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Commercial Real Estate & Business News June 22, 2018

The U.S. Supreme Court ruled Thursday on what some people are calling a huge win for brick-and-mortar retailers that could help level the playing field against online retailers. In a 5-4 ruling, the land’s highest court overturned a landmark precedent in the e-commerce sales tax debate, striking down a law that only mandated that companies with a physical presence in a state collect and remit sales tax.…»
Phoenix, Ariz. – Projected rents are more than adequate in many markets to justify additional development of warehouses and distribution centers, according to a new report from CBRE. Furthermore, Phoenix is positioned as a top market for this activity. CBRE analyzed the gap between pro forma rents in various markets…»
Salt Lake City-based TM Equities Inc. paid $42 million for a 240-unit garden-style multifamily community in the Arrowhead area. This acquisition makes the second property the company bought in the metro Phoenix area after buying Aria on Cave Creek Apartments three years ago, said Roger Thompson, executive vice president of TM Equities Inc…»
Real estate development in the U.S. has historically been driven by entrepreneurs with great ambition and visions of grandeur, but thin pocketbooks. Lacking their own controlled or discretionary capital, these developers needed to sell their ideas to banks, pension funds and other investors. This reality dictated more leverage, as equity was expensive and diluted the entrepreneur’s take-home profit…»
A high-profile, but complicated, swath of land along a stretch of freeway in Scottsdale may soon transform from open desert to tall buildings. The land along Loop 101, east of Desert Ridge Marketplace and Scottsdale Road, is state trust land that’s in a floodplain. Nationwide Mutual Insurance Company aims to acquire 136 acres of the land for its regional headquarters…»