Phoenix-based Baker Development Corporation (BDC), and New York’s Foundation Capital Partners (FCP), along with joint venture partner GTIS Partners, have secured a $39 million refinance loan for Yuma|143, a recently completed, 490,278-square-foot Class A industrial development in Goodyear, Arizona. The project reached
The path toward moderation is becoming clearer as firms become more cautious in hiring. The latest jobs report demonstrated that firms added 187,000 positions in July. After June and May job gains were revised lower by 24,000 positions and 25,000 positions, respectively, job gains have averaged 217,000 positions
A developer plans to add about 240 apartment units in the parking lot of a Scottsdale retail center, a $100 million project that aims to add housing and boost business activity. High Street Residential, the residential development arm of Trammell Crow Co., submitted plans to Scottsdale to redevelop a portion of the
The Arizona Coyotes confirmed Wednesday morning that the team’s owner Alex Meruelo has executed a letter of intent to purchase a parcel of land in Mesa as a potential arena site. While the Coyotes’ confirmation statement did not include many details, Arizona Sports’ John Gambadoro reported
WeWork has warned that it is at risk of bankruptcy after posting a net loss of nearly $700 million in the first six months of this year and recording $10.7 billion in net losses over the previous three years. The company has become a cautionary tale on how not to nurture an emerging business model, but its
Nordstrom plans to open a Rack store in the fast-growing Phoenix suburb of Queen Creek after announcing a national expansion of the upscale retailer’s off-price locations in the United States last spring. The Seattle-based chain plans to open the 28,000-square-foot store in Queen Creek Marketplace, a community shopping center near the
New plans have been submitted for a proposed industrial center at the historic Turf Paradise horse racetrack in north Phoenix. California-based CT Realty, which plans to acquire and develop the 213-acre property, submitted a conceptual site plan to the city
Developers want to redesignate about 1,200 acres of undeveloped land in the master-planned Tartesso community for major industrial growth. The residential project in Buckeye spans more than 10,000 acres overall and was first proposed in the early
Westcore, a leading industrial real estate acquisition, development and asset management firm, has completed a $92.7 million forward purchase of Hatcher Industrial Park from Ryan Companies US, Inc. Westcore partnered with Ryan one year ago for the development of
Office is the asset that has the most challenged fundamentals in today’s environment. Reduced demand, rising vacancy, and rents that are declining are all bellwethers of this market right now. However, Jessica Morin, U.S. Office Research, CBRE, offers
A large-scale development planned next to Steele Indian School Park in Phoenix that had been put on hold during the COVID-19 pandemic is back in the works, with a change in approach. “We went from more of a commercial-dominated plan
Arizona economic development efforts continue to break records and earn international attention. During the 12-month fiscal period that ended June 30, 2023, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a
Arizona is attracting high earners at a fastest clip. In a recent study from SmartAsset, the Grand Canyon State ranked fourth among the states where high-earning households are relocating. States on the list were ranked by net migration of tax filers with a minimum
Arizona has seen a substantial increase in clean-energy jobs, adding nearly 13,000 positions in the past year alone. This growth places the state as the seventh highest among all states in terms of clean energy job creation. These figures highlight Arizona’s emergence as a
On Aug. 3, commercial real estate leaders gathered for the 9th annual AZRE Forum to share their thoughts for a mid-year industry update. Sandra Watson, president and CEO of Arizona Commerce Authority (ACA) gave the keynote, followed by two panels: one looking
Hiring roughly held steady in July as employers added 187,000 jobs despite high interest rates and inflation. The unemployment rate, which is calculated from a separate survey of households, dipped from 3.6% to 3.5%, the Labor Department said Friday. Economists surveyed
After many months of predicting a recession, Wall Street is celebrating recent economic news suggesting that the economy is powering through the Federal Reserve’s interest rate hikes and seems ready to emerge in pretty good shape. The term soft landing is being bandied about as economic growth
Marc Zandi, chief economist with Moody’s Analytics, was early in predicting that the U.S. wouldn’t enter the recession that most were forecasting up until recently. It’s a point he continued to emphasize on his appearance in the latest Walker Webcast. “Recession is at core a loss of
NEW YORK, Aug. 2, 2023 /PRNewswire/ — The global real estate market size is estimated to increase by USD 1,031.81 billion from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 5.04% during the forecast period. Discover some insights on market size, historic
More than 650,000 people moved to Phoenix from 2010 to 2020, an increase of 11.2% according to the Census Bureau. Retirees used to be the chief migrators to the metro, but no longer. Young professionals and families have taken up the slack as tech businesses the likes of Meta Platforms
PHOENIX, August 2, 2023 – Arizona elected and business leaders led by Sen. Mark Kelly today marked the one-year anniversary of the Inflation Reduction Act (IRA), the Biden administration’s landmark clean energy plan already bringing generational investment to states. According to new jobs and
The multifamily market nationwide showed signs of stabilization in the second quarter of 2023 with a rebound in absorption and modest uptick in vacancy, according to CBRE’s latest research. Rents increased 2.6% year-over-year, in line with the pre-pandemic five-year average. The multifamily
In a metro that’s been called “sprawling,” “car-centric” and “the world’s least sustainable city,” one new development stands in steadfast defiance. State of play: Culdesac, near downtown Tempe, is Arizona’s first car-free community and it looks and feels entirely
Concord Hospitality Enterprises sold the Cambria Hotel Phoenix in Chandler Fashion Center sold to a real estate investment trust. The sale of the 136-room property at 3165 West Frye Road in Chandler, Arizona, to locally based Kingsbury Hospitality REIT I Inc. was brokered
Although mega warehouse deals for e-commerce and logistics companies have slowed nationwide since the start of the Covid-19 pandemic, these sectors continue to drive the industrial market forward in Phoenix. Factor in the current manufacturing boom and an exodus of