Commercial Real Estate & Business News – December 6, 2016

The owner and operator of Scottsdale Fashion Square on Monday announced plans to renovate the mall’s luxury wing anchored by Neiman Marcus and add residences, office space and a new hotel to the facility near downtown Scottsdale. …»
Scottsdale-based SimonCRE has sold a new retail center in Payson for $2.6 million. The center totals approximately 5,000 square feet and is on the Beeline Highway in Payson. That translates into a sale of $520 per square feet. Orion Investment Real Estate’s Nick Miner brokered the deal. …»

Investors continue to have a big appetite for class A industrial product and that has the sector on pace to see its second-largest year since 2008 in terms of volume, according toJLL’s third quarter investment report. By the end of the quarter, the US market had seen $31.1 billion in 2016 investment sales, a 28.9% drop from the historic year of 2015, during which a number of mega-portfolios worth billions traded hands. …»

Next year should continue to build on Arizona’s improving economy despite mediocre housing and population growth by the state’s historic standards, experts said Monday. Arizona should add 81,000 new jobs in 2017 and unemployment should drop to 4.8 percent in that time, said Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W.P. Carey School of Business at Arizona State University.…»
Last week was a great week for economic news. Third quarter real GDP was reported at its fastest growth rate since the third quarter of 2014. After three quarters of weak results, this is very good news. The unemployment rate continued to dip and employment continued to grow. Consumer confidence continues to get better and personal incomes continue to grow.…»