Commercial Real Estate & Business News – August 12, 2016

Sales of commercial properties in Greater Phoenix were uneven in the second quarter of 2016 with a surge in industrial buildings and shopping centers, while office properties and medical office condos dropped in volume. …»

In a deal that pushed the company’s Valley holdings to over 3 million sq. ft.,two tenant-in-common entities headed by Cohen Asset Management Inc. in Los Angeles, Calif. (Brad Cohen, principal) paid $48 million ($102.91 per foot) to acquire a 466,418-square-foot industrial facility in Tolleson…»

A St. Louis-based private equity firm has hired a commercial real estate executive with a $5 billion portfolio under his belt and is entering the Phoenix market. ElmTree Funds has hired Michael Carreon as vice president of acquisitions. Carreon will head up ElmTree’s new Phoenix office.…»

In a sign of how dramatically the retail shopping landscape is changing, Macy’s is closing 100 of its stores nationwide. Macy’s (M) announced the closures Thursday. They represent about 15% of all Macy’s department stores. The iconic retailer did not disclose the locations of stores, but said most of them will be shut down in early 2017.…»

The housing recovery that began in 2012 has lifted the overall market but left behind a broad swath of the middle class, threatening to create a generation of permanent renters and sowing economic anxiety and frustration for millions of Americans. …»