February 7, 2024

A mixed-use project at a key intersection in the southeast Valley took a big step forward on Jan. 31 — and has a new name. Scottsdale-based Diversified Partners LLC broke ground on a new mixed-use development on the corner of Elliot and Ellsworth roads, which will bring

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The Federal Reserve’s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) regularly checks with banks to better understand their lending landscape. The short take for commercial real estate from the most recent survey is that even tighter underwriting

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Macerich raked in a record number of leases last year, and with a potential pipeline worth more than $65 million of incremental rent, the national mall landlord said it isn’t expecting the retail boom to fizzle anytime soon. The real estate investment trust signed more

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The holiday season is upon us, and as 2023 draws to a close the real estate community turns its focus towards the future, particularly to what 2024 holds. Let’s look at recent developments and future expectations of the Phoenix retail market, a sector that has shown remarkable

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Multifamily construction starts declined in 2023, but exceeded expectations considering the turmoil in the financial markets. A new report on multifamily construction starts from Yardi Matrix reports that the number of units that broke ground in 2023 ranks third in recent

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February 6, 2024

Federal Reserve Chair Jerome Powell is predicting that more small banks will likely close or merge due to commercial real estate weaknesses, but that the problem is ultimately “manageable.” The central bank official made this point during a “60 Minutes” interview that

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A national firm that has been expanding its presence in the Valley has proposed a 30-story mixed-use tower in the Roosevelt Row area of downtown Phoenix. Florida-based Mainstreet Capital Partners wants to build a 463,198-square-foot multifamily building

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Mark Tarbell is used to serving up food in a busy dining room. He’ll soon be overseeing one that’s nearly 300,000 square feet. Tarbell, one of the Valley’s best-known restaurateurs and owner of the high-profile Camelback Corridor eatery bearing his name, has

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So far this year multifamily investors have shown little inclination to reverse the slow sales trend of 2023. Last year multifamily investment volume fell by 60% from 2022 to $117.5 billion, marking the lowest annual multifamily investment volume since 2014. This year is supposed

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Award-winning real estate development firm, Optima is partnering with Mitsui Fudosan America, Inc. for the development of the first building within its newest Arizona residential development, Optima McDowell Mountain Village, located on 22-acres on the southeast corner of

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February 5, 2024

Stadium Point, a major mixed-use development that is expected to boost Peoria’s P83 entertainment district, could break ground as soon as this summer, according to the master developer Steinhauer Properties Inc. The 1 million-square-foot development, which

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Another month for multifamily, another drop in rental rates, according to Apartment List’s newest rent report, which looks back at what happened in January. “The rental market kicked off the new year with a sixth straight month of negative rent growth, as the nationwide

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Office leasing activity has started to pick up in recent months, but it remains far from the level it was at before the Covid-19 pandemic. VTS Inc., a commercial real estate leasing and asset-management platform, recently found through its VTS Office Demand Index (or VODI) that

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Conditions in CRE are, well, peculiar. On one side the bottom’s getting closer. BlackRock Real Estate Research has said that now is the time to invest in CRE. And Colliers U.S. CEO Gil Borok recently said on CNBC, “Buyer and seller equilibrium is being reached, which also

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Significant progress has been made on Wisconsin-based Kohler Co.’s manufacturing project in Arizona for its Sterling Vikrell bath and shower fixtures. The 1 million-square-foot Casa Grande plumbing products factory, located an hour south of Phoenix in Pinal County, reached

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February 2, 2024

Northrop Grumman Corp. (NYSE: NOC) has inked another large lease at Gilbert Spectrum. The Virginia-based aerospace and defense contractor is taking the entire 119,222-square-foot Building 3 at the Gilbert business park near McQueen and Elliot roads. “In Arizona, we

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Yet another entry has arrived in the ongoing effort to figure out where renters plan to move. This time it’s from RentCafe, which bases its results on its rental listing data for 150 U.S. cities. And the winner is —Minneapolis! Each city is assigned a score that considers the availability of

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Work has begun near Glendale’s entertainment hub to build more than 500 units of “budget-friendly” apartments for the area’s working-class residents. In a groundbreaking ceremony Thursday morning, Councilmember Betty Guardado of Phoenix’s Fifth District joined the

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Among the palm trees and plaster facades of San Diego, apartment brokers, bankers, and builders from across the nation gathered this week to figure out how to navigate what they say are two of the biggest challenges hitting their industry: higher interest rates and insurance

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Menlo Equities has proposed a large technology and data center project in place of an existing office park in southeast Phoenix. The Menlo Park, California-based commercial real estate investment firm wants to develop a 1 million-square-foot campus with five buildings each

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February 1, 2024

The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments. The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such

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In 2023, national average asking rents increased by 1.6% in the multifamily rental market, according to a report from Yardi Matrix. The rent growth story is expected to be different this year, with Yardi Matrix forecasting two main shifts in this market. First, record available

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Arizona-based Pat Simone Charitable Foundation has sold a 101,932-square-foot building in the Southbank Industrial Park in Phoenix for slightly more than $20 million, after paying over $10 million for it in 2020, according to CoStar data. The Meritex Co., a privately held

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Much in CRE during 2023, when compared to the previous year, could be explained away at least partly because 2022, while not earning the top marks, was second or maybe third over the last decade. However, the data in a new report from Newmark makes it clear that the

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Construction is completed at The Livano Deer Valley, a 242-unit apartment community in North Phoenix. McShane Construction Company built the community on behalf of the owner, Jomax Residences, LLC. The community is located at 26800 N. 27th Ave. The three-story, multi

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