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Commercial Real Estate & Business News July 23, 2018

Consumers boosted their spending in June, a move that contributed to the fifth consecutive month of retail sales gains. Retail sales increased 0.07% seasonally adjusted over May, and 4.2% unadjusted year-over-year, according to the National Retail Federation. The NRF numbers exclude automobiles, gasoline stations and restaurants. Overall June sales – including automobiles, gasoline and restaurants – were up 0.5% over May. Sales rose 6.6% year-over-year. The June results build on improvement seen in May, which was up 1% monthly, and up 6.1% year-over-year. “This is a healthy retail sales report and consistent with underlying economic momentum that has fueled a steady run of retail sales increases,” said NRF chief economist Jack Kleinhenz…»

A hotel, grocery store and residential development are all in the mix to replace the vacant Papago Plaza on McDowell and Scottsdale roads. Preliminary plans include a 116-room hotel and 247-unit apartment complex. Restaurant and retail pads will front Scottsdale Road. The existing Wells Fargo bank on the corner of Scottsdale and McDowell is not part of the development…»

Multifamily investment in Phoenix has never been hotter. With $3 billion worth of assets trading hands in the first half of 2018, this year’s annual sales volume is on pace to shatter the all-time high set in 2016. Fervent investor demand for Phoenix apartments has also propelled prices into uncharted territory…»

Socially responsible investing is hot. A report from global management consultant firm McKinsey & Co. finds that investment funds connected to some sort of environmental, social, or governance (ESG) screen now account for more than $22.89 trillion, or 26%, of assets under management globally. That’s up from 21.5% of assets in 2012, with ESG investing growing at more than 17% annually, according to the report…»

Home owners selling on the West Coast of the United States are experiencing the biggest gains with property selling for an average of 54% more than they paid, a new analysis shows…»