February 18, 2021

Sterling Real Estate Partners, a value-add focused real estate investment company, announced the sale of Seventh Apartments, one of the trendiest multi-family properties in Uptown Phoenix. This is Sterling’s ninth sale in Phoenix, totaling $155 million. The 286-unit multifamily community is positioned on over five acres

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February 17, 2021

Considering the unprecedented challenges faced in 2020, the affordable housing industry managed to do pretty well. Projects still got built, capital continued to be available for new deals, and, perhaps, new light was even shined on the importance of a place to call home. Having weathered economic

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As many companies transitioned to remote work, Phoenix has seen a significant in-migration from residents leaving overpriced metros in California, in search of more affordable alternatives. At the same time, local officials have worked to create a business-friendly environment

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ViaWest Group has broken ground on Goodyear Crossings Industrial Park located at the southwest corner of Elwood St. and Sarival Ave. in Goodyear, AZ. The project, a joint venture with a Philadelphia-based investment company, is being built on the 25.91-acre parcel ViaWest acquired

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A ruling from the Arizona Supreme Court could have a major impact on the kinds of economic development deals cities make with businesses going forward. In the decision from last week, the justices ruled Peoria had violated the state constitution’s gift clause, in a deal with Huntington University and the school’s

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Real estate agents are going into overtime to get as much accomplished before the market cools down for the winter, despite an improving market. The holiday season also provides a bit of time to prepare for the upcoming year. Real estate agents use this time to come

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February 16, 2021

After receiving rezoning approval from the city of Phoenix, Macerich and RED Development are moving forward with redevelopment plans for Paradise Valley Mall, requesting the City Council’s approval tomorrow, Feb. 17. The developers intend to transform the 1.2 million-square-foot shopping center into a 6.5

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The housing market is looking extremely strong for the Phoenix area in 2021. Realtor.com’s most recent forecast predicts home sales in the Valley will jump 11.4% over last year’s levels, which is more than the national average. The combination of beautiful weather, prestigious restaurants and shopping

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Westmount Realty Capital announced the acquisition of Tides at Downtown Tempe, a two-story, garden-style apartment community located at 615 S. Hardy Dr. in fast-growing Tempe. The 227-unit multifamily community consists of one-, two- and three-bedroom units averaging 811 square feet. The property,

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ViaWest Group broke ground on Central Logistics Center, an industrial park on 25 acres near Phoenix Sky Harbor Airport that the developer expects will receive strong interest from tenants because of its central location near downtown. Phoenix-based ViaWest started construction of two warehouses

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National real estate development firm Hawkins Companies bought a 3.83-acre parcel of land at the northwest corner of Scottsdale and East McDowell roads in South Scottsdale for $7,400,000, according to the commercial real estate tracking website Vizzda. The seller was Cercidium Holdings

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February 15, 2021

If you’re of the opinion Tennessee and Arizona are fun places to visit and would be beautiful spots to live, take a number and get in line. U-Haul customers are well ahead of you. The Volunteer State posted the largest net gain of U-Haul trucks crossing its borders in 2020, making it the No. 1 state for migration

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Phoenix’s population surge continues. According to a Feb. 4 Redfin report, the Valley recorded net inflow of 82,601 residents in 2020, the most of any metro area last year. Net inflow — a metro area’s gain in new residents after accounting for departures — is yet another measure articulating the recent population

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Popular discount grocer Aldi will open in Gilbert on Monday. The store, at 1801 E. Pecos Road, will be Arizona’s fourth Aldi location, providing “smarter, faster and easier” grocery shopping, according to the company. Doors will open 8 a.m. Monday, with store hours of 9 a.m. to 9 p.m. after opening day

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The city of Avondale topped the list of cities with the biggest annual growth in single-family homebuilding permits — reporting a whopping 427% increase in 2020. A major contributor to the 548 permits the city issued to homebuilders in 2020 is the 1,130-acre Alamar master-planned community

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ZOM Living has acquired 20 acres of land at the northwest corner North 56th Street and Loop 101 in North Phoenix for $34,873,614 — or $1,743,680.70 per acre, according to the commercial real estate tracking website Vizzda. The land is on a commercial ground lease from the State of Arizona

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February 12, 2021

Right now, there’s a lot of money on the sidelines waiting to scoop up distressed assets. In a new research video, John Chang, SVP and director of research services from Marcus & Millichap, estimated that between $50 and $100 billion is waiting to acquire deeply discounted property

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“In the last 12 months, we’ve had a strong interest in our industrial build-to-suit business model as a result of the rise in e-commerce, and an increasing need for retailers to store and ship products as close to their consumer base as possible,” said Backman. “We’ve experienced amazing

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Phoenix will be America’s second-hottest housing market in 2021, topping a list of mostly Sun Belt cities expected to continue heating up faster than the nation’s large coastal markets, according to a new Zillow survey of experts. Coming in at No. 1 on the list of America’s

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The number one priority for the Biden administration is clear. It’s moving a COVID recovery package forward. “There is no question what the number one priority is for the Biden administration, and that’s COVID,” says Jake Fingert, general partner

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The same pandemic that brought hundreds of Valley restaurateurs to their knees is also spurring a profound change in the food service industry that will be introducing dozens – if not hundreds – of new restaurant concepts to metro Phoenix over the next year. Take the latest announcement

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February 11, 2021

As investors chased big box assets with investment-grade, essential tenants, cap rates in the single tenant net lease big-box sector decreased by 25 basis points to 6.75% from Q4 2019 to  Q4 2020, according to The Net Lease Big Box Report from The Boulder Group. Properties with grocery related tenancy

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The Greater Scottsdale Airpark experienced many of the same pandemic effects faced by other Valley commercial real estate submarkets, according to a report from Colliers International. During 2020, retailers, restaurants and hotels struggled with diminished customers. Yet, the submarket grew its jet traffic

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Investor and developer Held Properties Inc. paid $34 million for a suburban building in Scottsdale Airpark, one of the Phoenix area’s most prominent office districts. Phoenix developer ViaWest Group sold the three-story, 149,424-square-foot Raintree Corporate Center I at 15333 N. Pima Road in North Scottsdale

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A shift in renter preference toward larger bedroom units since the onset of the pandemic has created a disconnect between new supply and demand, at least in the near term. The change in preference toward larger bedroom units has similarities to previous downturns, but the pandemic has also created

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