Commercial Real Estate & Business News June 12, 2018

PHOENIX, ARIZ.  –  Banner Health will soon begin construction on a new, comprehensive medical center in the Southeast Valley. While Banner Health is a leading health care provider in the broader Southeast Valley, this will be the first Chandler hospital for the non-profit health care system. The four-story, 240,000-square-foot hospital will be located on the southeast corner of Alma School Road and Loop 202…»
Recent mall closures in Mesa and Phoenix may not paint a rosy picture of the future, but the day-to-day decision-makers say these failures are providing the backdrop for a convergence of ideas that may leave their communities better off. “Sometimes, something has to fail before something cool can happen,” said Christine Mackay, economic development director of the city of Phoenix…»
Developers in the U.S. built 358,000 units of new multifamily housing in 2017. That’s less than half the number of single-family homes built last year, but the gap between the two has narrowed a lot over the past decade. And while the current pace of single-family housing construction is still way below its pre-housing-crash norm, those 358,000 multifamily units were the most built in a year since 1989…»
A San Diego-based developer bought 93 acres of state trust land near horse-racing track Turf Paradise for $26.5 million. The north Phoenix parcel, near 19th Avenue and Bell Road, was purchased by Sunbelt Investment Holdings Inc., which owns several large, vacant parcels in Arizona, as well as two shopping centers in the state…»
PHOENIX – Arizona has the 13th-best state economy in the nation, according to a recent study by a personal finance website. WalletHub ranked the 50 states and the District of Columbia using 28 metrics across three key dimensions: economic activity, economic health and innovation potential. The Grand Canyon State ranked No. 11 in economic activity…»