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Commercial Real Estate & Business News – July 24, 2017

The NMHC, in partnership with the National Apartment Association, recently launched the Vision 2030 campaign. This new educational and public relations effort focuses on the strong and growing demand for apartments from now through 2030. One of the program’s foundational pieces is a new research report, produced by Hoyt Advisory Services, that offers a serious, academic examination of the factors that will drive the sustained demand for apartments…»
A rise in CMBS delinquencies would not normally be cause for celebration. But with the wall of maturities rapidly diminishing, still low delinquencies at this stage of the game is welcome news for capital markets. The CMBS delinquency rate for U.S. commercial real estate loans did pop up 28 basis points in June to reach 5.75 percent, according to Trepp’s June CMBS Delinquency Report. Those loans that are 60+ days delinquent, in foreclosure, REO or non-performing balloons have inched steadily higher, rising 115 basis points over the past 12 months…»
Five Star Development, owner and masterplan developer of the $2 billion Ritz-Carlton hotel and residences in Paradise Valley, is underway with land preparation on the highly anticipated development. Site work commenced in October 2016 and the mass grading is nearly complete. Over the last several months, approximately 500,000 cubic yards of dirt has been moved, including digging out most of the drainage wash running through the property…»
SCOTTSDALE, Arizona – DBM Ventures and LGE Design Build have announced a massive $25 million, 53,000-square-foot mixed-use project to debut at the intersection of Scottsdale Road and Chauncey Lane, bringing with it a broad range of high-end retailers, restaurants and fitness centers alongside adjacent luxury residences. Scottsdale has no problem drawing crowds, thanks to its thriving dining scene, striking architecture, ample opportunities for shopping and entertainment…»
Retail is stuck between a rock and hard place – or better yet Amazon.com and TJMaxx – and it’s having a big impact on the Valley real estate scene. Traditional retailers find themselves battling Amazon, e-commerce and convenience on one hand and discount treasure hunt retailers such as TJMaxx, Stein Mart and Ross Dress for Less on another in an oversaturated sector dealing with secular changes in consumer behavior…»