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Commercial Real Estate & Business News July 10, 2018

New houses are going up in the Phoenix area at the fastest pace in 10 years, and prices are climbing faster than they have in five years. Buyers are again heading to Valley suburbs farther out to find houses they can afford. All are signs that metro Phoenix’s homebuilding market is recovering…»
MBK Senior Living has paid $382 million for a nine-property senior housing portfolio in the Western states.  MBK Senior Living, an Irvine, CA-based arm of the U.S. wing of Japanese conglomerate Mitsui & Co., will continue a unit renovation program at the properties already underway as a way to boost returns…»
A 19.2-acre development in north Phoenix got the stamp of approval from the Phoenix City Council this week, which voted to rezone vacant land to open the areas up for development. Plans submitted to the city by landowner Robert Eaton Jr. include a two-story sports arena and a four-story hotel…»
It came out that Brookfield Asset Management Inc. is putting IDI Logistics, one of the world’s leading investors and developers of logistics real estate, on the block, according to Bloomberg News. While the asking price has not been disclosed, IDI Logistics, which was acquired by Brookfield for $1.1 billion in 2014, is expected to fetch about $5 billion…»
Bob Parsons’ property company was on the selling end of a medical office campus deal, collecting $16.5 million in the sale. Scottsdale-based YAM Properties, the GoDaddy Inc. founder’s real estate firm, sold the eight-building Arrowhead Professional Center office campus south of Union Hills Drive in Glendale…»