Commercial Real Estate & Business News April 18, 2018

For the past several years, investors have turned to the value-add strategy when seeking out-performance in a competitive commercial real estate landscape. And it appears the interest in these type of deals has only intensified lately, with competition becoming increasingly stiff as the industry faces the likely end of the cycle and rent growths have moderated for core assets…»
Amid saguaro cacti and yucca plants, Lauren Rosin shows off a house that she’s renovating in Phoenix’s Central Corridor, a pricy neighborhood north of downtown. “This was actually a courtyard and I blew it out,” she says, pointing to what will now be an extra-large open kitchen with custom cabinets, quartz countertops and chandelier-style lighting. She’ll also upgrade the swimming pool in the backyard…»
Speculative development will provide much-needed space solutions as Phoenix’s industrial inventory tightens, says the Phoenix office of JLL in its just-released Q1 2018 Industrial Insight report. According to the report, although the Valley’s 1.3 million square feet of Q1 industrial absorption is light compared to the gains of 2017, strong demand remains – including more than 100 industrial tenants each looking for at least 100,000 square feet of local space…»
Revitalizing The SmokeTree Resort at 7101 E. Lincoln Drive is among top priorities since being recently sold for reportedly more than $10 million. The historic resort dates back to 1966 when it began operating, but since its inception “has not undergone any significant renovations beyond general maintenance,” according to a PHX Architecture correspondence on April 3…»
With $11.2 million construction financing in place, Luna Azul is breaking ground in north Phoenix on a housing project for adults with special needs. Construction financing is being led by The Disability Opportunity Fund of New York for the 30-home development at 16th Street and Loop 101. The contractor is Tempe-based Fortress General Contracting Inc…»