Miami-based Lennar Corp. (NYSE: LEN), which sells homes for an average of $515,000 in metro Phoenix, is introducing a more affordable home design that starts in the low $300,000s. The homebuilder is launching a new series called Premier Homes, addressing the need for first-time
The first quarter of 2023 was a disappointment by broad economic measures. The consensus 2% real GDP growth expected by economists polled by Dow Jones instead was 1.1%, according to the Bureau of Economic Analysis. That’s also the second consecutive quarter of declining growth,
The nation’s retail real estate sector might not be thriving, but right now it’s showing broad strength, with falling availability and steady absorption, helped by a development pipeline described as “muted,” according to newly released first-quarter figures from CBRE. Less-welcome news is
In the wake of failures of Silicon Valley and Signature banks this March, media outlets have been awash with speculation that the regional bank sector, and with it, commercial real estate, were headed for a crisis similar to the one seen during the Great Financial Crisis (GFC). Such takes might get
Trammell Crow Company (TCC), a global real estate developer, and CBRE Investment Management, on behalf of a separate account client, have acquired a 192-acre development site in Mesa, Arizona. The master site will be divided into ‘shovel-ready’ lots that will range from 12 acres, up to
No one is quite sure what will happen when the wave of CRE loan maturities start to come due this year and into the next few. Aaron Jodka, Colliers’ research director of U.S. Capital Markets, has his theories though. He believes that banks and other lenders may be willing to renew
A Phoenix mortgage banking firm found its year-over-year commercial real estate loan production was down about 50% in the Phoenix metro during the first quarter of 2022 across all assets, but its local team thinks a rebound could be around the corner. Adam Parker, a principal at
The city of Phoenix is looking to turn remaining vacant farmland along a major freeway corridor into a new industrial and technology-focused center. Phoenix wants to help developers bring new industrial buildings to the Loop 202 in the Laveen area in the south part of the
The swift rise in mortgages rates over the last year reduced the affordability of single-family houses more rapidly and more severely than what buyers experienced after the Great Financial Crisis. Mortgage rates have moved within a narrow range since the beginning of year for reasons not
The city of Phoenix is looking to turn remaining vacant farmland along a major freeway corridor into a new industrial and technology-focused center. Phoenix wants to help developers bring new industrial buildings to the Loop 202 in the Laveen area in the south part of the city by reimbursing
On behalf of KBC Advisors Arizona, Phoenix-based Stevens-Leinweber Construction (SLC) has started construction on Empire 101, a new Class A industrial project fronting the Loop 101 freeway, north of Cactus Road in Peoria, Arizona. Located just 12 minutes from the new TSMC semiconductor
The owner of Desert Ridge Marketplace and Tempe Marketplace is betting that large-scale retail isn’t dead, it has just moved outdoors. Phoenix-based Vestar has three open-air shopping centers under construction around the Valley, with two large-scale centers, planned to be similar to their
CMBS issuance dropped to levels not seen since 2012 in the first quarter, totaling a “mere” $5.98 billion that was 12% less than fourth-quarter volume and 79% less than the same period a year ago, according to a new report from Trepp and Commercial Real Estate Direct. Rising interest rates and increasing
The most recent banking troubles, rising inflation, and prohibitive mortgage rates are some of the issues affecting the housing market at the moment. And the latest data supports the fact that the market is losing momentum: While the number of completed units has increased every year since 2012,
Scottsdale-based Discount Tire Co. embarked on a search that lasted years and spanned the Valley for its new office headquarters that will be located in north Phoenix. The tire and wheel retailer plans to build a new office complex in north Phoenix near the Loop 101, State Route 51 and
This weekend Bed Bath & Beyond filed for bankruptcy protection, a long-awaited event that retail landlords have been preparing for for months. The retailer’s 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it “begins its efforts to
For years single-family homes have been an attractive asset class for investors in large part due to low mortgage rates. Now, though, the financial equation is changing, and some investors are finding they are getting burned as they seek an exit. In March of this year, one in every seven U.S. homes sold
CBRE has facilitated the sale of the JW Marriott Tucson Starr Pass Resort & Spa, a 575-key resort located at 3800 West Starr Pass Blvd., in Tucson, Arizona. Southwest Value Partners purchased the property for $110 million. Christian Charre, Jennifer Bergamo, Paul Weimer, and
A Newport Beach, California-based company is looking to redevelop the historic Turf Paradise in north Phoenix. CT Realty is under contract to purchase the horse racing track and its 252-acre site and redevelop portions of the property into industrial space, a data center and single-family
Taiwan Semiconductor Manufacturing Co. is seeking up to $15 billion in tax credits and grants from the federal government to support its Arizona semiconductor plants amid concerns about subsidy criteria, the Wall Street Journal reported Wednesday. TSMC expects to receive
On behalf of KBC Advisors Arizona, Phoenix-based Stevens-Leinweber Construction (SLC) has started construction on Empire 101, a new Class A industrial project fronting the Loop 101 freeway, north of Cactus Road in Peoria, Arizona. Located just 12 minutes from the
Overlooking Tempe Town Lake, adjacent to the Arizona State University campus, a massive mixed-use development called the Novus Innovation Corridor is taking shape. Development is still underway, and it will continue for years to come. However, the project
A Las Vegas industrial developer is eyeing 600 acres for a new industrial center and mixed-use campus south of Phoenix that will represent an investment of more than $1 billion. Through two new projects in Casa Grande, IndiCap has proposed an industrial park
Arizona’s unemployment rate dropped again last month. It fell two-tenths of a percent to 3.5% from February into March. Arizona’s rate now matches the rest of the country’s. Doug Walls with the Arizona Department of Economic Opportunity says some
The developer has laid the groundwork for a big project in a prominent area of Scottsdale, but vertical construction is still a few months away. Hazel & Azure, a development that would bring more than