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Commercial Real Estate & Business News July 19, 2018

Student housing, manufactured homes and industrial property were the top performing commercial real-estate sectors in the past 12 months, according to new data from Green Street Advisors. These three sectors outperformed the broader commercial property market, which saw values remain flat between June 2017 and the end of the first half of this year…»
D.R. Horton Inc. was the sole bidder in a state land trust auction on July 17, paying $31.4 million for 125 acres in Peoria. Plans call for building 430 single-family homes at the southwest corner of Lake Pleasant Parkway and Deer Valley Road, said Marissa Awtry, spokeswoman for the Arlington, Texas-based D.R. Horton Inc. (NYSE: DHI), the largest homebuilder in the nation…»
Bank of the West plans to hire nearly 400 workers by the end of the year at its Tempe operations center, keeping with plans to hire 1,000 people in Arizona during 2018. Last October, the San Francisco-based financial services company announced it would open a Tempe office, which is led by John Thomason, head of the bank’s corporate services division…»
PHOENIX, ARIZ.  –  Byrd Hotel Group has finalized a $20 million sale-leaseback transaction involving four hotel properties in Goodyear.  The deal with KawaCapital Management of Florida is an example of the growing sale-leaseback trend in the industry, allowing owners to monetize properties while continuing to operate hotel assets…»
U.S. multifamily rents ended with a bang heading into the July Fourth holiday, with the average rent rising by $12 in June to an all-time high of $1,405, according to a survey of 127 markets by Yardi Matrix. Rents grew by 2.1% in the second quarter of 2018, the highest for any quarter since 2015; by 2.6% during the year’s first half; and by 2.9% year-over-year as of June…»