October 25, 2019

A boutique hotel, a brewery and an array of apartments — from one focused on sustainable living to another offering an ultra modern twist — are planned in downtown Mesa’s one square mile. The projects are energizing city leaders who have long sought to transform the downtown into a bustling, innovative urban core. For now, the square mile of downtown has

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McShane Construction Company has been selected to complete Springs at Red Mountain, their 18th multi-family assignment for Continental Properties. The 192-unit, luxury apartment community will be located on North Power Road in Mesa, Arizona. This project builds on the multi-family momentum McShane is seeing throughout the area as Phoenix and its surrounding

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Wednesday’s opening of the long-awaited Fry’s Food Store in downtown Phoenix was just a taste of what’s to come at the Block 23 mixed-use development. While the project’s first phase is complete, RED Development still has work to do on new apartment and office space at the complex. “As each phase opens at Block 23, we look forward to seeing

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Leon Capital Group, a Dallas-based investment company with a focus on real estate, has kicked off construction on Soltra at SanTan Village, a new Class A 380-unit multifamily community just north of SanTan Village, a super-regional lifestyle center in Gilbert. Located at the southwest corner of SanTan Village Parkway and Ray Road, Soltra at SanTan Village will

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Crescent Communities has sold Novel Rio, a 209-unit, Class A property in Tempe, Ariz., to a private investor for $66.3 million, according to Yardi Matrix. NXT Capital provided $49.9 million in financing for the acquisition. Novel Rio occupies 3.2 acres at 701 West Rio Salado Parkway, alongside the Salt River, less than one mile west of downtown Tempe. Additionally, the property is

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October 24, 2019

The big question at the Connect National Investment & Finance conference held in New York City yesterday was: Will there be a recession and, if so, when? While that question went largely unanswered, debt and equity experts offered a number of near-term predictions. Here are five that would have a major impact on commercial real estate’s stability:

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While the office market remains strong, conventional wisdom dictates that the later in the cycle, the more risky the investment in value-add office assets becomes. But investors are bucking preconceived notions about risk in a mature cycle, as there are currently few signs of declining office occupancy. “This is a different office market than what we’ve seen

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The owners of Park Central have sold off a 1.6-acre chunk of the property to a developer who is planning a mid-rise multifamily residential community on the site. Plaza Companies and Holualoa Companies sold the parcel along the southern boundary of Park Central to The Dinerstein Companies, a Houston-based developer of multifamily and

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North America’s first landscape hotel is now underway with sitework and construction amidst the red rocks of Sedona, Ariz., offering a new way for travelers to embrace sustainable tourism in one of the rarest and beautiful places in America. Ambiente, A Landscape Hotel, will begin to take shape following the official site dedication yesterday by

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They came and waited hours to get their sliders on Wednesday — and they kept on coming, well after sundown after Arizona’s first White Castle burger restaurant opened its doors near Scottsdale. A company official estimated the wait to get the famous mini burgers and a variety of other menu items was running about 3½ hours just after 8 p.m. And — get this — about

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October 23, 2019

An annual report from Hodes Weill and Cornell University shows real estate remains a preferred asset class among global institutions.Global institutions continue to raise their allocations to real estate, according to the latest Allocations Monitor survey from Hodes Weill & Associates and the Columbia University Baker Program in Real Estate. The survey, based on

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In the small commercial market (less than $2.5 M) that most REALTORS® do business in, REALTORS® reported strong sales and leasing activity for multifamily and industrial properties according to the 2019 Q3 Commercial Real Estate Trends & Outlook Report. The multifamily market had the lowest median going-in cap rate, at

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Developers broke ground Tuesday on the first office building in a sprawling new business complex in Mesa. The four-building project, which is called Union, is being built in the Riverview District near Dobson Road and Rio Salado Parkway. Representatives from Lincoln Property Company, Harvard Investments and the city of Mesa were joined by

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A 196-acre land purchase made by a joint venture between Lincoln Property Company (LPC), Ken Roth/Roth Development Corporation and Scottsdale Investment Management LLC has expanded LPC’s just-announced Park303 industrial project into a major new master-planned, Loop 303-fronting industrial park in Glendale, Arizona. With the

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HonorHealth is teaming with Universal Health Services Inc. (NYSE: UHS) to build a $39 million behavioral health facility in Scottsdale. Plans call for building the 120-bed hospital at 9160 E. Horseshoe Road, which sits on land owned by the Salt River Pima-Maricopa Indian Community. Pennsylvania-based UHS will be the majority owner and oversee the

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October 22, 2019

Since July, more than 14,000 new jobs have been announced in the Valley, fueling demand for office space in submarkets that already were some of the area’s hottest. About 40% of the new jobs announced during the quarter will be concentrated in Scottsdale and Tempe, according to Colliers International research. The largest

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Lincoln Property Company (LPC), Harvard Investments, dignitaries from the City of Mesa and business and community leaders joined today to celebrate the groundbreaking of the first office building at Union, a new project that – at build out – will total 1.35 million square feet in four Class A office buildings at the confluence of Mesa, Tempe and

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Andy Lucich has lived in downtown Phoenix for almost a decade and has worked in the area for the past five years. He didn’t always own a car during that time, which created problems. “One of the biggest challenges was getting groceries,” he said. “I sometimes had to call Uber if getting a large order or I had to take light rail. “Some of those

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Phoenix-based developer George Oliver has completed a $38.8 million, two-building acquisition and will invest almost $14 million in additional capital to bring a new creative office portfolio to the heart of downtown Chandler, Arizona. Rebranded to The Alexander and The Johnathan, the buildings will be named after Chandler namesake

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High Street Residential, the residential subsidiary of Trammell Crow Company, and its partner, Principal Real Estate Investors, announced that construction has begun on a luxury 160-unit multifamily development in the heart of Downtown Scottsdale. The five-story Class A building, known as Gramercy Scottsdale, sits on two acres of land just north of the

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October 21, 2019

Real estate investors, developers and brokers have higher expectations that commercial property markets will improve over the coming year than they did in March, according to a closely watched survey by national trade organization NAIOP. For the first time since the survey began in March 2016, a higher percentage of respondents in the

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RED has completed phase one of construction at Block 23 in Downtown Phoenix as the mixed-use destination prepares to open additional phases over the coming weeks and recently signed three new leases at neighboring CityScape Phoenix. Within the initial phase of Block 23 is the area’s first long-awaited grocery store by 

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The Greater Phoenix retail market is performing well, despite the national trend of retail struggles, according to a report from Colliers International. Overall vacancy of retail space in the metropolitan area was approximately seven percent at the end of the third quarter, which was the 20th consecutive quarter at below ten percent

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The Scottsdale City Council unanimously approved plans for the acclaimed Museum Square development in Old Town on Tuesday night. It was an achievement that led even one Councilwoman, Linda Milhaven, to call the project “historic”. The Scottsdale Council voted 7-0 to approve the development and parking plans for 

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Arizona’s road infrastructure ranks in the top half of U.S. states, according to a recent study. Seattle-based QuoteWizard, LendingTree’s online insurance marketplace, ranked the condition and investment in roads for all 50 states, based on an analysis of Federal Highway Administration data. Rankings are a composite

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