Staton McGowin went house hunting seven years ago but couldn’t afford the monthly mortgage payments on his $18-an-hour construction worker salary. Now 29 and an electrical engineer, McGowin’s pay has more than doubled, allowing the Greenville, Texas, resident to easily purchase a $223,000 newly built starter home, which
Amazon, long the most dominant retailer in the online world opened a new brick-and-mortar bookstore in Scottsdale – its 20th in a nationwide move in recent years. The new Amazon bookstore at Scottsdale Quarter is the first of its kind in Arizona. Upon first glance, the store looks a lot the previously shuddered booksellers, all of
Economic developers and office and industrial landlords can bask in another stellar year for Phoenix-area corporate expansions. An abundance of prestigious corporate job announcements over the past 12 months underpin a positive outlook for Phoenix’s maturing employment market and economic viability. More than
Despite the rising cost of land, labor and materials, more developers are finding the financing tools needed to build new affordable housing. “There is higher production in 2018 than 2017, thanks to a robust bond market—that has been driving a lot of activity,” says Peter Lawrence, director of public policy and government relations
As the heart of the baby boomer generation begins to hit retirement age, what boomers will do instead of work has the potential to transform multiple sectors of the real estate industry. About half of all baby boomers have hit the age of 65, and while exact retirement ages will vary, their sheer numbers — 693 million boomers worldwide will
With shovels in the ground and cranes in the air, developers broke ground on Thursday on the final piece of development that will bring more restaurants, apartments, a fitness studio and other retailers to Agritopia, a unique master-planned community in Gilbert. Agritopia has gained national acclaim for combining its agricultural roots
It was a brutal year for the U.S. retail sector, despite a robust economy and healthy consumer spending. Massive store closures, retailers’ right-sizing, changing consumer behaviors, new delivery models and the upheaval of e-commerce competition impacted the sector. However, there’s also opportunity. Traditional retailers are rethinking
Nationwide Realty Investors announced today the next phase of development at Rivulon, the expansive master-planned, mixed-use project located at the corner of Gilbert Road and Loop 202. On Wednesday night, the Town of Gilbert approved designs for the two, four-story, 160,000-square-foot office buildings, with an adjacent
Scottsdale-based Greenlight Communities LLC is investing $325 million to build apartment communities in a move that company officials say will help address housing affordability in metro Phoenix. The company has four projects under construction and is in escrow to buy land to build another six around the Valley — an effort that will
Locally-based Quantum Real Estate Advisors recently closed a $70 million portfolio that consisted of three single-tenant Walmart Supercenters and one Home Depot Home Improvement store.The transaction comes as retail leaves behind a brutish 2019 that saw 9,300 store closings, according to Coresight—a record year that was up
Construction on the largest office building in the SkySong development in south Scottsdale will begin in May and leasing activity is already underway. SkySong 6, the sixth office building and seventh structure in the complex on the southeast corner of Scottsdale and McDowell roads, will be 90 feet tall, have 340,000 leasable square
Gilbert‘s booming retail developments signal a shift in the role retail plays in the addition of residential projects and economic impact from tourism. Gilbert is cultivating community through mixed-use developments where residents can live, work and play and visitors are invited to explore all the friendly town has to offer. Over a
The $14.5-million sale of the Sand Cove Apartments in St. Pete Beach, Fla. last month isn’t a deal that would normally stand out amid the crowded field of mega-sales and portfolio acquisitions that occurred in 2019. What is eye-catching is that the sale price on the 72-unit property surpassed $200,000 per unit—the highest price paid
Hilary Provinse, executive vice president and head of mortgage banking for Berkadia, expects the apartment sector to continue to attract debt and equity in 2020. But multifamily won’t be alone. “The other asset classes aren’t that far behind,” Provinse says. “We still have unbelievably favorable low interest rates, which won’t be changing
International real estate firm Hines plans to break ground later this month on Adeline, its first multifamily property in Phoenix.Plans for the 379-unit luxury apartment complex include an urban courtyard, junior Olympic-size swimming pool and clubhouse. The 1.5-acre lot at 201 E. Jefferson St. is near Talking Stick Resort Arena and the
Vacancies in US shopping malls have hit the highest level in at least 20 years, a milestone that shows how landlords are struggling to come to terms with the age of Amazon. More shopping centre units lay empty across the country at the end of 2019 than any time during the past two recessions, according to figures published on
Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on 127 homesites spread out among two parcels in the third and final residential phase of Cadence at Gateway, a vibrant master-planned community of 464 acres along the bustling Gateway corridor in Mesa. Maracay paid $10.92 million for the
The combination of strong fundamentals, low interest rates and intense interest from investors should make for another white hot year for the multifamily sector. Although 2020 faces its fair share of uncertainty with worries of a potential recession, a volatile geopolitical picture and ongoing trade wars, investors looking for low-risk
Pier 1 is reportedly preparing to file for bankruptcy and is planning to cut 40% of its staff, according to various news reports. The retailer has announced it will close up to 450 outlets, or nearly half of its stores, as well close certain distribution centers. It also warned about its ability to continue as a going concern. “Although decisions
Most small and midsize U.S. business leaders expect continued growth for their companies this year amid a less robust economic environment, according to the annual JPMorgan Chase Business Leaders Outlook survey released today. Three out of 4 businesses – 76% of midsize companies and 74% of small ones – are optimistic about
New project deliveries, continued cannabis legalization, a decline in manufacturing, faster e-commerce deliveries and the upcoming presidential election will all have an impact on the U.S. industrial sector in 2020, experts say. Here are eight predictions for the industrial sector in the new year: 1. The rush to cannabis production will
JLL Capital Markets announced the sale of the Biltmore Center, comprised of three Class A office buildings totaling approximately 643,145 square feet on the northwest corner of 24th Street and Camelback Road in Phoenix, Arizona. A joint venture formed by Phoenix-based ViaWest Group sold the asset to a newly-formed venture, with
Phoenix-based NexMetro Communities has sold two more of its hybrid rental communities for $98.1 million. The developer of the communities that feature leased single-family homes sold the 152-unit Avilla Town Square, 150 E. Warner Road, Gilbert, for $42.6 million, to Utah-based Keller Investment Properties. It also sold
Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its newest luxury residential community – Alta North Central – in Phoenix, Arizona. Alta North Central offers a sophisticated lifestyle with well-appointed amenities that are unmatched in the market. The community exudes
The next 12 months are likely to be busy for investors in single-family rentals (SFR). “The SFR market is active, both for institutional, as well as retail investors,” says Gary Beasley, CEO of Roofstock, an online platform for buying and selling SFR properties. After years of sitting on the sidelines, SFR investors are once again in buying mode, in