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Commercial Real Estate & Business News – January 23, 2018

The hotel business is likely to break more performance records in 2018, according to experts in the sector. Developers continue to flood the pipeline with new projects. But since land to build hotels on is hard to find, and lenders are reluctant to make construction loans, the number of hotels under construction began to shrink at the end of 2017. This is the case despite the fact that more hotel rooms have been occupied…»
2018 is expected to bring healthy growth to the Valley with single-family home construction rising, job growth and an increasing population. “Basically, 2018 is going to be a pretty decent year, and my guess is most of 2019 will be as well,” said economist Elliott Pollack, CEO of Elliott D. Pollack and Co. “Greater Phoenix is going to be growing more rapidly than anyplace else in the state…»
Hotel Adeline, a boutique hotel in Scottsdale, is accepting guests, even as it finishes up the last details of its $12 million renovation. The hotel originally opened in 1970 and carried many flags over the years, including a Clarion, Fairfield, Days Hotel. In October 2016, New Orleans-based HRI Lodging, LLC, took control of the property and changed it from the Days Hotel to the Scottsdale Inn…»
Somewhat lost in the wave of store closure announcements last year was news that another major user of retail space abandoned a record amount of square footage. U.S. banks accelerated their pace of branch consolidation last year, closing a net 2,069 locations, an 18% increase over the net number closed in 2016. The net number of closed branches amounts to about 10.46 million square feet of retail space closed…»
GILBERT, Arizona – Located along the Loop 202 retail corridor in Gilbert, within proximity to multiple new developments of retail, office, automotive, education, and residential, Gilbert Fiesta Shops sold for $3.5 million at a 7% cap rate. The 21,900-square foot shopping center was built in 2005 in the booming southeast valley of Phoenix. Gilbert Fiesta Shops is leased by both local and national tenants…»