March 13, 2024

Multifamily investors appear to be paying less per dollar of property income compared to one year ago, according to Freddie Mac’s latest quarterly update of its Multifamily Apartment Investment Market Index (AIMI). That’s because while mortgage rates have risen significantly, the increase

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About 2,400 apartment units are under construction in downtown Phoenix, putting the submarket in danger of being overbuilt. Developers have been ramping up apartment construction throughout Phoenix for the past several years, which is causing real estate experts such as Peter

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Seniorly today released the Best of Senior Living Awards 2024 and identified the 334 best facilities in America. Arizona ranks No. 5 in the nation with 15 award-winning senior living facilities including the No. 6 best facility in the nation — Acoya Troon in Scottsdale, AZ. California led

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Controversial legislation to stop Arizona cities from requiring HOAs, minimum home sizes and community amenities has passed in both the House and Senate and is headed to the governor. House Bill 2570 garnered bipartisan support in the Legislature to address Arizona’s

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How much is an office building in a big city worth these days? No one really knows. The big picture: Investors have been poised to pounce on depressed office properties for a while now, but there hasn’t been much opportunity for actual deal-making. Yes, but: That’ll probably start to change

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March 12, 2024

Aldi has announced its most ambitious expansion plans to date as it continues to grow its U.S. footprint coast to coast. The discount grocer plans to add 800 stores nationwide by the end of 2028 through a combination of new openings and store conversions. In line with its plans

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Portico, the luxury condominium community from award-winning Belgravia Group in the Loop 101 and Scottsdale Road corridor, announced it has topped off the first building in its nine-building development. Initial move-ins are set to occur in late Summer 2024.  Now is the time to

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Office vacancy in the Valley remains high, as in-person office work never fully rebounded from the shift to remote work that came with the COVID-19 pandemic. Some office experts said the future will show which buildings are the “winners” that remain useful and relevant, and “losers” that are no

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About 100 acres of state trust land in north Phoenix that the Arizona Coyotes are hoping to buy for their future home is valued at $68.5 million, according to a new appraisal. The appraisal was filed Thursday with the Arizona State Land Department. It determines the market

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Last week, Federal Reserve Chair Jay Powell told a congressional committee that we shouldn’t expect any kind of soft landing victory lap, when and if the time comes that the Fed decides it has finally beaten inflation and avoided a recession. It’s been a bumpy road, and it seems that

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March 11, 2024

It hasn’t been quick or easy to get office attendance rates closer to what they were prior to the pandemic, but workplace foot traffic is on a slow but steady climb. As more companies add stricter in-person mandates and adjust to longer-term flexible work policies, attendance rates

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New dining experiences, much-needed housing and a neighborhood church: These are the elements of The Trailhead, a community gathering place for northwest Valley residents that has been seven years in the making. This morning, Peoria officials joined the Pederson Group and

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Vertical construction is well underway on a new shopping center in Gilbert. The more than 20-acre site on the northwest corner of Power and Elliot roads will soon be home to a Fry’s Food Stores location. The major grocer confirmed to the Phoenix Business Journal on March 8 that

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A new community in Surprise will sprout 795 homes with prices starting in the high $300,000s. Meritage Homes’ 227-acre development called Paloma Creek will also have the biggest amenity center it has built so far, with a pool, an outdoor kitchen, a playground, a fire pit, a

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Mesa appears to be the latest East Valley community that will see an indoor pickleball complex. California-based Dink & Dine Pickle Parks last week announced plans to build its first “eatertainment” venue with indoor and outdoor courts and restaurants at Mesa Riverview, stating

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March 8, 2024

The competition among grocers is growing even fiercer, with German discount supermarket chain Aldi planning to add 800 stores across the United States to its fleet during the next five years in a $9 billion expansion. Aldi, with domestic operations based in Batavia, Illinois, said Thursday

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The Phoenix and Raleigh, North Carolina, retail markets were firing on all cylinders last year as they were the only major U.S. markets where annual asking rent growth exceeded 9% in 2023, earning them the top spots in the nation’s ranking. Though these two high-growth Sun

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The city of Phoenix is moving forward with a major rezoning at the former Motorola and Onsemi manufacturing campus. Baker Development Corp., which has been working to redevelop the site for several years, received initial approval to rezone 67 acres from the Camelback East Village

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Developers proposed a 178-acre data center hub with 11 buildings in southeast Mesa along Pecos and Crismon roads. The property owner Pacific Proving LLC submitted the preliminary paperwork to the city on Monday to develop the area as a data center and technology employment

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The single-family home inventory grew nearly 8% in February compared to meager 2023 numbers, and the number of families closing on their new homes increased 1.5% so far this year compared to the same period last year, according to the latest Metro Phoenix residential housing

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March 7, 2024

Construction is underway to bring more than 900,000 square feet of commercial real estate and housing to a corridor of northern Peoria known for its mountain views and hiking paths. Peoria officials and local businesses joined the Pederson Group, a Phoenix-based retail developer

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It’s good news, with a touch of uncertain caution, in Federal Reserve Chair Jerome Powell’s delivery of the central bank’s semiannual monetary policy report to Congress on Wednesday. Starting with the upside for once. “We believe that our policy rate is likely at its peak for this

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Annual commercial real estate sales activity fell to a nine-year low in 2023 as higher borrowing costs and downshifting property performance hampered deal flow. About $8.9 billion worth of Phoenix apartment, retail, office and industrial assets traded hands last year, marking

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Whole Foods Market Inc. is introducing a new type of store with smaller footprints — think Trader Joe’s — designed for urban neighborhoods.  While the stores won’t be as small as bodegas, Austin-based Whole Foods Market — bought by Amazon.com Inc (Nasdaq: AMZN) in 2017

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A big chunk of southeast Mesa land could be home to a new data center campus. Pacific Proving LLC, a prominent Mesa land owner, is proposing to annex, rezone and gain site plan approval to develop 178 acres at the northeast corner of Crismon and Pecos roads to create the

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