Commercial Real Estate & Business News – January 6, 2017

The average U.S. monthly rent dropped to $1,210 in December 2016, down by $4 from November, according to the Matrix Monthly survey by Yardi Matrix. This is the fourth month in a row in which Yardi’s measure of the national average monthly rent has dropped, although the decreases add up only to $10. …»
With some of the closings already reported by local news media late last month, Sears Holdings (SHLD) made it official Thursday morning, announcing plans to shutter a total of 150 locations. The beleaguered retailer’s latest round of closures comes on the heels of Wednesday afternoon’s announcement from Macy’s Inc. that 68 of its stores would go dark…»

Westroc Hospitality and Woodbine Development Corp. are planning to bring a three-story resort condo development to Paradise Valley. The Mountain Shadows Resort Condominiums is slated for the Mountain Shadows redevelopment off Lincoln Drive near 56th Street in one of the Southwest’s most expensive enclaves.…»

Two properties on the Northeast corner of Highland Avenue and Seventh Street in Phoenix were sold, and are slated for demolition, with a retail center replacing the buildings, according to broker who worked on the deal. …»
The Arizona Diamondbacks have sued Maricopa County to get out of the team’s lease at Chase Field. The ultimate aim of that – according to D-backs attorney Leo Beus and team officials ­- is so the team can look at other stadium sites and options. That is currently restricted in the Chase Field lease which keeps the team from talking to others about a ballpark until 2024.…»