Commercial Real Estate & Business News – August 3, 2020

Pandemic Weakens Commercial Real Estate Prices in Second Quarter
Commercial real estate prices weakened in the second quarter as the coronavirus pandemic, social distancing and temporary closings disrupted major property sectors, according to the latest monthly CoStar Commercial Repeat Sale Indices. The value-weighted…»
Bright Health Plan Expands in Tempe, Brings 75 New Jobs
Today, Bright Health Plan (BHP), with the support of the Greater Phoenix Economic Council (GPEC), Arizona Commerce Authority and City of Tempe, announced its decision to open a new contact center in Tempe, Ariz., to support Bright Health Plan’s rapidly growing membership across…»
With existing inventory at an all-time low in metro Phoenix, home shoppers looking for properties priced below $300,000 have a better chance of buying a new home – especially in certain parts of the West Valley, where homebuilders are frantically trying to keep up with demand…»
Douglas Ranch Master-planned Project Gaining Traction Among Valley Homebuilders
A 37,000-acre master-planned community in the far West Valley is starting to gain traction among homebuilders. Douglas Ranch – a $10 billion project that will include 119,000 homes and 59 million square feet of commercial and retail space in the northern part of Buckeye…»
Malls Turn to Underused Parking Lots for New Revenue
As mall stores have closed during the COVID-19 outbreak, some landlords have found a new, surprising source of revenue-shopping center parking lots. CNBC reported that Brookfield Properties inked a deal with Kilburn Live to to turn some of its mall parking lots into drive-in theaters…»