Commercial Real Estate & Business News – June 20, 2016

The “Psycho” building, one of the downtown Phoenix landmarks that made a cameo in the Alfred Hitchcock thriller, could be converted into condos, restaurants and shops at a prominent intersection in the urban core. The city is again considering selling the 1915 Barrister Building for redevelopment after a previous plan for the site fell through. The roughly $50 million project, called Jefferson Place, would preserve the tower on Central Avenue and Jefferson Street and include new, adjacent construction.…»
Sprouts Farmers Market(Nasdaq: SFM) is holding a one-day national hiring event. The Phoenix-based grocer plans to hire 2,500 employees nationwide across all positions in its more than 230 locations. That includes 215 positions in Arizona, 174 of which are in the Phoenix area. Sprouts has 31 Arizona locations.…»

Buyers committed to spending a total of $257 million on 91 homes in Paradise Valley’s new lush Ritz-Carlton development since last Saturday. And that’s the most ever spent on one Arizona development in a week. Prices for the villas in the $2 billion resort development, near the northwest corner of Scottsdale and Lincoln Road, range from $1 million to $5 million. The luxury homes come with floor to ceiling windows, indoor/outdoor showers, private plunge pools and full service from the Ritz currently under construction.…»

The multifamily sector’s volatility in terms of construction starts continued in May, with the federal government on Friday reporting a 1.2% decline in new apartment construction for the month. That followed a jump of 11.9% in April. Overall, new residential construction nationwide saw a decline of 0.3% from the previous month, with new starts reaching a seasonally adjusted annual pace of 1,164,000, a 9.5% increase from the year-ago period. For single-family housing, the figure was up 0.3% to an annualized 764,000…»
Office investors have finally begun to show caution after a string of strong quarters characterized by high demand and outstanding property fundamentals. But experts disagree about whether this will put the focus this year on assets in primary or secondary markets. There’s been no blip in demand so far-rather, it’s getting harder to find great deals in top markets. Investment in office properties in primary markets took a dip in the first quarter…»