, on Thursday, according to data from Optimal Blue. It came after a rocky ride that saw rates jump to a one-month high on the previous Friday, the day the government issued a report saying the jobless

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Amazon could be the next owner of embattled J.C. Penney, and experts say the transaction would be less focused on the bankrupt department store’s business and more on its real estate. The e-commerce giant in recent weeks is said to be considering a purchase of the department store, which filed for chapter

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The arrival of coronavirus in the United States upended Americans’ grocery shopping habits, triggering more store visits and online purchases as consumers tried new ways of shopping and shifted to eating at home, according to the FMI-The Food Industry Association’s annual U.S. Grocery Shopper

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Three retail giants rank among the top 10 companies that played a truly essential role during the COVID-19 crisis. The Harris Poll released The Harris Poll Essential 100, a ranking of corporate response to the COVID-19 pandemic. Americans said 100 leading companies played a truly essential

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Arizona employers continue to lay off workers even with the end of restrictions that Gov. Doug Ducey placed on individuals and businesses. New figures from the Arizona Department of Economic Security show that 23,037 individuals filed for first-time jobless benefits in the past week

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