Commercial Real Estate & Business News – June 14, 2024

Phoenix’s Office of Heat Response and Mitigation has released the first draft of the city’s shade plan with a focus on certain communities. Wealthier neighborhoods, especially in central and east Phoenix, have a higher percentage of tree canopy coverage compared to lower-income areas …»

Global private equity firm Younan Properties has purchased a 25-story high-rise office building in the center of downtown Phoenix. Younan Properties acquired the Class A building in late May from commercial real estate firm DPC Development Cos. and Bridge Investment Group…»

The owners of the 290-room Westin Tempe have negotiated a significant loan extension and will retain control of the hotel after it faced the risk of being sold at auction. Las Vegas-based CAI Investments, the private company that developed and owns the Westin Tempe, announced it has secured a $93 million extension …»

GMH Communities has topped out the East Tower of its Central Station project on 2.6 acres in downtown Phoenix. The East Tower is one of the two residential community towers that will offer market-rate, workforce, and student housing with two levels of below-grade parking within the 1 million-square-foot mixed-use development.…»

Consumer prices increased 0.3% in April on a seasonally adjusted basis. Shelter and gasoline combined contributed most of the monthly change in the Consumer Price Index for All Urban Consumers (CPI-U) based on the U.S. Bureau of Labor Statistics May 15 release. The energy index increased 1.1%…»