Commercial Real Estate & Business News – December 18, 2023

It was a year ago that many in the industry were predicting improved conditions in 2023, with price discovery, more transactions, and all-around better markets. The optimism didn’t last long, with continued interest rake hikes, bank failures, skittish lending, plunging transaction counts, and falling…»

1. The rise of the physical store. Research shows that improving customer experience remains the number one priority for businesses. The rise of the “phygital” store is the result of a fusion of physical and digital retail strategies to create a cohesive customer journey. The phygital approach…»

Jobs, jobs – and more jobs. With an estimated 25% of the city’s population in the retirement range of 65 and older, many Scottsdale residents are not looking for work. Yet, in recent months, companies have announced plans to hire thousands in North Scottsdale alone. The Parque…»

Legacy Sports Park, the 320-acre sports complex in southeast Mesa that ran into financial trouble earlier this year, officially has a new name as of Dec. 14. AZ Athletic Associates LLC, a company founded by San Francisco-based private equity firm Burke Operating Partners LLC and Rocky…»

Courtyard Towers, a 132,362-square-foot residential building in Mesa, Arizona, was sold late last month for $12.68 million, or about $72,017 per unit. Tempe-based Okland Construction sold the property to an individual investor based in Scottsdale. Located at 22 N. Robson and constructed…»