November 10, 2021

When Walgreens announced last month that it planned to close several stores in downtown San Francisco because of safety and security issues—shoplifting, in particular—city leaders pushed back. After expressing doubt that

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November 9, 2021

The lack of affordable housing and the mounting resistance to multifamily housing development is creating serious heartburn in the Valley’s business community — among builders and employers alike — who view it as a risk to healthy economic growth.It’s been a thorny issue in

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Gulfstream Aerospace Corp., one of the world’s leading private jet manufacturers, has chosen Mesa as a destination to build its West Coast maintenance, repair, and overhaul facility.The company, which is owned by General Dynamics Corp. (NYSE: GD), announced Tuesday morning that it would investing $70 million into a new facility at the

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McShane Construction Company was selected by repeat client Related Group to build Town Chandler. Located in Chandler, Arizona, the new garden-style community will offer 420 units. McShane is also currently underway with Manor Scottsdale in Scottsdale, Arizona for

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New research shows that the number of companies willing to allow all employees to work remotely fell to 26% to 39% between March and September 2021 and 70% of survey respondents planned to institute policies that tighten up remote work eligibility and

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More than 700,000 jobs will be created in Arizona in the next decade, another sign of Arizona’s economic prowess coming out of the pandemic.According to a new report from the Arizona Office of Economic Opportunity (OEO), which studies the state’s economy and

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November 8, 2021

The Sunbelt region for multifamily property transactions is booming right now, Jonathan Morgan, president of Morgan Properties JV, an affiliate of Morgan Properties, believes. To that end, his company just added 18 communities there, acquiring a pair of

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Macerich, one of the nation’s leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, and Life Time, the nation’s premier healthy lifestyle brand, today announced a new luxury athletic resort is

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A 600-acre parcel of land controlled by the Arizona State Land Department in Queen Creek, adjacent to a site that has reportedly been eyed by Samsung as a potential landing spot for a $17 billion plant, is the subject of a rezoning case, seeking

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If industrial assets are the hero in the net lease sector’s pandemic story, office assets are the villain. The asset class is in a state of total flux, and investors on the State of the Industry: Post-Pandemic Recovery panel at the GlobeSt.com Net Lease conference

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Highly popular due to their location and vibrant amenities, urban neighborhoods around the country have seen a boom in new apartments in the last five years. In fact, the top 20 most active neighborhoods — led by Downtown Los Angeles — have

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November 5, 2021

Apartment market conditions continue to show improvement, according to the National Multifamily Housing Council’s quarterly survey of apartment market conditions for October“We are continuing to see strong, broad-based demand for apartments as the U.S. economy remains on an upward trajectory,” said Caitlin Sugrue Walter, vice president of research at the

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CHICAGO — Lifestyle shopping centers, or open-air malls, may be one of the most undervalued retail asset classes currently. According to JLL, increased customer foot traffic, declining vacancies coupled with growing rental rates and

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New development is coming to an area of southwest Phoenix once known for its farms and abundant open space. A former dairy and farm land at 59th Avenue and Dobbins Road in Laveen will become a large apartment complex. The developer’s original request to rezone nearly 15 acres was unanimously rejected by residents who make up

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Valley drivers love their cars, and more than anywhere else in the country, they put their money where their hearts are. In fact, it costs more to get around in Phoenix – a city that was designed for cars – than in any other U.S. metro, statistics show.According to the Bureau of Labor Statistics’ newly released Consumer Expenditure Surveys, metro Phoenix

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A new report shows the economic, social, cultural and environmental benefits of Phoenix’s historic neighborhoods.After crunching data, Place Economics, a national consultancy, found Phoenix’s historic neighborhoods offer more

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November 4, 2021

RED Development this week joined Banner Health for a groundbreaking to mark the start of construction on a new single tenant medical building at its highly anticipated mixed-use development, The Grove, which is situated on the corner of the prestigious Camelback Corridor and

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Railroad friendly?Or railroaded?A sprawling project threatened to be run over by a true giant: Union Pacific Railroad, the second-largest railroad in the country.But Unbound Gateway successfully argued that its plan to develop 155 acres near Sossaman and Pecos roads are

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Invitation Homes, the largest U.S. landlord of single-family rentals with more than 80,000 houses, is placing a bigger bet on the future of for-rent homes with plans to increase its potential purchases to up to $1.8 billion this year from $1 billion.The Dallas-based company’s

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Decron Properties has bought Avery on the Green, a 324-unit community in Chandler, Ariz., for $125.3 million. The seller was ConAm. The community last changed hands in 2015, when it was bought by ConAm from Aimco, for just $46.2 million.Completed in 2000, the property features a

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A new $197 million program to help Arizona homeowners hurt by the pandemicpay their mortgages is now taking applications.About 80,000 Arizona homeowners are in forbearance or behind on their mortgage payments now, according to the

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November 3, 2021

The population surge of millennials, coupled with the housing supply shortage endemic across the US, will drive demand for single-family rentals in infill neighborhoods in high-growth markets, a SFR exec told investors recently. “We believe that the operating fundamentals for our

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Phoenix officials are hatching a plan to breathe new life into vacant big box stores and other empty retailers and make a dent in the city’s housing shortage.Phoenix has a lot of retail space — an average of 40.5 square feet of retail per capita, compared to 28 square feet nationwide. Major retailers like

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Phoenix-based Vermaland has begun efforts to develop a 1,100-acre master-planned community in Tonopah, which is about an hour west of downtown Phoenix.The master site plan for what is being called Verma Vistas III includes 2,500 single-family homes 500 multifamily units and

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Zillow, the digital real estate company, said on Tuesday that it’s exiting Offers, its business that buys and flips homes, and eliminating 25% of its workforce.The announcement was attached to Zillow’s third-quarter earnings report. The company’s revenue and

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