Commercial Real Estate & Business News – June 2, 2017

The U.S. labor market continues to beat expectations. In May, the U.S. private sector added 253,000 jobs, according to data from the ADP Research Institute. Economists had expected private payrolls to rise by 180,000 during the month…»
From the beginning of its urbanization process about a half century ago, Phoenix became a hub for Canadians, specifically the Canadian business elite, who view the metro area as a warm second home. Over the period, Canadians have become a massive subset within the local culture and economy, and having this critical mass travel back and forth has nurtured an active trade route, and a unique niche within America’s complex economy…»

The apartment market in Downtown Phoenix is hot, really hot, and members of the Arizona Multihousing Association (AMA) are cautiously optimistic that the market will remain one of the hottest in the country for at least a couple more years. In a standing room only crowd of over 60 people, AMA hosted its second-ever Quarterly Apartment Market Presentation, which was created to be an educational resource with news and information for AMA members to improve their business, the industry, community and state…»

Two tenant-in-common entities led by Bridge Investment Group LLC in Murray, Utah (Robert Morse, chairman) paid $77.05 million ($116,920 per unit) to acquire the 659-unit Onnix apartments at 1500 E. Broadway Road in Tempe. The sellers were joint venture entities formed by Angelo, Gordon & Co. and Interwest Capital Corp…»

iStar announced today the final collection of homes at Sage, a luxury condominium community located along the Scottsdale waterfront, is nearing sell-out with just two homes remaining before closing out the final phase that totals nearly $40 million in real estate sold…»