Commercial Real Estate & Business News August 15, 2018

More than 11,000 single-family permits have been issued by municipalities throughout metro Phoenix during the first six months of the year, an increase of 18 percent from a year earlier. Phoenix had the most with 1,955 permits to build homes through June, a 48 percent increase from this time last year, according to the Home Builders Association of Central Arizona…»
A New York based investment firm recently bought half a dozen apartment complexes across the Phoenix Valley. Blackstone Group calls itself the largest real estate private equity firm in the world. Its portfolio now includes six apartment complexes located in Surprise, Glendale, Peoria, Phoenix, Tempe and Chandler. Blackstone paid $311 million for the properties…»
A 9-acre retail and restaurant plaza on 83rd Avenue and Happy Valley Road plans to open with its first tenants next spring. 83 Marketplace in north Peoria is under construction by MDC Land Development. The first four tenants to be released for the project are all restaurants. “When we started this project our No. 1 priority was to bring upscale dining and services to the community,”…»
It’s time to polish up the Golden Arches. McDonald’s has announced a two-year effort to invest roughly $120 million to modernize 200 of its restaurants throughout Arizona. The remodeling and modernizing effort includes new touchscreen kiosks, made by a Scottsdale-based company, on which customers can place orders. More than two-thirds of the company’s 290 Arizona outlets will get a face lift…»
More people are renting a home in the largest cities in the United States with new research showing that the largest rise has been in Memphis, Las Vegas and Honolulu. The majority of people rent instead of own in 29 of the 50 largest cities while in 2006, only 16 of the 50 largest cities were majority renter households, according to the latest study from real estate firm Zillow…»