Commercial Real Estate & Business News August 22, 2018

While multifamily construction activity remains at record highs and certain markets suffer from overheated rents and pricing, investors are still eager for multifamily developments and projects, according to a new report by CRE global online marketplace Real Capital Markets (RCM). Based on surveys and follow-up interviews with capital investors, RCM attributes…»
Value-seeking consumers helped The TJX Cos. blow past Street estimates in its second quarter, with the chain posting strong sales increases across its divisions. Net income rose to $739.6 million, or $1.17 per share, in the quarter ended Aug. 4, from $553 million, or 85 cents per share, in the year-ago period. The Street had forecast earnings per share of $1.05.…»
The South Mountain Expansion Freeway project, expected to complete as early as 2019, will link the East and West Valleys by adding 22 miles of freeway to Loop 202. It is the largest transportation project in the history of Arizona, with an estimated cost of $1.9 billion. The South Mountain Freeway’s main purpose will be as a release valve…»
Priderock Capital Partners paid $153.5 million for three apartment complexes in the East Valley. The West Palm Beach, Florida-based asset management company already owns a handful of apartment complexes in metro Phoenix, including 3800 Lux and Mirabella Lux in Avondale as well as Heritage at Deer Valley in Phoenix.…»
The Scottsdale location of Chicago-based Lou Malnati’s Pizzeria, known for its deep-dish pizza, is set to open at 4 p.m. Sept. 11. The 10,000-square-foot restaurant at the southeast corner of Scottsdale Road and Chauncey Lane will welcome customers for more than 300 seats. The location will be the company’s third and largest Arizona project.…»