Commercial Real Estate & Business News – June 13, 2017

A new report says the typical Arizona renter needs to work more than a 40-hour week, or share the rent, to afford a two-bedroom unit. New data from the National Low Income Housing Coalition shows Arizonans, on average, earn nearly 11 percent less than the national median, even with the increased minimum wage of $10 an hour.…»
A German discount grocer has set its sights on becoming the third-largest American food retailer by store count, behind Walmart and Kroger. Aldi said it plans to invest $3.4 billion to open 900 stores by the end of 2022, giving it 2,500 stores nationwide. The grocer currently operates approximately 1,600 stores in 35 U.S. states. Earlier this year…»

Old buildings have a story to tell. The story of Federal Pizza on Central Avenue, a restaurant that opened five years ago in a 1950s building, began with a surprise. When the restaurant’s construction team started to dig up the floor of what was the First Federal Savings and Loan to add plumbing for the bar, they ran into a problem.…»

Arizona entrepreneur John Groberg is putting a new twist on the relatively old concept of timeshare space for medical tenants, and one medical office broker in Arizona says Groberg’s idea may have momentum. Groberg is setting up a medical office space called Viva MedSuites in Scottsdale, a Phoenix suburb…»
Phoenix renters caught a slight break in May, as average rents decreased slightly from the high reached in April, according to Axiometrics, the leader in apartment and student housing market intelligence. Average effective rent for Phoenix apartments was $979 per unit per month in May, $2 less than April…»