Commercial Real Estate & Business News – April 11, 2024

Blackstone has struck an agreement to sell the Arizona Biltmore hotel to a London-based private equity real estate manager called Henderson Park for $705 million, according to Bloomberg, which cited people familiar with the matter as a source. The Phoenix property is…»

Houston-based David Weekley Homes just closed on $60 million in Valley lot purchases at two established master-planned communities, thanks to a new land banking joint venture with Varde Partners, a Minnesota-based global alternative investment firm. The land banking partnership…»

A day after issuing a strongly worded statement against a proposed arena for the Arizona Coyotes on his city’s border, Scottsdale Mayor David Ortega clarified that he’s open to the project, but for a slightly different location. In Monday’s statement, Ortega lashed out at a…»

Empty nesters are hogging Phoenix’s family-size homes, according to a recent Redfin report. Why it matters: “OK Boomer” might sting more when it comes from millennials eyeing the keys to your three-bedroom house. By the numbers: About a quarter of Valley homes with…»

We’re getting accustomed to seeing robust job gains reported month after month, something we thought would not continue this long as the Federal Reserve keeps its policy rate high to slow the economy and rein in inflation impulses. The economy added 303,000 jobs in March…»