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Commercial Real Estate & Business News December 19, 2018

2018 Year in Review: Commercial Real Estate Booms as Valley Economy Kicks into Gear
The commercial real estate industry saw a year of healthy growth in Phoenix during 2018. Investor interest from both domestic and foreign sources picked up this year, with large deals happening in all product types throughout the Valley. Despite a shortage of construction labor and increase in materials costs, the Valley saw increased construction activity…»
Hines, Cousins Properties Purchase 2.5 Acres in Tempe, Arizona, for 280,000-SF Office, Hotel Project
Hines, a privately owned global real estate firm, along with Cousins Properties, an Atlanta-based REIT, purchased 2.5 acres in Tempe, Arizona, to develop a 280,000-square-foot, 15-story office tower and a hotel or multifamily tower. The joint venture has completed final entitlements for the site at 100 Mill Ave. and is currently finalizing construction plans for the office tower, named…»
Scottsdale’s Oldest Shopping Plaza may be Demolished, but Some Aren’t Sold on Plan
A developer plans to demolish Scottsdale’s oldest shopping plaza, with a pink Pueblo-inspired design, in favor of a more contemporary project. Pivot Development wants to replace Papago Plaza, on the corner of Scottsdale and McDowell roads, with a mixed-use project that includes:…»
Sprawling North Phoenix Apartment Complex Sells for $142M
San Francisco-based Divco West paid $142 million for a majority interest in the Vaseo Apartment Homes in north Phoenix. The deal, recorded by the Vizzda real estate data firm, was considered a non-arms length transaction, indicating there is a relationship or business affiliation between the property’s seller and buyer. Built in 1987,…»
Amazon Go is Going Small with Tiny, Cashier-Free Stores
Seattle (CNN Business)Over the past year, Amazon has opened seven of its Amazon Go stores to the public, ditching checkout lines for AI that tracks what customers want to buy. Now, the retailer is taking its cashier-free shops in a new, smaller direction. On Wednesday, Amazon opened its first pint-sized Amazon Go…»