Commercial Real Estate & Business News – June 13, 2016

The Phoenix city council has unanimously approved a planned unit development application for 130 acres in and around the iconic Metrocenter Mall development, located on Interstate 17 between Peoria and Dunlap Roads. Of the 130 acres, 83 acres are occupied by Metrocenter Mall, the adjoining Macys and Sears anchor spaces, and the 10-acre land site of a future Walmart Supercenter. The new zoning allows for multiple new uses…»
Melissa Trujillo is part of the fastest-growing group of homebuyers in metro Phoenix. a group that is poised to drive the housing market during the next decade. Not the Millennials, though she’s nearly one at age 38. And not the boomerang buyers, though she is one of those. She lost a home during the housing crash and had to wait five years to buy again. But the single mother of three, who bought a $135,000 three-bedroom home in west Phoenix earlier this month, is also Hispanic.…»
A new luxury living apartment complex is opening up in Scottsdale in mid-June, a stone’s throw from local hangout spot Hotel Valley Ho. When The Standard opens, it will be the only luxury apartment community that is partnered with a hotel to offer resident perks such as access to the Valley Ho pool, spa and room service, according to the property managers.…»
Global real estate investment firm Hines is joining the ranks of major institutional investors seeking to cash in some of their longer-held investments and lock-in returns at today’s high property valuations. The Houston-based developer disclosed it is exploring strategic alternatives for two of its sponsored non-traded REITs: Hines Real Estate Investment Trust and Hines Global…»
The struggles of Gap Inc. may ripple beyond either the retailer’s investors or its landlords. Morningstar Credit Ratings LLC said Thursday it had identified 231 securitized commercial mortgages, with an allocated property balance of $13.89 billion, with exposure to various Gap brands. Of those loans, more than half are backed by collateral where leases with Gap expire in the next two years.…»