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Commercial Real Estate & Business News July 20, 2018

Nearly one year after Amazon’s acquisition of organic grocer Whole Foods, the grocery-anchored shopping center sector, typically viewed as more “Internet-proof” than other segments of retail, has taken greater strides to boost its omni-channel offerings. So far, the acquisition has not been overtly disruptive to the grocery industry…»
The proposed $6.3 billion merger of Phillips Edison & Co., one of the largest owners and operators of grocery-anchored shopping centers across the U.S., and Phillips Edison Grocery Center REIT II is designed to give the combined entity increased access to capital markets to take advantage of demand for their properties. Phillips Edison & Co. agreed to a 100 percent stock-for-stock merger with REIT II…»
A 400,000-square-foot Class A build-to-suit office building is planned for vacant land along Rio Salado Parkway and Vista del Lago Drive east of Rural Road in Tempe. The Tempe Waterfront will be a joint project between Dallas-based KDC and the Des Moines, Iowa-based Weitz Co., with Smith Group JJR as the architect, a spokeswoman from KDC said…»
Last year Arizona saw more visitors who spent more money than ever before, according to data released Wednesday by the Arizona Office of Tourism. The state counted 43.9 million overnight visitors during 2017, and those people collectively spent $22.7 billion for the year. That equates to $62 million per day spent by tourists. Tourism is a vital part of an Arizona economy…»
Multifamily investors have continued to enjoy rock-solid stability and strong fundamentals in the early half of 2018. Even with oversaturation and overbuilding in urban cores, capital market demand for multifamily remains robust, with sales volume up 44% year over year, according to recent reports. Now, midway through the year, many wonder if the multifamily sales appetite will continue…»