Commercial Real Estate & Business News April 12, 2019

Scottsdale Developer Buys Land Near Tempe Town Lake for More Townhomes Caliber-The Wealth Development Co. is building townhomes near Tempe Town Lake, tapping into opportunity zone funds to develop the $19 million project. The project, which sits on about 2.75 acres west of the southwest corner of Ash Avenue and Rio Salado Parkway in Tempe, will include 41 three-story homes. The Scottsdale-based developer…»
White Castle Breaks Ground on 1st Arizona Restaurant
It’s official! White Castle, home of the iconic “slider” hamburger, broke ground today on the first Arizona restaurant for the 98-year-old family-owned business. Located at 9310 East Via de Ventura in the Salt River Pima-Maricopa Indian Community’s Talking Stick Entertainment District near Scottsdale, White Castle expects to start satisfying the…»
Scottsdale Resort, Waterpark Unveils New Details as Project Nears Completion
As the opening date gets closer, the Great Wolf Lodge Arizona has revealed more details about what can be expected at the resort slated to open near Scottsdale this October. Great Wolf Lodge Arizona is currently under construction in the Salt River Pima-Maricopa Indian Community’s Talking Stick Entertainment District. The 350-room resort is…»
Yardi: Multifamily Rents Rise $2 to $1,426 in February 2019
U.S. multifamily rents rose by $2 in February 2019, up to $1,426 on average, according to the latest Matrix Monthly report by Yardi Matrix. Year-over-year rent growth remains steady at 3.6%; January’s year-over-year rent growth has been revised upward from 3.3% to 3.6%. This month’s YOY rent growth is the nation’s highest since late…»
Retail Vacancy Holds Steady Through First Quarter Despite More Store Closures
The national retail vacancy rate stood at 10.2 percent at the end of the first quarter of 2019, unchanged from the previous period and up 20 basis from the first quarter of 2018, according to New York-based commercial real estate analytics firm Reis. The report was based on analysis of the company’s internal information on retail properties in…»