Commercial Real Estate & Business News – August 14, 2017

A total of 209,000 new jobs were created in July, more than the 183,000 jobs expected, the U.S. Bureau of Labor Statistics reported last week, and the national unemployment rate fell to 4.3 percent. The number of employed Americans hit a new high of 146.6 million, causing the employment-to-population ratio to move up to 60.2 percent, the highest level since February 2009. …»
In just a year’s time, a vacant dirt field in the Glen Harbor Business Park has been transformed into the second largest industrial building in the Valley. With the Aug. 1 grand opening of Conair’s all new, 800,000 square foot, state of the art distribution center, the facility becomes the largest campus within their corporate system allowing this innovative, international leader to ship its products directly to the final consumer. …»
As Phoenix negotiates the sale of the city-owned Sheraton hotel in downtown, a new aspect of the deal is sparking controversy: a proposed $97 million tax break for the buyer. The city already expects to take a hefty loss on the Sheraton. In July, Phoenix entered into exclusive talks to sell to TLG Phoenix LLC, an investment company based in Florida, for $255 million.…»
Starwood Waypoint Homes, a Scottsdale-based real-estate investment trust, merged this week with Invitation Homes in a deal that will birth a colossal single-family rental home owner with an $11 billion market capitalization and a whopping 82,000 homes in over a dozen metro areas. The new company will operate under the Invitation name.…»
Henley USA, a Boston-based division of Henley Investments, a UK-based private equity real estate investor, has acquired two large apartment communities totaling 481 units in suburban Phoenix. The properties were acquired by Henley Modern Residential, a new partnership between Henley USA and Arizona-based Modern Residential, a multifamily real estate team headed by Mitchell Bradford. As part of the transaction, Henley purchased the following properties from Mentor Properties…»