June 19, 2019

The 22-mile Loop 202 South Mountain Freeway extension could give Phoenix the opportunity to create an employment scene like Chandler has in the Price Road corridor, economic development experts said at a Valley real estate forum.Lori Collins, deputy economic development director for the city of Phoenix, said the

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Construction is moving faster than expected at Great Wolf Resorts Inc.’s latest water park and hotel, which is expected to open three weeks ahead of schedule outside Scottsdale, Arizona, as the state’s first private indoor water park. Chicago-based Great Wolf Resorts now plans to open the 350-room hotel and 85,000-square-foot indoor

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Technology is set to overhaul the tenant experience at single-family rental (SFR) and multifamily properties, according to a panel held at the IMN RealTech Forum taking place in New York City this week. The panelists identified the following phases when technology can play a role: upgrading a property for a new tenant, finding

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More details are emerging about Nationwide Mutual Insurance Co.’s regional headquarters, the first development in the insurance giant’s Cavasson project that will eventually bring nearly $1 billion worth of commercial development to North Scottsdale.According to plans submitted to the city of Scottsdale, Nationwide

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The cost of a modest rental home is unattainable for many low-wage workers and extremely low-income renters, according to the 2019 Out of Reach report by the National Low Income Housing Coalition (NLIHC). There is no state, county, or metro area in the nation where a worker earning the federal or prevailing state minimum

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June 18, 2019

Slowing economic growth, trade wars and a pipeline that is delivering new supply to the market may force investors to adjust return expectations for industrial properties, but it doesn’t appear to be putting much of a dent in buyer demand. Industrial has edged out multifamily as the favored asset class and there continues to be

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Office leasing momentum remains strong at SkySong — so much so that the project’s sixth building has now been designed and launched for pre-leasing. SkySong 6 will be the next building to be constructed at SkySong. Project architects, Butler Design, Group have created cutting-edge design concepts and renderings for the new building, which will

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Chicago-based Novel Coworking LLC is opening its second coworking and flexible office space in the Valley after buying the historic Heard building in downtown Phoenix. Novel paid $11.4 million June 14 for the 100-year-old building at 112 N. Central Ave., according to Maricopa County records. The eight-story, 77,000-square-foot building is

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Arizonans making the state minimum wage must work two full-time jobs, effectively, to afford a market-value two-bedroom apartment, according to a national report released Tuesday. The National Low Income Housing Coalition’s (NLIHC) on Thursday released its annual study on the gap between rental housing costs and income for

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Located near the Central Avenue Corridor, one half mile south of Thomas Road and 7th Street, this 5,500 square foot freestanding building sold for $735,000, or $134 per square foot. The property benefits from good exposure along 7th Street, with over 41,000 vehicles passing

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June 17, 2019

2019 looks to be a packed year for Arizona developers and construction crews, as well as the residents and visitors who get to enjoy the fruits of their labor. With plenty of new and exciting developments to look forward to, you’re probably curious about the biggest construction projects that are ongoing or soon to break ground. Here are a few major

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Some student housing properties rent their retail spaces to national retailers like CVS or Target. But in other cases, retail spaces inside student housing buildings stand empty for years—unable to support even a pizza shop. “Most ground level retail is a drag on a student housing project,” says Frederick Pierce, president and CEO of

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Trammell Crow Company (TCC) Phoenix and joint venture partner, Principal Real Estate Investors, unveil Gilbert Gateway Commerce Park, a three-building Class A speculative industrial park totaling 415,972 square feet, located in the Southeast Valley at the Loop 202 and Power Road in Gilbert. Sitting on a 28-acre site, construction on the project is

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Chandler is investing $5.4 million on a road expansion to accommodate expected growth at an Intel plant in the coming years. The state and Intel will reimburse the city for the work, according to city documents. Intel is among Arizona’s largest employers and the top employer in Chandler, with about 11,000 jobs, according to a

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Virtua Partners has broken ground on its second opportunity zone project. The firm is building a 90-unit entry-level apartment complex on a vacant lot in Tempe. It will deliver in approximately 16 months. Located at 1980 East Broadway Road, the apartment project will include 36 one-bedroom, 45 two-bedroom and

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June 14, 2019

Some Arizona residents complain about streams of strangers showing up at neighboring vacation rentals. Some complain about loud parties every night of the week. But there may be a financial complaint, as some worry that short-term rentals aren’t paying their fair share in taxes. Glendale first began noticing problems when the city hosted the

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US consumers splashed out on autos, electronic gadgets and appliances last month, easing fears of an economic slowdown and dampening expectations of a quick interest rate cut by the Federal Reserve. Headline retail sales rose 0.5 per cent month-on-month in May, the commerce department said on Friday, offering evidence that consumption had

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Ask any of many, many people who chose to make the Valley home, and you’ll hear a few familiar responses.”Sunshine and warmth,” Kayla Caldwell, who recently relocated from Washington, said when asked why she moved. Even though Maricopa County is already growing faster than any other county in the country, business leaders want more. “Our target is

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Building affordable housing is not a high-profit business. Recently it has become difficult to make any profit at all, which has led to a sharp reduction in the supply of affordable housing while the demand continues to escalate. This is being felt in many markets across the country, more sharply in some than others. It’s felt by the public, by local government and

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Everyone hates sitting in traffic. Less time commuting means more time for work, family, and fun. UnitedStatesZipCodes.org today released a study on the Best and Worst Commutes in Arizona using the latest data from the U.S. Census Bureau.The average travel time to work in the state of Arizona is 25.6 minutes, but it varies greatly by

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June 13, 2019

Phoenix resident Genevieve Hendricks is experimenting with CBD products to manage her chronic back pain.Hendricks has been a customer of Kaya Hemp Co. since it launched as an e-commerce site in January and went to its newly opened brick-and-mortar location at 6102 N. 16th Street on June 7. Hendricks said owner Cathleen Mitchell has

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The future grocery store is coming sooner than many realize, according to a new CBRE report. What will this store look like? CBRE tells of a fully automated checkout process, a greater emphasis on prepared meals, a proliferation of smaller, convenience-store grocery outlets, and more collaboration between grocers and nontraditional partners such as

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San Diego-based MG Properties Group — which plans to invest more than $700 million in six Western states this year — just paid $73.7 million for an apartment complex in Tempe, according to Vizzda LLC real estate database. The acquisition of the 379-unit Elevate at Discovery Park Apartments at 1820 E. Bell De Mar Drive in Tempe brings the company’s

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Construction input prices rose slightly by 0.3% in May on a monthly basis and are up 0.6% over the last 12 months, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics data released today. Nonresidential input prices were also up 0.3% compared to the previous month and are 1.1% higher than they were a

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A 20-acre industrial subdivision is set to open soon in southeast Mesa, the city announced Wednesday. The Landing at PMG will consist of six buildings for a total of 281,000 square feet in the city’s Phoenix-Mesa-Gateway Airport area near Ray and Sossaman Roads, according to a press release. So far, three tenants — Collabtech Group,

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