February 16, 2021

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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Metro Phoenix ballparks are preparing for spring training baseball to start on schedule, despite pleas from the Cactus League and a coalition of Valley mayors to delay the season’s start. After the Cactus League and Valley mayors sent a letter to Major League Baseball

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February 10, 2021

While many industry sectors across Arizona and the U.S. have taken devastating hits during the prolonged COVID-19 pandemic, the state’s land market and housing market have shown incredible resiliency and more impressively, growth. The 2021 Phoenix MSA population estimate is 5 million

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The most recent National Multifamily Housing Council Rent Payment Tracker showed an increase in the number of apartment households that made a full or partial rent payment since January. The NMHC found that 79.2% of respondents in its survey of 11.6 million units made a full or partial rent payment

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Epicenter, a high-end mixed-use development under construction in Gilbert, has signed seven new restaurant, retail and lifestyle tenants that will open up within the next year. The 300,000-square-foot, 320-unit multifamily housing project with 49,000 square feet of retail space is being built in the Agritopia

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In what could emerge as competition for the Talking Stick entertainment district, a Scottsdale development company has partnered with the Gila River Indian Community to develop a 3,300-acre sports and entertainment complex at Wild Horse Pass near Chandler. Sunbelt Holdings President John Graham told the

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Simon Property Group chief executive David Simon says he’s bullish on leasing in 2021, but cautions it will “take some time” to return to heady pre-pandemic levels. In the REIT’s fourth quarter earnings call, Simon said the REIT has built in a reserve—though he declined to provide a specific number

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February 9, 2021

Green Street has encapsulated two major trends driving the office sector right now to provide a tangible (and grim) number for office demand post-COVID: -15%.COVID-19 has wrought a slew of changes to the sector, with social distancing stabilizing densification, or less square feet per worker, a trend

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Nonprofit Banner Health is investing nearly $400 million in expansion projects already underway at Banner Desert and Banner Gateway medical centers in the East Valley. Both projects include increased services and space for women and infant care. On the Banner Desert campus in Mesa, the expansion

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The technology sector of metro Phoenix could get a major boost if Samsung Electronics decides to locate a $17 billion semiconductor plant here. The South Korean maker of cellphones, computers, televisions, appliances and more is considering sites in the Valley as well as Texas, upstate New York

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