Commercial Real Estate & Business News – July 19, 2016

Walmart will break ground on its Metrocenter Supercenter this week. The long-awaited, 148,000-square-foot Walmart is going up on the south side of the mall where the long-vacant Broadway department store was once located. Dirt will start moving Wednesday.…»
Now open, Home2 Suites by Hilton Phoenix Chandler is the first Home2 Suites hotel in Arizona. Designed for travelers looking for a fresh hotel stay experience, Hilton’s all-suites portfolio is unique to the industry, with 126 suites under its roof. …»

New homes sales were up more than 25 percent in June compared to a year ago and are up more than 35 percent for the year, according to new numbers from Scottsdale-based RL Brown Housing Reports. The much watched real estate data from Home Builders Marketing Inc. President Greg Burger and chairman RL Brown…»

Located near the recently opened Loop 303 Freeway, Plaza at the Orchards includes 52,134 square feet of retail and is anchored by the premier Arizona fitness operator, Mountainside Fitness. The attractively designed, well-maintained property sold for $8.9M ($171/SF) and was 100% occupied at close of escrow.…»
Avison Young’s national industrial capital markets group reports that foreign investors continue to look to the US industrial market as a safe haven, spending $732.3 million on distribution, warehouse and related spaces in the first four months of 2016. Based on the company’s analysis and data from Real Capital Analytics…»