Commercial Real Estate & Business News – July 25, 2017

Housing starts in June came in 8.3% ahead of May at a seasonally adjusted annual rate of 1,215,000, 2.1% above the June 2016 rate of 1,190,000, the Census Bureau reported Wednesday. Single-family starts were up 6.3% to a rate of 849,000, 10.3% ahead of last June. Building permits in June were up sharply as well, posting a 7.4% gain to a seasonally adjusted annual rate of 1,254,000, 5.1% above the June 2016 rate of 1,193,000. Single-family authorizations in June were at a rate of 811,000; up 4.1% from the revised May figure of 779,000…»
The largest investors in single-family rentals have bought few properties so far in 2017. “We don’t see them deploying a lot of capital for acquisitions,” says Daren Blomquist, senior vice president for ATTOM Data Solutions. “The big guys have kind of settled in.” Instead, mid-sized companies have become the leading buyers of single-family houses for rent. As home prices rise, these smaller companies have been willing to buy properties in secondary and tertiary markets…»
Phoenix is retrofitting streets throughout the city with the goal of making them friendlier to bicycles and pedestrians. Some streets are losing vehicle lanes under proposed projects. Others are getting new street lighting, bike lanes and intersection improvements. The Phoenix City Council highlighted the changes as a priority for the city when it recently approved a “complete streets” policy…»
SCOTTSDALE, Ariz. (KSAZ) – It is the end of the road for the Papago Plaza on the southwest corner of McDowell and Scottsdale Road. “It was built in the 70’s. For two and a half years, we’ve been working on re-developing it. It will be mixed use,” Judi Butterworth said. Butterworth of Orion Investments says the strip mall will be raised, and in its place will be apartments, a hotel, restaurants and other retail spots. This is a trend that is being repeated across the valley. Empty commercial spaces turning into mixed use buildings.…»
Cold Beers & Cheeseburgers will be in four new locations by early 2018. The flagship restaurant from Scottsdale-based Square One Concepts will open locations in Scottsdale, Arcadia, Paradise Valley and Glendale. Most of those locations are fairly typical for restaurants, namely local eateries, to expand into, though Glendale – the first West Valley location for Square One – is an outlier. While there’s been restaurant growth across the Valley, many local restaurateurs have expressed hesitance about opening in the west side…»