Commercial Real Estate & Business News – December 20, 2016

The local movement is large and abundant in Phoenix, partly thanks to the work of the country’s largest local business coalition, Local First Arizona. But the places where you can shop local have become a bit more polarized than they once were. Roosevelt Row doesn’t have as strong of a local flair as it once did, though that’s where Local First’s headquarters are located…»

In a deal scheduled to close Dec. 21, MG Properties Group is expected to pay $51 million ($154,545 per unit) to buy the 330-unit Broadstone Scottsdale Horizons apartments at 9259 East Raintree Drive in Scottsdale.  The seller is formed by Alliance Residential Company and RockWood Capital…»


The second segment of a 12.5-mile roadway through the Northwest Valley, which will carry more vehicles and allow for faster speeds, kicks off next year. Glendale City Council heard an update last week on the Northern Parkway project, which will connect the central and western portions of the city, reducing congestion and facilitating traffic flow from new developments in the western area…»

Paradise Valley will soon have its first three-story residential buildings available from $840,000 to $4.1 million, after the completion of the Mountain Shadows Resort Condominiums next year. Westroc Hospitality and Woodbine Development are developing studio, one- and two- bedroom floor plans slated to be completed at the resort in September 2017…»

The Consumer Price Index for All Urban Consumers increased 0.2 percent in November, the Bureau of Labor Statistics reported on Thursday. Over the last 12 months, the all items index rose 1.7 percent. So while containing inflation seemed to be a factor in the Fed’s decision to raise interest rates this week, inflation’s still fairly tame…»